S&P 500 Re-Cap 11-17-2011
The S&P 500 opened at 1232.50, 1.75 points above Wednesday’s settlement at 1230.75.
The Market traded up 1.50 points before encountering resistance at 1234.00. Sellers sold price down to 1223.75 near macro support. Support was present and buyers bought price up through the range to a higher high at 1236.00 also the day’s high.
Encountering resistance sellers responded selling price down to 1226.50 a 9.5 point response.
Buyers stepped in and bought price back up to 1233.50, but could not quite get up to the prior high. Resistance held and sellers sold price back down all the way through the range to a lower low at 1208.75, a 24.75 point response. Buyers responded and bought price back up to 1217.00. (A prior Macro Support Area. Support once penetrated becomes resistance). Resistance held and sellers sold price down to a lower low at 1206.75. The market consolidated for the remainder of the day between 1217 and 1206.50 (the day’s low). The market closed at 1215.00.
Macro Support
1206.50 11/17/11
1201.50 10/19/11
1185.25 10/13/11
1170.75 10/10/11
Micro Support
1203.00 10/20/11
Macro Resistance
1249.25 11/9/11
1241.00 8/4/11
1236.00 11/17/11
1229.00 9/1/11, 8/31/11
Micro Resistance
1248.50 8/3/11
1217.00 11/16/11 and 11/17/11
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