SPX S/R Week of 11-14-11

SPX support and resistance for the week ahead.  Note that the price move on Friday, on vapor volume, was held at the 1267 overhead resistance. If 1267 is touched on Monday, the large block buyers will enter in force and the indexes will move up several more handles in short order.  1268, 1277 and 1281 will all offer up resistance should the bulls try to push higher. Note the strong resistance cluster at 1285-1287 which will take formidable bull effort to attain.

The SPX 200 day MA at 1272 is critical due to its long term S/R as well.  Also the 12-month MA at 1282. A move up and thru 1282, and then thru the resistance cluster in the high 1280's would signal a bullish finish to the year, 1300+ would be a done deal and most likely the path to 1320's will be in play.

But not so fast bulls. The bears will try to push back under the starting year number at 1257-1258. 1242 and 1240 are key support levels as well, then 1233. For Monday, watch 1258, 1267 and 1272 in the early going.

·        1295

·        1293

·        1292

·        1291

·        1289

·        1287

·        1286

·        1285

·        1282

·        1280

·        1278

·        1277

·        1272-1273 (LT S/R)

·        1270

·        1268

·        1267

·        Friday HOD 1266.98

·        Friday Close 1263.85

·        1263

·        1261

·        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

·        Friday LOD 1240.12

·        1240

·        1239

·        1238

·        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