SPX S/R Week of 12-12-11

SPX 1235 is strong support.  The SPX continues thru a sideways range of 1235-1268 for the last seven trading days. Price will commit to one direction or the other. Market bulls have an eaiser road to hoe on Monday than market bears.  If the SPX moves up three points to regain the starting year number of 1257.64 and the strong 1258 resistance, the large block buyers will step in and the broad indexes will accelerate upwards.

The market bears need to push towards Friday's low to restart strong negativity.  A move thru 1236-1256 is sideways action. The move out of the 1235-1268 range is key.

·        1289

·        1287

·        1286

·        1285

·        1282

·        1280

·        1278

·        1277

·        1275

·        1272 (LT S/R)

·        1270

·        1268

·        1267

·        1263

·        1262

·        1261

·        1260

·        Friday HOD 1258.25

·        1258 (1257.64 is the starting number for 2011)

·        1257 (3/16/11)

·        Friday Close 1255.19

·        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

·        1238

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

·        Friday LOD 1234.48

·        1233 (LOD 12/16/10)

·        1229

·        1227 (HOD 11/9/10)

·        1225

·        1224 (12/7/10 large volume)

·        1220 (HOD 4/26/10)

·        1219

·        1216

·        1215