S&P 500 Large Cap Index ( SPX ) and S&P 500 SPDRs ETF ( SPY ) - It's Coming Soon

The S&P 500 Large Cap Index ( NYSE:$SPX ) and the ETF S&P 500 SPDRs (NYSE: SPY) got closer to a potential Top in the last session. Perhaps it will occur today or the MMers may decide to drag it out a little bit longer. Another significant rise in the Index will probably do a " world of hurt " to those Bears that entered back at the start of the decline in January.

The PPT must be working overtime to try and keep the Markets from reversing big time. All they are doing is delaying the inevitable for the day when the Index will take on the flight characteristics of a " large stone ".

The initial upside target is 1153.94 . From there it will probably continue rising setting new highs for 2010 but eventually the reverse will come most likely when not expected and the party will be over.

The compiled Resistance and Support data is shown below.

S&P 500 Large Cap Index ( $SPX )

Resistance and Support Levels

• R4- 1180.24
• FT- 1172.47
• R3- 1168.99
• FT- 1167.23 - 1168.26
• FT- 1164.86
• FT- 1161.46
• FT- 1158.84
• R2- 1157.74
• FT-1154.39 - 1155.06
• R1- 1153.99
• FT- 1153.94

• DC- 1150.24

• S1- 1142.74
• FT- 1138.37
• S2- 1135.24
• S3- 1123.99
• S4- 1112.74

===================
ETF : S&P 500 SPDRs ( SPY )

Resistance and Support Levels

• R4- 118.48
• R3- 117.35
• R2- 116.22
• R1- 115.84

• DC- 115.45

• S1- 114.71
• S2- 113.96
• S3- 112.83
• S4- 111.70