S&P 500 Large Cap Index ( SPX ) and S&P 500 SPDRs ( SPY ) _ The Last Gasp ?

The S&P 500 Large Cap Index ( $SPX ) and the ETF S&P 500 SPDRs ( SPY ) continued their quest to arrive at the TOP. The $SPX Index gained 1.55 points to close at 1104.49 and the ETF SPY gained 0.07 points to close at 110.74

The technical indicators, as well as other analytical methods all indicate that there is still some upside left in this Bear Market Rally before we see a major reversal. That said, the amount of upside for the Index is estimated to be around 11 points. More specifically I believe, if there is no interference from the PPT, the TOP will be between 1115.07 and 1115.89. The reversal will probably be quite memorable as it will probably take on the "flight characteristics of a large falling stone ".

Assuming that the quest for the TOP will continue the immediate, the Resistance levels to overcome will be 1105.20 and 1109.98. Support levels will be 1103.72 and 1102.25 .

The ETF SPY will of course mimic the Index $SPX . Initial Resistance will be found at 111.11 and 112.65 . Ultimately SPY should reach 115± . Support levels are at 109.86 and 108.61 .

The Tables below list all the Resistance and Support Levels for the $SPX and SPY
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S&P 500 Index ( $SPX:NYSE )

Resistance and Support Levels

• R4- 1132.14
• R3- 1122.46
• R2- 1112.78
• 1109.98
• R1- 1108.63

• DC-1104.49

• S1- 1098.95
• S2- 1093.42
• 1088.50
• 1084.97
• S3- 1083.74
• S4- 1074.06
• 1071.90

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S&P 500 SPDRs ( SPY ) ETF

• R4- 113.69
• R3- 112.68
• R2- 111.67
• R1- 111.20

• DC- 110.74

• S1- 110.19
• S2- 109.65
• S3- 108.64
• S4- 107.63