SPX S/R Week of 9-12-11

SPX support and resistance is shown for the new trading week. For Monday, if the bears push thru Friday's low, then the selling will accelerate, and 1140 will be tested in short order. 1120 would then be on the table as well for the early week. Note how the Friday close could not muster up a lousy 77 pennies to finish above the critical 1155 threshold. The bears have the advantage to start the week, let's see what they got. A move thru 1150-1184 is sideways slop representing market indecision. Also note strong S/R clusters at 1225-1227, 1219-1220, 1198-1200, 1181-1183, 1173-1178, 1140-1145, 1118-1124 and 1097-1101. The low during this crash event remains 1101.54 on 8/9/11. Lose that and 1044 will be on tap.

·        1268

·        1262

·        1259

·        1258 (1257.64 is the starting number for 2011)

·        1257 (3/16/11)

·        1252 (9/14/08 pre-LEH bk)

·        1249 (LOD 3/16/11; failure at this level 8/4/11)

·        1247

·        1242

·        1235 (12/15/10; also HOD 12/7/10 large volume)

·        1233 (LOD 12/16/10)

·        1227 (HOD 11/9/10)

·        1226 (11/5/11)

·        1225

·        1224 (12/7/10 large volume)

·        1222

·        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

·        1198

·        1196

·        1193 (9/15/08 post-LEH bk)

·        1192

·        1188

Friday HOD 1185.37

·        1184

·        1183

·        1181

·        1179

·        1178

·        1177

·        1173

·        1172

·        1171

·        1168

·        1166

·        1162

·        1159

·        1158

·        1155

Friday Close 1154.23

·        1152

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

Friday LOD 1148.37

·        1145

·        1144

·        1141

·        1140 (weekly closing low for 2005)

·        1138

·        1136

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

·        1131

·        1128

·        1127

·        1124

·        1121

·        1119

·        1118

·        1115 (EOY 2009)

·        1111

·        1109

·        1104

·        1101 (1101.54 LOD 8/9/11)

·        1099

·        1098

·        1097

·        1095

·        1094 (LOD 5/7/10)

·        1092

·        1090

·        1087

·        1083

·        1080

·        1078

·        1073

·        1070

·        1066 (LOD 5/6/10)

·        1063

·        1060

·        1057 (2/8/10)

·        1050

·        1044 (LOD 2/5/10; critical S/R summer 2010)

·        1039