S&P 500 Index ( SPX ) and S&P SPDRs ( SPY ) Finish the Correction

The main action in the S&P 500 Index ( $SPX ) was essentially completed in the first hour of trading. After the Open at 1100.00 the Index rose to a lower high of 1112.29. In the process the Fibonacci level 1112.24 was tested and resulted in a failure.as the Index dropped below that level and continued down to 1105.38 where it stopped short of the Fibonacci level 1105.20 . In the last hour the Index again dropped down to the 1106 level but made a last minute recovery to Close at 1108.01 .

Perhaps the Index will complete the minor correction in the upcoming session. Look for a pullback to the 1000 - 1102 level. Then, if all is in alignment , the Index should make the last rise towards resistance at 1113 and 1122.

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S&P 500 Index ( $SPX ) Resistance and Support Levels

• R4- 1129.29
• R3- 1122.38
• FIB- 1121.80
• FIB- 1119.54
• R2- 1115.47
• FIB- 1113.63
• FIB- 1112.24
• R1- 1111.74
• FIB- 1110.84
• FIB- 1109.98

• DC- 1108.01

• FIB- 1105.20

S1- 1104.83

• FIB- 1102.25
• S2- 1101.65
• S3- 1094.74
• S4- 1087.83

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S&P SPDRs ( SPY ) - Resistance and Support Levels

• R4- 113.76
• R3- 112.91
• FIB- 112.65
• FIB / R2- 112.06
• FIB- 111.70
• R1- 111.60

• DC- 111.13

• S1- 110.75
• FIB- 110.63
• S2- 110.36
• FIB- 110.34
• FIB- 109.86
• S3- 109.51<?\/li>
• S4- 108.66