The S&P 500 opened at 1275.50, 2.25 points above Monday’s settlement at 1273.25.
The Market traded down to 1271.25 before finding support. Buyers stepped in and bought price up to 1277.25, a 6 point response. Resistance was present and sellers sold price back through the range to a lower low at 1269.50. Again support was present and buyers stepped in. The market consolidated in the small 7.75 point range day, before closing at the opening price of 1275.50.
These are some of the possible strong stopping points below us at 1243, 1220 and 1190. The market may pause and find support at these levels, as well as other support and resistance levels mentioned below.
Macro Support
1263.75 1/4/12
1250.75 12/30/11
1243.00 10/6/11 and 10/07/11
1220.00 9/1/11
1195.00 9/21/11 and 9/14/11
Micro Support
1259.25 12/30/11
Macro Resistance
1335.00 7/26/11
1313.00 7/28/11
1300.75 7/29/11
1289.25 10/27/11
Micro Resistance
1296.50 7/29/11
