#SPX Cash Downside Targets

Everyone wants to know what I see for downside targets and now that it appears that is a subject finally worth talking about, I shall deliver.

A quick look at my ToS chart on cash - I'll do the minis in another post.

First a quick daily look at cash and all the gaps, support and diags that I have on my trading chart. I know this is not the prettiest chart and I can't provide any better links, sorry. The biggies to note here:

1. Solid black support diag off the Nov lows (1344)price is testing now 
2. Black dashed diag (1309) off the Oct lows
3. There is a whole gaggle of things from 1335 to 1315 including gaps, prior S/R Lower BB, 50ma and more. That will be a major battle point and the EWT crowd should look for 1 to stop there. 
4. Red descending diag (1320), major market resistance off the '07 top
5. Orange S/R line at 1307
6. 1300 round level support. 
7. Various S/R lines (black) all over the place)
8. Gaps are all the brown rectangles
9. 1260 major support for the top in '11 and was the neckline for the August breakdown
10. Sub 1260 and you start to move in big chunks to gap at 1200 and then another huge hole to 1160, 1125, 1075, 1050, 1010. 

Drilling into more reasonable (not that SPX 450 is not reasonable or realistic - that is for a later post) territory - SPX 60m - 

1. Price tagging black support off the Nov lows here. The gap above I have open from 1367 to 1354 on a 1m chart
2. 1340 support
3. Here you see the 1335 to 1315 area with 5 road blocks
4. Orange 1307 LT S/R

That's about it. Not much commentary. I'll refer to this post a lot over the next few weeks I suspect. Note, I like to quote and follow the futures for many reasons, so look for that post to come. My chartbook is pretty detailed and should have all the keys. 

GL and GB!