S&P 500 Index ( SPX ) & S&P 500 SPDRs ( SPY ) - Downside Delayed !
The S&P 500 Index ( $SPX:NYSE ) rose 0.22 points more than I expected to an intraday high of 1116.11. However from a Fibonacci viewpoint the rise above 1115.89 was "fleeting' and within the my guidelines and the close at 1115.71 suggests that the "TOP" is in . They, who try to control the Markets, may have a surprise for investors in the next session. However, if it is to upside, it will only delay the inevitable .
A further note, based on the Futures, they do have a surprise on the menu. Look for the Index to test the 1120.80 level as they have decided to extend this Bear Market Rally to the next possible upside target level .
This also fits with another test of the 50% retracement level of 1121.44 . A good lesson in that one should always expect the unexpected when it comes to the market action.
The immediate Resistance and Support Levels for the $SPX Index are 1115.89 - 1116.16 and 1113.63 respectively.
For the ETF SPY the immediate Resistance and Support Levels are 112.20 and 111.37 respectively.
S&P 500 Index ( $SPX )
Resistance and Support Levels
- R4- 1144.64
- R3- 1133.89
- R2- 1123.14
- 1120.80
- R1- 1119.43
- F- 1116.16
- F- 1115.89
- DC- 1115.71
- 1113.63
- F- 1112.24
- F- 1109.98
- S1- 1108.68
- S2- 1101.64
- S3- 1090.89
- S4- 1080.14
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S&P 500 SPDRs ( SPY )
Resistance and Support Levels
- F- 114.25
- R4- 114.18
- R3- 113.35
- R2- 112.52
- R1- 112.20
- DC- 111.89
- S1- 111.37
- F- 111.11
- S2- 110.86
- S3- 110.03
- S4- 109.20
- F- 108.61
