Broad market (SPX) support levels...

Yesterday afternoon and this morning, support parameters were sent to subscribers on gold and silver.  Here on the blog we will add those for the broad S&P 500.  One down day does not a reversal make.

Short term support is noted at the current level of 1280.  If that fails, super critical support is at 1260.  This was formerly important resistance as you will recall. 

What I like in firming this up as a critical level is the confluence of long term visual support, the thin blue uptrend line and the 38% Fib retrace of the entire leg of this most recent rally out of the December low.

Folks, if 1260 breaks, the market is probably cooked for a while.  If it holds, we have the fuel to attain the 1340-1360 target zone.  Simple.

It says here that it is better to set parameters and have discipline than to listen to grand guru predictions whether they be to the bull or the bear side. 

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