SPY's Daily Support and Resistance Levels

13 January 2012

Support	Level	Resistance	Level
S1	129.12	R1	129.65
S2	128.54	R2	129.90
S3	127.77	R3	130.06
S4	126.43	R4	131.33
S5	125.56	R5	134.92
S6	124.91	R6	137.50
S7	123.46	R7	143.34
S8	121.57	R8	154.51
S9	120.14	R9
S10	119.47	R10
S10	117.64	R10

Pre-Market: Futures are down a little this morning some of this coming from JPM poor earnings and revenue numbers. This could make the market a little skeptical since if the casino can't make money in the rigged game who can. This is the first big company to show weak Q4 earnings, if a few more start to show weaker earnings especially in banking the markets may have to reconsider that all Q4 earnings will be like Alcoa and others.

The market is also off this morning because of the overbought condition in the market via the Piker Indicator. In addition the resistance of R1 and the downtrend line have been to much. Pre-market SPY is trading right around S1 of 129.12. If the bears want any continuation of the selling this level has to be taken out intra-day. The 129.12 is also the short-term uptrend before Christmas.

Longer-Term Levels: The more important longer-term levels are 129.65 which has capped the market's latest movements and 128.24 which was the last breakout level and was held as support during a rest-test. Till then the market remains in a tight range.

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