SPX S/R Week of 5/14/12

SPX support, resistance and moving average lines are provided below.  Note how price closed just under the 20-week MA which is a bearish indication. The LOD Friday pierced the 100-day MA. The 1343-1344 is a key gauntlet of support. Market trouble will accelerate if this level gives way.

For the SPX on Monday starting at 1353.39, the market bulls need to touch the 1366 handle and the upside will accelerate towards 1369 and test the 1370.00-1370.58 resistance in quick order.  The bears need to push lower under 1349, if so, the markets will accelerate downwards and the SPX will test the 1343-1344 gauntlet. A move thru 1350-1364 is sideways behavior. The SPX is bookended the last three days between the strong support at 1351 and the strong resistance at 1366. Price will break out one way or the other, committing to that direction, perhaps on Monday.

·         1394

·         1391

·         1389

·         1388

·         50-day MA 1385.72

·         1385

·         20-day MA 1379.99

·         1378

·         10-day MA 1376.60

·         1375

·         1372

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

·         1370

·         1369

·         1366

·         Friday HOD 1365.66

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

·         1363

·         1361

·         1359

·         1358

·         1356

·         20-week MA 1354.68

·         Friday Close 1353.39

·         1353

·         1351

·         100-day MA 1349.67

·         1349

·         Friday LOD 1348.89

·         1347

·         1344

·         1343

·         1341

·         1339

·         1338

·         1337

·         1336

·         1333

·         1332

·         1331

·         1330