S&P 500 Large Cap Index ( SPX ) and S&P 500 SPDRs ETF ( SPY ) - There's a Top Somewhere

The S&P 500 Large Cap Index ( NYSE:$SPX ) and the S&P 500 SPDRs ETF (NYSE: SPY) continued their rise slowly but are surely approaching the end of this last up leg that started at 1086.02. The $SPX reached an intraday high of 1148.26 and closed at 1145.61 while the SPY rose to 115.28 and closed at 114.97.

As mentioned previously, the rise from 1044.5 has been contained within an Ascending Channel [ AC ] with an Upper Boundary [ UB ] presently at 1150 - 1151 and a Lower Boundary [ LB ] at 1118. For the segment from 1086.02 there is an internal boundary designated [ ILB ] and this is presently at 1138.

Again the Fibonacci resistance level, at 1147.60 represents a level that has to be taken out if there is going to be another attempt to reach the target of 1153.94 where the rise from 1086.02 to 1153.94 would be 67.92 points which would equal the rise from 1044.5 to 1112.42. Should the "rally" continue the potential target levels beyond 1153.94 are 1172.41 and 1179.89.

The S&P 500 SPDRs ( SPY ) almost reached the target level of 115.94. Should that be broken 117.84 will be waiting to be tested.

When the " Top " is in the reversal may be swift and brutal like the initial decline in January. As they say " tread lightly as the ice may be very thin ". The ACILB and ACLB can be used as early warning levels of the long awaited correction that should take the Index back down to the 1040ish level or possibly even sub 1000.

First however the Top has to be in place.

The compiled Resistance and Support data for the S&P 500 Large Cap Index ($SPX) is given below.

S&P 500 Large Cap Index (NYSE:$SPX)

Resistance and Support Levels

• T- 1179.89
• T- 1172.41
• R4- 1169.16
• R3- 1160.99
• F- 1155.06
• T- 1153.94
• F- 1153.94
• R2- 1152.82
• R1- 1149.22
• F- 1147.60
• F- 1145.84

• DC- 1145.61

• S1- 1141.05
• F- 1138.37
• ILB- 1138±
• S2- 1136.48
• S3- 1128.31
• F- 1122.70
• S4- 1120.14
• LB- 1118±

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S&P 500 SPDRs ETF (NYSE: SPY)

Resistance and Support Levels

• T- 117.84
• R4- 117.50
• R3- 116.63
• T- 115.94
• R2- 115.76
• R1- 115.36

• DC- 114.97

• S1- 114.49
• S2- 114.02
• S3- 113.15
• S4- 112.28