Where goes the S&P 500 Index (NYSE:$SPX) so goes the S&P 500 SPDRs (NYSE:SPY)
On the 2nd of February the S&P 500 Index (NYSE:$SPX) failed to remain above 1103.36 , a Fibonacci sub level from the rise 666.79 - 1150.45 . Today, February 3, 2010 it had, by my rules, to test the level 1095.31 which it did with the Low of 1093.97. The Close @ 1097.28 left the Index below a sub level F0.382 [ 1098.39 ] and F0.618 [ 1100.28 ].
In this upcoming session the S&P 500 Index may experience a further drop. The EMAs 4-9-18 are in an inverted order which is definitely not a bullish signal. If 1095.31 does not hold, there may be a significant further drop below that level looking for support. The Support levels
are:
1095.31- 1093.26 - 1091.90 - 1089.24 - 1080.49 - 1076.84
If there is a reversal then the S&P 500 Index could rise to 1116.37. However to get to that level once it clears 1100 it will still have 1103.36 and 1108.32. The Resistance levels include:
1102.01 -1103.36 -1106.74 -1108.32 -1115.49-1116.37
The tradeable ETF - the S&P 500 SPDRs (NYSE:SPY) follows closely to the Index. The Resistance and Support levels for this up-coming session are:
RESISTANCE
---$110.37 -- $110.91 -- $111.88 -- $112.85
SUPPORT
---$109.40 -- $108.97 -- $108.00 -- $107.03
