S&P 500 Re-Cap 11-03-2011
The S&P 500 opened at 1247.25 (Micro Resistance from 8/3/11), 12.75 points above Wednesday’s settlement at 1234.50.
The Market traded up to 1248.75 before encountering resistance. Sellers then sold it down to 1230.50 a 16.75 point response to the overnight buying that had taken us up. Finding support buyers responded buying price up through the range to 1248.00 (again the 8/3/11 micro resistance level), the days earlier high, a 17.50 point response. Price consolidated between 1243.00 and 1248.00 for the next hour before initiated buying stepped in buying price up to a higher high at 1256.75, a 14 point move.
Resistance was present and price pulled back 5 points before initiated buying bought price to a higher high and the day’s high at 1259.75 (near Macro Resistance from 8/3/11) before closing at 1255.75
Macro Support
1245.25 10/31/11
1230.50 11/3/11
1221.75 10/21/11
1216.50 10/26/11
Micro Support
1233.00 10/26/11
1203.00 10/20/11
Macro Resistance
1300.75 7/29/11
1289.25 10/27/11
1283.50 10/28/11
1267.50 10/31/11
1258.00 8/3/11
Micro Resistance
1296.50 7/29/11
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