SPX S/R Week of 10-3-11

SPX support and resistance is shown for the week ahead.  Losing the 1140 and 1142 levels on Friday was significant. The bulls and bears were fighting over 1142 since Thursday afternoon. The SPX closed on the 1131 support. The 1119-1121 area is all that stands in the way of the SPX coming down to test the 8/9/11 intraday low at 1101.54.

For Monday, the market bears have the wind at their backs. The bears only need to see red futures and that will open the door to lower numbers for the indexes, a test of SPX 1119-1121 more than likely. The market bulls need to push upwards to touch 1160, if so, the up move will accelerate, but that is 29 handles higher, a formidable task. It is important to see if the SPX wants to break back up thru 1140-1142, or fail below 1119-1121. The SPX starts in the middle of this range at 1131, just like a tug of war game.

·        1175

·        1173

·        1172

·        1171

·        1167

·        1166

·        1165

·        1163

·        1162

·        1160

·        1159

·        1158

·        1155

·        1152

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

·        1148

·        1145

·        1144

·        1142

·        1141

·        1140 (weekly closing low for 2005)

·        1136

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

·        1131

·        1130

·        1129

·        1128

·        1127

·        1124

·        1123

·        1122

·        1121

·        1119

·        1118

·        1115 (EOY 2009)

·        1114

·        1112

·        1111

·        1109

·        1104

·        1101 (1101.54 LOD 8/9/11)

·        1099

·        1098

·        1097

·        1095

·        1094 (LOD 5/7/10)

·        1092

·        1090

·        1088

·        1087