SPX S/R Week of 5/29/12

SPX support, resistance, moving average and other important levels are provided. The SPX is under the 20-day MA and 50-day MA which is bearish. The 20-day MA is under the 50-day MA which is bearish. Price closed Friday pennies above the 150-day MA so watch this moving average closely.  Strong support and the 10-day MA coincide at this 1318 level so the move above or below is important.

For the SPX on Tuesday beginning at 1318, the bears need to break under the strong support at 1314, if so, the downside will accelerate.  The bulls need to push the SPX above 1324 to accelerate the upside. Note that 1326 is uber strong resistance but if 1324 gives way, price will likely stab thru 1326 and move higher to fight the 1329-1331 level. A move thru 1315-1323 is sideways action.

The cliff for markets is the 12-month MA at 1293.61. If this level fails, markets are likely going back to the 1258 starting year number in short order. Considering the strong levels of support in the low 1290's, as well as the 10-month MA, the confluence at 1291-1296 represents the cliff edge where if markets fail, the only way they will recover is with QE3, otherwise the markets will continue far lower. For the bulls, if 1326 resistance is taken out, a test of 1331 R should come, then, once above 1331, the 1340 neck line back kiss of the H&S pattern should be on tap.

·        1378

·        1375

·        50-day MA 1374.78

·        1372

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

·        1370

·        1369

·        1366

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

·        1363

·        1361

·        1359

·        20-week MA 1358.57

·        1358

·        100-day MA 1356.28

·        1351

·        1349

·        20-day MA 1347.49

·        1347

·        1344

·        1343

·        1341

·        1338

·        1337

·        1336

·        1333

·        1332

·        1331

·        1329

·        1326

·        Friday HOD 1324.20

·        1321

·        1319

·        10-day MA 1318.39

·        1318

·        Friday Close 1317.82

·        150-day MA 1317.04 (150-Day Slope is One of Keystone’s Secular Signals)

·        1316

·        1315

·        Friday LOD 1314.23

·        1314

·        1312

·        1308

·        1307

·        1305

·        1300

·        1298

·        1296

·        1295

·        12-month MA 1293.61 (One of Keystone’s Major Secular Signals)

·        1293 (10/27/11 Intraday High 1292.66)

·        1292

·        10-month MA 1291.05

·        1289

·        1287

·        1286

·        1285

·        50-week MA 1283.07

·        200-day MA 1282.11

·        1281

·        1278

·        1277

·        1275

·        1272

·        1270

·        1268

·        1267

·        1265

·        1261

·        1258 (1257.64 start of 2011; 1257.60 start of 2012)

·        1257 (3/16/11)

·        1255

·        1252 (9/14/08 pre-LEH bk)

·        1249 (LOD 3/16/11; failure at this level 8/4/11)

·        1247

·        1244

·        1242

·        1240

·        1238