SPX S/R 11-2-11

SPX support and resistance shows that price collapsed down thru the starting year number at 1258, thru 1242, 1227 gave way, 1225 failed, and even the critical 1220 level collapsed today, with the SPX finally closing at 1218. Thus, strong resistance is 1220 (support now becomes resistance) and strong support is 1210. The break out of this 1210-1220 range will tell a lot about market direction.

For Wednesday, if the bears can manage some red futures and push the SPX down to the low 1215's after the opening bell, about three points lower, then the large block sellers will enter and the indexes will tumble several more handles in short order, the SPX would test 1210 quickly and more than likely look to 1204 as stronger support. The market bulls are simply trying to stop the bleeding tomorrow, with a goal of preventing a 1215 handle from appearing with all their might.  That way, they can muster up some sideways action to absorb the two days of losses and regroup.

·        1259

·        1258 (1257.64 is the starting number for 2011)

·        1257 (3/16/11)

·        1254

·        1252 (9/14/08 pre-LEH bk)

·        Tuesday HOD 1251.00

·        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

·        Tuesday Close 1218.28

·        1217 (4/23/10)

·        Tuesday LOD 1215.42

·        1215

·        1213

·        1210

·        1209 (HOD 4/29/10)

·        1207 (4/29/10 Top)

·        1206

·        1204

·        1201

·        1199

·        1198

·        1196

·        1195

·        1193 (9/15/08 post-LEH bk)

·        1191

·        1189