S&P 500 Large Cap Index ( SPX ) and S&P 500 SPDRs ETF ( SPY ) - It's Getting Closer
The S&P 500 Large Cap Index ( NYSE:$SPX ) opened the session with a Gap Down and then proceeded to fill said Gap except for 0.02 points. For those who observed this move would have known that any downside would be regained in order to fill the remaining 0.02 point gap between 1149.97 and 1149.99 . That is exactly what happened after the Index reached an intraday Low of 1141.45. In my opinion, the action was all part of a move to create a minor corrective a-b-c pattern.
With the Close above 1150.48 at 1150.51 the Index is ready to continue the rise to reach that elusive 2010 High that will mark the end of this Bear Market Rally . The initial resistance is at 1153.84 and to downside support is at 1144.31 .
The S&P 500 SPDRs also had a small Gap Down but by the end of the session the Gap had been filled . In the next session the initial resistance will be at 115.84 and the first support level will be at 114.87 .
Remember that this Bear Market Rally is getting " long in the tooth " . In my opinion, I believe that there are perhaps two sessions left, to reach a target level between 1162 and 1172, before the " party is over ". Then it will be the Bears turn and if all is in alignment there will be a "good rally to the south".
The complied Resistance and Support Levels for the Index ( $SPX ) and the ETF ( SPY ) are given below.
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S&P 500 Large Cap Index ( $SPX )
Resistance and Support Levels
- R4- 1176.24
- CT- 1172.41
- PT- 1172
- R3- 1166.71
- PT- 1162
- R2- 1157.18
- PT- 1154.39
- CT- 1153.94
- R1- 1153.84
- DC- 1150.51
- S1- 1144.31
- S2- 1138.12
- S3- 1128.59
- S4- 1119.06
- FC- 1086
- FC- 1044
- FC- 978
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S&P 500 SPDRs ETF ( SPY )
Resistance and Support Levels
- T2- 120.27
- FT- 118.62
- FP- 118.51
- R4- 118.13
- FT- 117.59
- R3- 117.16
- R2- 116.19
- T1- 115.94
- R1- 115.84
- DC- 115.49
- S1- 114.87
- S2- 114.25
- FC & S3- 113.28
- S4- 112.31
- TR- 111.63
- TR- 108.93
- TR- 104.57
TR- 97.52
