SPX S/R for Week of 9-6-11

Key SPX support and resistance is provided below. As mentioned in the Friday morning missive, the market bulls had to consider maintaining the 1173 supoprt level as mission critical--they did. Thus, the bulls are at least in the game to stop the bleeding as the new trading week begins on Tuesday.  The LOD Friday was 1170.56 so the 1171 support held up to provide a bounce point. If the SPX drops under 1170.56 in Tuesday's trade, however, the sellers will reenter in force again and drive the SPX several handles lower to test 1168, 1166, and 1162 in short order.  The mission critical for market bulls is to hold above 1170.56 on Tuesday; the mission for the market bears is obviously to rupture this level after the bell rings.

·        1220 (HOD 4/26/10)

·        1219

·        1217 (4/23/10)

·        1213

·        1210

·        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

·        1181

·        1179

·        1178

·        1177

·        1173

·        1171

·        1168

·        1166

·        1162

·        1159

·        1158

·        1155

·        1152