S&P 500 Nears Key Resistance Level OF 1,370.58

StockMarketFunding – S&P 500 Nears Highest Level Since 2010 1,370.58 Key Resistance Level. S&P 500 Index Monthly Technical Analysis Video – In this live “stock index” technical analysis we’ll cover the long term trends on the S&P 500 going back to the 2008 financial crisis low of 666.79 to the recent 05/2/2011 resistance high of 1370.58. Oil prices spike on Iran export halt is $4 gas next? Will Israel attack Iran?

The bull has 288.63 points off the October 2010 lows. We saw US Markets fall on European Debt Crisis concerns and rise after markets felt the banking crisis in Europe was contained and the bailouts, liquidity injections, and debt negotations would work. We’ll cover the S&P 500 Index current weekly & monthly support & resistance levels. S&P 500 Approaches Last Year’s High Amid Optimism on Greece Bailout Effort.

The S&P 500 has climbed 8.2% in 2012. Stocks also rose this week as reports on jobless claims, manufacturing and housing boosted optimism in the world’s largest economy. We’ve had a 2 month bull breakout in the trading range. The E-Mini S&P 500 has traded higher on light volume as the E-Mini S&P 500 puts in a short-term top. Investors may look at the moderate growth in the US with optimism, but the Greek bailout still holds the undercurrent of a possible default. The markets are closed Monday for a President’s Day observed often contributing to pre and/or post-holiday exhilaration. Higher gasonline prices of $5 or $6 based on supply and demand disruptions in oil due to Iran could quickly derail the bull market move.

QE3 has brought the markets up to their higher end resistances to the pre-crash highs of 2008 and are looking to test the 2011 highs. The bull can only go so long before it has a “bull rally shakeout” to test lower support levels say around 1,295.73 on the S&P 500. Now that the earnings season is mostly out of the way we’ll see if the bull still has a reason to buy stocks. The 1,369.45 is a critical resistance point on the S&P 500 we are currently testing. The stimulus and tax cuts can only take the markets so high and at the end of 2012 markets could see a “double dip recession” if the Bush tax cuts aren’t renewed.