Where are the support levels for S&P 500 and Dow Jones Industrial Average?

One of my trading pals, Denny, has shared a big-picture chart from another trading analysis service that outlines the area under the 2002/2003 lows and the 500 level in S&P 500. That's an area that is incorporated by some of the important levels I marked on my SPX monthly chart, and just for posting today I added an orange ellipsis and three orange vertical bands emphasizing that region. The notes that go with that chart state that there's little support above the SPX 500 level.

Folks, I don't disagree that we may see 500, but my monthly charts show that there are levels like 664 in the SPX and 6427 in the Dow Jones Industrial Average that might provide support. Lower down, then sure, we do get to my 640 SPX number (also one of Tony Caldaro's numbers), Teaparty's 588 SPX, as well as my SPX 554 and (ugh) SPX 468 levels. The other comment that goes with that chart Denny shared, is to respect any bullish pattern (they named one, a candlestick pattern called a bullish hammer, if it goes with volumes indicating a washout or capitulation). Well of course I can agree with that, and I'll be posting as we go so we will see that if and when it happens.

For now, I am pointing out that there are some levels to look for in this area. In addition to the specific numbers I mention above, Andre Gratian has posted numbers, and also Tony Caldaro has posted his pivots and numbers; which you can find in their weekend updates, included here (Andre also makes his daily updates available via subscription, and Tony makes brief updates available on his website although his personal guidance is a separate service.) Naturally, there are also cycle timing points available through sources like ChartsEdge and Cycles News & Views. Not trying to overload this with too much detail - for myself, I'm keeping an eye on the numbers mentioned above, as well as chart patterns and indicators as we go.

Here are my monthly big-picture charts of the S&P 500 and Dow Jones Industrial Average, updated through just a few minutes ago (and with those markings I mentioned, added just for this post to the SPX chart):