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September 26, 2012  Wed 12:14 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes closed lower yesterday after a late-session selloff as rioting in Spain renewed concern over that country's bailout plans.

The S&P 500 fell 15.30 points, or 1.05 percent, to finish the day at 1441.59. The Nasdaq 100 dropped 39.45 points, or 1.39 percent, to 2804.53.

The Russell 2000 saw the steepest decline. The small-cap index lost 12.64 points, or 1.48 percent, to close at 839.12.

S&P 500
Resistance is now 1442, followed by 1445.50, 1450, and 1455.73.
Support is now 1440, followed by 1438.80, 1435, and 1430.
Nasdaq 100
Resistance is now 2808.26, followed by 2815.53, 2820, and 2834.18.
Support is now 2804.13 (yesterday's low), followed by 2800, 2795, and 2790.
Russell 2000
Resistance is now 840, followed by 843.50, 845, and 847.90.
Support is now 838.96 (yesterday's low), followed by 835, 833.22, and 830.
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As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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