SPX S/R 5/11/12

SPX support, resistance and moving averages are provided below.  If the SPX loses 1355 today, specifically the confluence of yesterday's low and the 20-week MA at 1354.50-1355.00, the broad indexes will accelerate lower.  The futures are lower on the JPM news so this confluence of support should give way. SPX 1351 support and the 100-day MA support should see action in today's trade.

More important support is the gauntlet at 1343-1344. This is a very strong and sturdy floor in the markets. If this level is lost markets enter a whole new lower range and the bears will have sustainability moving forward. The 20-day MA under the 50-day MA is very bearish.

·        1408

·        1406 (5/29/08 HOD)

·        1404

·        1403

·        1402

·        1399

·        1398

·        1394

·        1391

·        1389

·        1388

·        50-day MA 1386.13

·        1385

·        10-day MA 1381.59

·        20-day MA 1380.84

·        1378

·        1375

·        1372

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

·        1370

·        1369

·        1366

·        Thursday HOD 1365.88

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

·        1363

·        1361

·        1359

·        1358

·        Thursday Close 1357.99

·        1356

·        20-week MA 1354.91

·        Thursday LOD 1354.58

·        1351

·        100-day MA 1348.33

·        1347

·        1345

·        1344

·        1343

·        1341

·        1339

·        1338

·        1337

·        1336

·        1333

·        1332

·        1331

·        1330