SPX S/R Week of 8-15-11

SPX intraday support and resistance last week highlighted 1101, 1120, 1173 and 1189. Thus, achieving the 1188-1189 level is critical for the bulls for the week ahead. The SPX closed the week at 1179.

For the Monday session, the market bulls need to touch 1189, if so, the buyers will come in force and the indexes will accelerate higher, further bolstering a recover rally move. The market bears need to move under the 1171 handle on Monday.  If the bears can push down towards 1170.74, then the selling will accelerate substantially, testing the lower support levels shown below.  1172-1173 is key support that should not go easy, so even if the futures are red and the markets fall after Monday's bell, watch to see if 1173 holds initially.

SPX 1119 and 1101 are critical levels to watch this week if the bears are growling. If 1101 fails, you can place a note on your calendar to watch for 1044 in the weeks ahead.

·        1207 (4/29/10 Top)

·        1206

·        1200

·        1197

·        1192 (9/15/08 post-LEH bk)

·        1188

·        1183

·        1180

·        1178

·        1173

·        1168

·        1163

·        1160

·        1150

·        1145

·        1140

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

·        1125

·        1121

·        1119

·        1115 (EOY 2009)

·        1110

·        1104

·        1101

·        1094 (LOD 5/7/10)

·        1092

·        1090

·        1087

·        1080

·        1078

·        1073

·        1070

·        1066 (LOD 5/6/10)

·        1060

·        1057 (2/8/10)

·        1050

·        1044 (LOD 2/5/10; critical S/R summer 2010)

·        1039

·        1036

·        1033

·        987

·        666 (3/6/09 bottom)

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