S&P 500 Index ( SPX ) and S&P 500 SPDRs ( SPY ) - Finish the Correction !

The S&P 500 Large Cap Index ( $SPX ) and the ETF S&P 500 SPDRs ( SPY ) continued working on completing this, what should be normal, correction in the last session. By my reckoning, the correction still has some more downside . The Index could go down to 1086 before the correction is completed. Then the final up leg will get underway with targets of 1114.85 and 1126.96. The SMA 50, now at 1108.51, should provide a measure of resistance to any upside move.

The S&P 500 SPDRs ( SPY:NYSE ) finished up 1.01 points at 110.82 . Immediate Resistance is at 110.96 and Support at 110.12 .

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S&P 500 Large Cap Index ( $SPX )

Resistance and Support Levels

• R4- 1135.15
• FIB- 1121.80
• FIB- 1119.54

<,li>R3- 1124.23

• FIB- 1113.63
• R2- 1113.31
• FIB- 1112.24
• FIB- 1110.84
• FIB- 1109.98
• R1-1109.27
• SMA 50- 1108.51

• DC- 1105.24

• FIB- 1105.20
• FIB- 1102.25
• S1- 1098.35
• S2- 1091.47
• S3- 1080.55
• S4- 1069.63
• SMA 200- 1031.07

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S&P 500 SPDRs ( SPY )

Resistance and Support Levels

• R4- 113.98
• R3- 112.84
• R2- 111.70
• R1- 111.26
• SMA 50- 110.96

• DC- 110.82

• S1- 110.12
• S2- 109.42
• S3- 108.28
• S4- 107.14