SPX S/R 12/15/11

Sturdy support exists at 1209-1210. Much of yesterday was a fight across this support/resistance (S/R) line. For today, Thursday, if the market bears push lower under 1209.50, the downside will accelerate dramatically for the broad markets.  The market bulls need to push upwards to touch 1226, if so, the large block bullish buyers will enter the markets and the upside will accelerate dramatically.  A move thru 1210-1224 is sideways action. If 1209-1210 fails, next major support is 1204. If the upside is explored, 1220 provides strong resistance.

·         1238

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

·         1233 (LOD 12/16/10)

·         1229

·         1227 (HOD 11/9/10)

·         Wednesday HOD 1225.73

·         1225

·         1224 (12/7/10 large volume)

·         1220 (HOD 4/26/10)

·         1219

·         1216

·         1215

·         Wednesday Close 1211.82

·         1210

·         Wednesday LOD 1209.47

·         1209 (HOD 4/29/10)

·         1207 (4/29/10 Top)

·         1206

·         1204

·         1201

·         1199

·         1198

·         1196

·         1195