SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 10/21/13

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 10/21/13. The SPX punches out new all-time highs last Friday. The bulls move relentlessly higher fueled by Fed booze and crack cocaine easy money. For Monday, the bulls only need to see a smidge of green in the overnight futures and another upside acceleration will occur touching and exceeding the 1750 handle.  The bears need to keep the futures negative to stop the bleeding. If bears push under 1736, a downside acceleration will occur into the 1720's. A move through 1737-1744 is sideways action to begin the new week of trading.

The 1733, 1722 and 1706 levels are the strongest support. Price also shows the 1710 level a lot of respect. The 1690's are a very strong support gauntlet 1694-1700. Bulls win staying above 1700. Bears win sub 1694. If 1694 fails, the strong 1691-1692 will probably give way like a hot knife through butter sending price to the 1685 S. Price is at lofty levels above all the moving averages on the weekly and daily charts requiring a reversion to the mean (a move lower). The prudent move is likely to sell any market rallies here on out. Any market bounce should be considered a gift to exit longs stage right. Current projection is for the SPX to move sideways to sideways lower for the weeks and months ahead.

1745.31 Friday HOD

1745 (10/18/13 All-Time Intraday High: 1745.31) (10/18/13 Intraday HOD for 2013: 1745.31) (10/18/13 All-Time Closing High: 1744.50) (9/19/13 Closing High for 2013: 1744.50) (Previous Week’s High: 1745.31)

1744.50 Friday Close – Monday Starts Here

1737

1736

1735.74 Friday LOD

1733

1730

1726

1722

1720

1710

1708

1706

1703

1700

1699.11 (10-day MA)

1698

1697

1696

1695.66 (20-day MA)

1694.00 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1693

1692 (Previous Week’s Low: 1692.13)

1691

1689

1688

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

1686

1685

1683

1682 (October begins at 1681.55)

1680.51 (50-day MA)

1680

1675

1672

1670.05 (20-week MA)

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

1666.06 (100-day MA)

1666

1664

1661

1659

1657

1652

1650

1649

1647

1646

1642.73 (150-day MA; the Slope is a Keystone Cyclical Signal)

1640

1639

1636

1634

1629

1627

1626

1624

1623

1618

1616.13 (10-month MA; a major market warning signal)

1614

1611

1609.35 (200-day MA)

1609

1607

1606

1605

1600

1598

1597

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

1589

1586

1583.64 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1583

1579

1578

1577.12 (50-week MA)

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

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