SPX S/R Week of 4/16/12

SPX support, resistance and moving average levels are provided. Since the SPX closed near the lows, the bears only need less than one measley point in the S&P futures overnight Sunday, which would cause the SPX to drop under 1370 at the opening bell on Monday, will result in accelerated broad market selling to start the week. A test of 1363-1366 support is sure to follow in quick order. The bulls will simply try to stop the bleeding and that begins with keeping the futures markets elevated overnight Sunday. A move thru 1371-1386 is sideways action.

SPX price is under the 10-day MA which is now under the 20-day MA which is bearish. Picture a ribbon twisting and turning over and dropping conversely to the bull rally this year where you see price above the 10-day MA above the 20-day MA. Price also closed under the 50-day MA which is bearish.  Watch to see if the ribbon continues to roll over for the bears with the 10-day MA next falling thru the 50-day MA and then followed by the 20-day MA falling under the 50-day MA.

 The SPX 1370 level is a magnet attracting lots of price action lately.  Likewise, the 50-day MA now at 1375.71 is sure to see further price action as well. Watch the futures markets moving into the new trading week; any hint of red will embolden the bears while the bulls will try to keep futures green with all their might.  If China lowers the triple R's (quantitative easing) this weekend, the futures would jump higher with copper, metals, commodities and equities markets all moving higher on the news.

·         1414

·         1413

·         1410

·         1408

·         1406 (5/29/08 HOD)

·         1404

·         1403

·         1401

·         1399

·         20-day MA 1397.77

·         1394

·         1391

·         10-day MA 1390.53

·         1389

·         1388

·         Friday HOD 1387.61

·         1386

·         1382

·         1378

·         50-day MA 1375.71

·         1375

·         1372

·         1371(5/2/11 Intraday HOD for 2011: 1370.58)

·         Friday Close 1370.26 – Begin Monday Here

·         1370

·         Friday LOD 1369.85

·         1368

·         1366

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

·         1363

·         1361

·         1358

·         1356

·         1354

·         1351

·         1347

·         1345

·         1344

·         1341

·         1339

·         1338

·         1337

·         1336

·         1333

·         1332

·         1331

·         1330

·         1329

·         20-week MA 1328.69

·         1327

·         1326

·         1323