SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 4/22/13

SPX support, resistance (S/R), moving averages and other key levels are highlighted below for trading next week. The bulls staged a comeback on Friday aided by the BOJ weakening the yen. Weaker yen is higher equity markets, stronger yen is weaker markets; the central bankers are in control and continue to try to pump the markets higher.  The SPX closed under the 200 EMA at 1555.69 which keeps the bears in the drivers seat for the days and hours ahead, however, Keystone's 30-minute chart indicator shows the 8 MA now above the 34 MA which signals bull markets for the hours and days ahead. So these two signals have to resolve in a common direction early next week. Very simply, the 200 EMA carries immense clout, so bulls win above 1556, bears win below 1556.

For Monday, the bulls only need to see a smidge of positivity in the futures overnight Sunday and the broad indexes will move strongly higher after the opening bell. The bears need to push under 1540 to accelerate the downside which will test the previous week's low at 1536 in quick order. A move through 1541-1554 is sideways action to begin the week. The 50-day MA at 1543.90 is very important moving forward.  Ditto the 20-day MA at 1564.06. A move up through 1556 will open the door to 1563-1565. If that resistance level gives way, 1569 is next then 1575-1576. Treat the 20-day MA and 50-day MA as a sideways range 1544-1564 and the price move above or below is key and will dictate the path forward. Bulls win above 1564. Bears win below 1544.

·         1597 (4/11/13 All-Time Intraday High: 1597.35) (4/11/13 Intraday HOD for 2013: 1597.35)

·         1593 (4/11/13 All-Time Closing High: 1593.37) (4/11/13 Closing High for 2013: 1593.37)

·         1589 (Previous Week’s High: 1588.84)

·         1588

·         1586

·         1580

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

·         1575

·         1569

·         1567.74 (10-day MA)

·         1565 (10/9/07 Market Top: 1565.15)

·         1564.06 (20-day MA)

·         1564

·         1563

·         1561

·         1556

·         1555.89 Friday HOD

·         1555.69 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1555.25 Friday Close – Monday Starts Here

·         1553 (10/31/07 Top: 1552.76) (3/24/00 Top: 1552.87)

·         1552

·         1551

·         1548

·         1546

·         1544

·         1543.90 (50-day MA)

·         1539.40 Friday LOD

·         1539

·         1536 (Previous Week’s Low:  1536.03)

·         1531

·         1528 (3/24/00 Closing Top: 1527.46)

·         1525

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

·         1521

·         1520

·         1518

·         1516

·         1514

·         1512

·         1509

·         1505.59 (20-week MA)

·         1505

·         1503

·         1500

·         1498.09 (100-day MA)

·         1498 (12/26/07 Top: 1498.85)

·         1495

·         1489

·         1485

·         1481

·         1476

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

·         1474.16 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1472

·         1468

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

·         1465

·         1461.83 (10-month MA)

·         1461

·         1460

·         1457

·         1456

·         1452.50 (200-day MA)

·         1453

·         1447

·         1446

·         1444

·         1441

·         1440.90 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

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

·         1435

·         1434.66 (50-week MA)

·         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) (2013 Begins at 1426.19)

·         1424

·         1422