SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 7/29/13

SPX support, resistance (S/R), moving averages and other important levels are provided below for trading the week of 7/29/13. The bulls print new all-time highs last week with the all-time high only one single hair from the psychological 1700.  The Fed's POMO pumps at 11 AM EST on Thursday and Friday clearly spike the markets higher. The Fed is the market. The moving average ribbon is extended again with price above the 10-day MA above the 20-day MA above the 50, above the 100, above the 150, above the 200. Price typically tops with this behavior but 1700+ is definitely on the table, especially since the 8 MA spikes above the 34 MA on the 30-minute chart signaling bullish markets for the hours ahead.

Next week begins with price between strong resistance above at 1692 and strong support below at 1687. The bulls need to push up through 1692, so all that is needed is a glimmer of green in the futures overnight Sunday, and the bulls will be testing 1696 in a heartbeat and beginning the trek to 1700+. The bears need to push under 1687, but more importantly, 1676, the low on Friday, a formidable task but not impossible, to regain downside mojo. A move through 1677-1691 is sideways action for Monday.

Equities are in uncharted territory these days at all-time highs never seen before. A breach of 1699 will likely send price into the 1720's. Keystone's 80/20 rule says 8's lead to 2's so 1680 hints that the 1720's are on tap. Bulls, however, need copper and utilities to climb higher to achieve the higher SPX numbers, and both are not currently cooperating. The bears need to push volatility higher and semiconductors lower to initiate market selling.  Semi's were on the verge of collapsing at SOX 470.70 but the Fed money pumps saved the day, along with the late-session crushing of volatility, placing the bulls back in charge. There is only three days remaining in July, that started at 1606, so it looks like the bulls will print a positive month barring catastrophe. Price has not back-kissed the 20-day MA at 1663.01, or the 50-day MA at 1644.63, and a test of one or both would be expected moving forward. For now, the bulls rule moving into the new week of trading. Key S/R levels are 1699, 1696, 1692, 1687, 1685, 1683, 1680, 1675-1676, 1672, 1669-1670 and 1666.

·         1699 (7/23/13 All-Time Intraday High: 1698.78) (7/23/13 Intraday HOD for 2013: 1698.78) (Previous Week’s High: 1698.78)

·         1698

·         1697

·         1696 (7/22/13 All-Time Closing High: 1695.53) (7/22/13 Closing High for 2013: 1695.53)

·         1692

·         1691.85 Friday HOD

·         1691.65 Friday Close – Monday Starts Here

·         1691

·         1687.69 (10-day MA)

·         1687 (5/22/13 Intraday High Top: 1687.18)

·         1686

·         1685

·         1684

·         1683

·         1681

·         1680

·         1678

·         1676.03 Friday LOD

·         1676 (Previous Week’s Low: 1676.03)

·         1675

·         1672

·         1669 (5/21/13 Closing Top: 1669.16)

·         1666

·         1663.01 (20-day MA)

·         1661

·         1659.02 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

·         1659

·         1655

·         1654

·         1652

·         1651

·         1650

·         1649

·         1647

·         1644.63 (50-day MA)

·         1640

·         1639

·         1636

·         1634

·         1632

·         1629

·         1627

·         1626

·         1624

·         1623

·         1618

·         1616.35 (20-week MA)

·         1614

·         1611

·         1610.95 (100-day MA)

·         1609

·         1607

·         1606 (July begins at 1606.28)

·         1605

·         1600

·         1598

·         1597

·         1593 (4/12/13 Market Top: 1593.30)

·         1589

·         1586

·         1583

·         1579

·         1578

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

·         1569.78 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1569

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

·         1564

·         1563

·         1561

·         1560 (6/24/13 Intraday Low)

·         1556

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

·         1552

·         1551

·         1548

·         1546

·         1544

·         1539

·         1536.28 (10-month MA)

·         1536

·         1531

·         1530.81 (200-day MA)

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

·         1525

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

·         1521

·         1520

·         1518

·         1517.50 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1516.18 (50-week MA)

·         1516

·         1514

·         1512

·         1509

·         1505

·         1503

·         1500

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

·         1495

·         1489

·         1485

·         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

·         1453

·         1447

·         1446

·         1444

·         1441

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

·         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) (2013 Begins at 1426.19)

·         1424

·         1422

·         1419