SPX S/R Week of 11-28-11

Support and resistance shows that the support at 1158 held, and more importantly, the key, strong support at 1155, at least so far. If the futures are so much as a smidge red, the broad markets will drop significantly at the open, the SPX would test 1155 in quick order. Conversely, if the futures are green, any amount no matter how small, the market bulls will have a chance to mount a come back.

SPX 1163 and 1166 are key S/R. If market bulls make a stronger run on Monday, and touch the 1173 handle, the upside will gain momentum, thrusting price higher to test 1178 in short order. A move thru 1160-1170 is sideways indecision.

Interestingly, the SPX is now at the same level as when the 5/6/10 Flash Crash occurred. Note the fight over 1168 the last couple days--the exact high where the Flash Crash occurred. That day, the SPX went into free fall from 1168 to 1066, 102 points, in a flash, before recovering. 

·        1191

·        1189

·        1188

·        1183

·        1181

·        1179

·        1178

·        1175

·        1173

·        Friday HOD 1172.66

·        1171

·        1168 (HOD 5/6/10 Flash Crash)

·        1166

·        1165

·        1163

·        1162

·        Friday Close 1158.67

·        Friday LOD 1158.66

·        1158

·        1155

·        1152

·        1150 (Support lost on 5/6/10 Flash Crash and regained 5/10/10)

·        1148

·        1145

·        1144

·        1142

·        1141

·        1140 (Weekly closing low for 2005)

·        1136

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

·        1131

·        1127

·        1124

·        1122

·        1121

·        1119

·        1118

·        1116

·        1115 (EOY 2009)

·        1109