S&P 500 Short-term – As expected, the SPYs found support around $270 and ran into resistance around $280. There is resistance around the $280 level because it was resistance in June and support in July. It was also resistance in February and March. There is support around the $270 level because it was support in May and June. The low trade on October 11th was at $270.36. These levels will probably continue to be support and resistance in the short-term.
S&P 500 – After breaking the $286 level the SPYs saw some aggressive selling. The first level of support in the selloff was right around the $280 level. This level is now resistance because it was resistance in February, March, and June. It was also support in July and August. There is support around the $270 level because this level was support in May and June. There will probably continue to be resistance around $280 and support around $270 in the short-term.