SPX S/R 11-17-11

SPX support and resistance shows that the 1235 support held yesterday.  The strong 1242 support failed yesterday, which is also the same level as the bottom rail of the sideways symmetrical triangle.  The sideways triangle boundaries from the previous chart posted is 1254 and 1242. Focusing on today, watch the 1233-1242 range to see which side price exits from this range.  A move to 1242 would represent a back kiss of the triangle pattern and the strong support level, should this occur, watch to see if price receives a slap down, which will indicate further bearishness ahead, or, if price moves back up into the triangle which would deflate the bears.

For today, if 1235.67 fails, the indexes will accelerate the down side, testing 1233 which would likely fail.  1227 and 1225 provide strong support.

·         1270

·         1268

·         1267

·         1263

·         1261

·         Wednesday HOD 1259.61

·         1259

·         1258 (1257.64 is the starting number for 2011)

·         1257 (3/16/11)

·         1254

·         1253

·         1252 (9/14/08 pre-LEH bk)

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

·         1247

·         1244

·         1242

·         1240

·         1239

·         1238

·         Wednesday Close 1236.91

·         Wednesday LOD 1235.67

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

·         1233 (LOD 12/16/10)

·         1229

·         1227 (HOD 11/9/10)

·         1225

·         1224 (12/7/10 large volume)

·         1220 (HOD 4/26/10)

·         1219

·         1217 (4/23/10)

·         1215

·         1210

·         1209 (HOD 4/29/10)

·         1207 (4/29/10 Top)

·         1206

·         1204

·         1201

·         1199

·         1198

·         1196

·         1195