S&P 500 Index ( SPX ) and S&P SPDRs ( SPY )

The correction started late in the session after an intraday High of 1108.24 was reached. This action and the resulting retracement resulted in the test and failure of the Fibonacci sub-level at 1108.03.

The retracement should be minor, in nature, as there is still more upside before the Index experiences a "major" reversal . Depending on how severe they make this pullback the retracement target levels are :

• 1093.20
• 1083.89
• 1076.37
• 1068.85

The calculated Resistance and Support levels for the S&P 500 Index ( $SPX ) are as follows:

• R4- 1136.44
• R3- 1125.68
• R2- 1114.92
• R1- 1110.83

• DC- 1106.75

• S1- 1100.07
• S2- 1093.40
• S3- 1082.64
• S4- 1071.88

The calculated Resistance and Support levels for the S&P SPDRs ( SPY ) are as follows:

• R4- 114.00
• R3- 112.90
• R2- 111.80
• R1- 111.35

• DC- 110.91

• S1- 110.25
• S2- 109.60
• S3- 108.50
• S4- 107.40