Market Overview

Way of the SPX 500 111009

Call it a breather although the Index only pulled back a total of 5.68 points when it reached the intraday low of 1087.40 . With the close at 1093.01, depending on how you see it, either a Spinning Top or Doji candlestick was formed on the Daily Chart in a bearish Harami position. That does not guarantee that there will be a reversal in the next session. There will need to be follow thru to the downside for confirmation. If there is any reversal it will most likely be short and sweet with maximum downside limited to 1080 or perhaps 1071 with the Middle Bollinger Band at 1072.56 .

The Index has cleared the Middle Bollinger Band [ MBB ] at 1072.56 and, in theory, will carry on to the Upper Bollinger Band [ UBB ] that is presently at 1113.23 . As suggested above, if there is any correction it will probably be limited to the MBB.

Assuming that in the next session, there will be further RIP, the levels of Resistance of importance are :

-- 1101.36 ---- 1118.35 ---- 1128.86 ---- 1156.12

Based on the chart and Fibonacci values I'd say that the Index will RIP to a level between 1118.35 and 1128.86 .

The DR1 for the next session is 1097.15 followed by DR2 at 1101.30 .

To the downside DS1 is at 1088.13 and DS2 is at 1083.26.

Updated calculated Resistance and Support levels are given below.

RESISTANCE

  • WR4- 1183.02
  • WR3- 1140.92
  • DR4- 1119.34
  • DR3- 1110.32
  • DR2- 1101.30
  • WR2- 1098.82
  • DR1- 1097.15
  • MR1-1085.05
  • WR1- 1084.06
  • SUPPORT

    • DS1- 1088.13
    • DS2- 1083.26
    • DS3- 1074.24
    • DS4- 1065.22
    • WS1- 1041.96
    • WS2-1014.62
    • MS1- 1003.64
    • WS3- 972.52
    • WS4- 930.42

    DEFINITIONS

    DR-WR-MR
    Daily Resistance- Weekly Resistance- Monthly Resistance Levels
    DS-WS-MS
    Daily Support- Weekly Support- Monthly Support Levels

    Posted-In: Intraday Update Markets Analyst Ratings

     

    Related Articles ($SPX + SPX 500 Index)

    Around the Web, We're Loving...

    Partner Network

    Get Benzinga's Newsletters