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Pro: Levels to Watch on the S&P This Week

Rich Ilczyszyn

As the third-quarter earnings season gets underway this week, here's a look at levels to watch on the Standard & Poor's 500 index in the days to come.

The equity market failed to sustain gains following Friday’s jobs number. In fact, the trade looks very similar on the chart to the highs put in on September 14. The S&P 500 index has settled down at its support pocket with a low of 1,448.50 last night. Data will be light early this week, which should put more emphasis on Spain as well as other news out of Europe.

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A close below the 1,449 support, which this market is sitting against now, will be very discouraging for the bulls as it will be more than 20 points from Friday’s highs.

So what am I doing?

Well, if this market can hold and consolidate off of the lows, I’d be a buyer as I do like the set up in a market that has consistently bounced back all year. I have an overall target of 1,512, but a close below support levels will be very discouraging for the bull camp.

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