Friday, May 11, 2012

SPX S/R 5/11/12

SPX support, resistance and moving averages are provided below.  If the SPX loses 1355 today, specifically the confluence of yesterday's low and the 20-week MA at 1354.50-1355.00, the broad indexes will accelerate lower.  The futures are lower on the JPM news so this confluence of support should give way. SPX 1351 support and the 100-day MA support should see action in today's trade.

More important support is the gauntlet at 1343-1344. This is a very strong and sturdy floor in the markets. If this level is lost markets enter a whole new lower range and the bears will have sustainability moving forward. The 20-day MA under the 50-day MA is very bearish.

·        1408
·        1406 (5/29/08 HOD)
·        1404
·        1403
·        1402
·        1399
·        1398
·        1394
·        1391
·        1389
·        1388
·        50-day MA 1386.13
·        1385
·        10-day MA 1381.59
·        20-day MA 1380.84
·        1378
·        1375
·        1372
·        1371(5/2/11 Intraday HOD for 2011: 1370.58)
·        1370
·        1369
·        1366
·        Thursday HOD 1365.88
·        1364 (4/29/11 Closing High for 2011: 1363.61)
·        1363
·        1361
·        1359
·        1358
·        Thursday Close 1357.99
·        1356
·        20-week MA 1354.91
·        Thursday LOD 1354.58
·        1351
·        100-day MA 1348.33
·        1347
·        1345
·        1344
·        1343
·        1341
·        1339
·        1338
·        1337
·        1336
·        1333
·        1332
·        1331
·        1330

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