SPX S/R 10-28-11

SPX support and resistance is provided below.  The SPX blew thru the starting year number at 1258 yesterday. Watch the 12 month MA at 1278 and 10 month MA at 1290 to determine bullish strength, the monthly charts receive a new data point on Monday at 4 PM. The Dow Industrials led the bullish move up since they went positive on the year last Friday.

SPX 1293 maintained a ceiling on the bullish euphoria intraday yesterday. Notice the close yesterday was 1284.59, under the formidable 1285-1289 resistance cluster. Price punched thru intraday but could not maintain the move above 1285, at least so far. The 200 day MA is 1274, which gave way yesterday. Thus, watch 1293, 1289, 1287, 1285, 1280, 1278 (12-mth MA), 1274 (200 day MA), 1268 and 1258 moving forward.

·         1323

·         1321

·         1318

·         1316

·         1314

·         1312

·         1307

·         1305

·         1301

·         1300

·         1298

·         1296

·         1295

·         1293

·         1292

·         1291

·         1289

·         1287

·         1286

·         1285

·         1282

·         1280

·         1278

·         1277

·         1272-1273 (LT S/R)

·         1270

·         1268

·         1267

·         1260

·         1259

·         1258 (1257.64 is the starting number for 2011)

·         1257 (3/16/11)

·         1254

·         1252 (9/14/08 pre-LEH bk)

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

·         1247

·         1244

·         1242

·         1240

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

·         1233 (LOD 12/16/10)

·         1229

·         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)

·         1215

·         1213

·         1210

·         1209 (HOD 4/29/10)

·         1207 (4/29/10 Top)

·         1206

·         1204

·         1201

·         1199

·         1198

·         1196

·         1195