SPX S/R 8-9-11

SPX support and resistance levels are expanded for the list below as we move lower. The 1168 support failed this morning creating an accelerated downward move. The 1150 support held for a while but gave way again opening up to an accelerated move lower.  1133 held for a short time and the SPX gathered enough oomph to back kiss 1150 late day but the resistance held and the markets rolled over with the SPX closing at 1119.

The market bears remain in control.  If the futures are red, even if only red by pennies, that will usher in more accelerated selling after tomorrow's bell.  If the futures are green overnight, the bulls have a shot at stopping the bleeding with a sideways day to catch their breath.  This 1119 support level is key, bulls have to prevent any breach below here. China releases economic data overnight, thus, this data takes on added significance since it will impact the futures.

·        1206

·        1200

·        1197

·        1192 (9/15/08 post-LEH bk)

·        1188

·        1183

·        1180

·        1178

·        1175

·        1168

·        1163

·        1160

·        1150

·        1145

·        1140

·        1133 (First trading day 1/4/10)

·        1125

·        1121

·        1119

·        1115 (EOY 2009)

·        1110

·        1104

·        1094 (LOD 5/7/10)

·        1092

·        1090

·        1080

·        1073

·        1070

·        1066 (LOD 5/6/10)

·        1060

·        1057 (2/8/10)

·        1050

·        1044 (LOD 2/5/10)

·        1039

·        1036

·        1033

·        987

·        666 (3/6/09 bottom)