SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 2/11/13

SPX support, resistance (S/R), moving averages and other levels of import are provided below. The bulls have pushed the SPX higher for six consecutive weeks and 2013 has not yet experienced a negative market week (the Dow Industrials lost their winning streak ending last week lower). The Friday action prints a new intraday high for 2013 at 1518.31 and a new closing high for 2013 at 1517.93. Pay attention to these two numbers moving forward. If the bulls push through 1518.31 after the Monday bell, the SPX will push through the 1520 resistance and likely test 1523.57, the December 2007 top. This top occurred on the back side of the October 2007 market top as price trailed lower.

Keystone's 80/20 rule says 8's lead to 2's and 2's lead to 8's. The close above 1480 lighted the path to 1520, and the SPX came within two points on Friday. 1518 would lead to 1522 and as fate would have it, price closed a few pennies short, so Monday's action will determine if the SPX can close above 1518, to lead to the 1520's, or not. The market bears will be fighting with all their might to prevent 1518.31 on Monday by keeping the overnight futures negative. Support below is 1513 and 1511. Bears will target 1509 support which, if broken, will accelerate a move lower to test the stronger support at 1505 and 1503. A move through 1510-1517 is sideways action on Monday. A more substantial test of the 20-day MA at 1495.37 should occur moving forward. The markets are at lofty levels but the bulls keep pushing higher.

·         1576 (10/11/07 All-Time Intraday High: 1576.09)

·         1565 (10/9/07 All-Time Closing High: 1565.15)

·         1556

·         1553 (10/31/07 Top: 1552.76)

·         1548

·         1540

·         1531

·         1528

·         1524 (12/11/07 Top: 1523.57)

·         1520

·         1518.31 Friday HOD

·         1518 (2/8/13 Intraday HOD for 2013: 1518.31) (2/8/13 Closing High for 2013: 1517.93)

·         1517.93 Friday Close – Monday Starts Here

·         1513

·         1511

·         1509.39 Friday LOD

·         1509

·         1506.77 (10-day MA)

·         1505

·         1503

·         1500

·         1499 (12/26/07 Top: 1498.85)

·         1498

·         1496

·         1495.37 (20-day MA)

·         1495

·         1489

·         1485

·         1483.51 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1481

·         1476

·         1475 (9/14/12 Intraday HOD for 2012: 1474.51)

·         1472

·         1468

·         1466 (9/14/12 Closing High for 2012: 1465.77)

·         1465

·         1461

·         1460

·         1457

·         1456.71 (50-day MA)

·         1456

·         1453

·         1447

·         1446

·         1444

·         1441

·         1440.60 (100-day MA)

·         1440 (5/19/08 Intraday HOD for 2008: 1440.24)

·         1438.87 (20-week MA)

·         1438 (9/13/12 Fed Announces QE3 Infinity)

·         1435

·         1433

·         1431

·         1430 (12/12/12 Fed Announces QE4 Infinity and Beyond)

·         1429 (11/6/12 President Obama Election Top)

·         1427 (5/19/08 Closing High for 2008: 1426.63)

·         1424

·         1423.95 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1422

·         1419

·         1416.96 (10-month MA)

·         1416

·         1414.67 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1414

·         1413

·         1409

·         1406 (5/29/08 HOD: 1406.32)

·         1404

·         1403 (9/6/12 ECB Announces OMT Bond-Buying Program)

·         1402.99 (200-day MA)

·         1402.28 (50-week MA)

·         1402

·         1399

·         1397

·         1394

·         1391

·         1388

·         1385

·         1380

·         1377

·         1375

·         1373

·         1371(5/2/11 HOD for 2011: 1370.58)(8/16/07 LOD: 1370.60)

·         1370

·         1366

·         1364 (4/29/11 Daily Closing High for 2011: 1363.61)

·         1362

·         1358

·         1357

·         1355

·         1351

·         1348

·         1345

·         1343

·         1341 (7/26/12 Draghi Announces Support for the Euro Starting QE Rally)

·         1338

·         1337

·         1335