Friday, December 9, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 9 December 2011

We got a break out of the tight range yesterday: the SPX broke below 1245 and then sold off to 1232:

Supports/resistances and possible short-term counts are shown in the chart above.

There isn't a lot of support below 1233ish. 1215 or 1230 could be supports as these levels were perfect candidates for a potential right shoulder of a big inverse H&S. Many "if"s though.. so one step at a time. If we break below 1233ish I'll post a new chart with updated support levels.