SPX S/R Week of 8-29-11

SPX support and resistance is shown for the week ahead. Top side is bracketed by the 1204 and 1206 resistance while the bottom side continues to be supported by the 8/9/11 LOD of 1101.54.

The bulls will want to see the 1173 support hold and the 1178 and 1181 resistance levels taken out to the upside. If the SPX moves above 1181.23 in the Monday session, the buyers will enter in force and several more upside handles will tick off quickly with the SPX moving up towards a test of the critical 1192-1193 resistance.

If the market bears want to regain control, they have to drive under 1173, 1155, 1145, 1140 and 1136 on Monday, a formidable task. Thus, this would only be expected on serious bad news out of Europe and/or Hurricane Irene hitting New York hard this weekend. Barring those two items, the market bulls should remain in control. If the 1165 pivot point is maintained as support on Monday, then the bulls are fine. If the pivot at 1165 is lost on Monday, that is the first sign that the market bears are starting to make a push lower.

·        1220 (HOD 4/26/10)

·        1217 (4/23/10)

·        1209 (HOD 4/29/10)

·        1207 (4/29/10 Top)

·        1206

·        1204

·        1200

·        1199

·        1197

·        1193(9/15/08 post-LEH bk)

·        1192

·        1188

·        1184

·        1183

·        Friday's HOD 1181.23

·        1181

·        1179

·        1178

·        1177

·        Friday's Close 1176.80

·        1173

·        1168

·        1166

Monday's Pivot Point 1164.65

·        1162

·        1159

·        1158

·        1155

·        1152

·        1150 (Important from 5/6/10 and 5/10/10)

·        1145

·        1144

·        1141

·        1140

·        1138

·        1136

·        Friday's LOD 1135.91

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

·        1131

·        1127

·        1124

·        1121

·        1119

·        1118

·        1115 (EOY 2009)

·        1111

·        1109

·        1104

·        1101

·        1099