SPX is down again today, all on the fear that this European debt issue has real consequences for the world recovery. European parliments are voting over the next day whether or not to extend more credit and bailout Greece. In my opinion all of this is absolutely necessary to continue the game of pretending all of these countries and banks are solvent. What choice to the finanical elites have but to keep it going?
So, if Germany does not go along with the charade, expect nastiness. If Germany does, expect a pop to the upside.
I've attached a chart of the SPX so you can see the major support lines - this is a close up of a 700 week chart. Below the chart I will note the support levels and upper resistance levels.
RIGHT NOW THE SPX is trading at 1159, remember this is a weekly chart so it shows a data point last week near 1200.
1136
1086
1055
Upper Resistance (if we get moving back up in celebration) -
1216
1176
1161