S&P 500 Large Cap Index ( SPX ) - Caution is the Order of the Session

The S&P 500 Large Cap Index ( NYSE:$SPX ) and the S&P 500 SPDRs ETF (NYSE: SPY) is slowly but surely approaching the end of this last up leg.

For the $SPX the rise started at 1086.02 . The rise from 1044.5 has been contained within an Ascending Channel [ AC ] with an Upper Boundary [ UB ] presently at 1047.6 and a Lower Boundary [ LB ] at 1113.5 . For the segment from 1086.02 there is an internal boundary designated [ ILB ] and this is presently at 1134±.

The ACUB, also a Fibonacci resistance level, at 1147.60 represents the level that has to be taken out if there is going to be an attempt to reach the target of 1153.94 where the rise from 1086.02 to 1153.94 would be 67.92 points which would equal the rise from 1044.5 to 1112.42 . However it is not a sure thing that, if that level is achieved, that the "rally" will be over. Beyond and perhaps " somewhere over the rainbow " the potential target levels of 1172.41 and 1179.89 are awaiting their stage call.

When the " Top " is in the reversal may be swift and brutal like the initial decline in January. As they say " tread lightly as the ice may be very thin " . The ACILB and ACLB can be used as early warning levels of the long awaited correction that should take the Index back down to the 1040ish level or possibly even sub 1000 .

First however the Top has to be in place and then all hell can break loose. There is a possibility that the Top will be in place tomorrow and bearish conditions will emerge as the sun passes over the " yardarm " .

The compiled Resistance and Support data for the S&P 500 Large Cap Index ( $SPX ) is given below.

S&P 500 Large Cap Index ( $SPX )

REsistance and Support Data

• T- 1179.89
• T- 1172.41
• R4- 1171.65
• R3- 1161.18
• F- 1155.06
• T- 1153.94
• F- 1153.94
• R2- 1150.71
• F- 1150.45
• F & UB- 1147.60
• F- 1145.84
• R1- 1145.58
• F- 1142.98
• F-1141.22

• DC- 1140.45

• F- 1138.37
• ILB- 1134±
• S2- 1129.77
• F- 1122.70
• S3- 1119.30
• LB- 1113.5
• S4- 1108.83
• 1108.69