SPX S/R Week of 6/11/12

SPX support, resistance and moving averages are provided below.  The bulls charged higher last week printing the best week for the markets this year. The China data and Spain bailout is important this weekend.

For Monday, starting at the strong S/R at 1326, the market bulls only need to see a smidge of green in futures, if so, that will create an upside acceleration for the broad indexes. If 1326 is touched, 1331 is likely. There is a very strong gauntlet of resistance 1326 thru 1333. If the bulls move up thru 1333, the 1337 level will come quickly thereafter and then much higher if 1337 is taken out (probably 1350's). The bears will need to retrace Friday's move to reignite the downside momo, a difficult task. A move thru 1308-1325 is sideways action. Markets are at the mercy of Europe. Early indication is that Spain is requesting a loan up to 125 billion euro's.

·        1347

·        1344

·        1343

·        1341

·        1338

·        1337

·        1336

·        1333

·        1332

·        1331

·        1329

·        1326

·        1325.81 – Friday HOD

·        1325.66 – Friday Close

·        1321

·        150-day MA 1320.45 (150-Day Slope is One of Keystone’s Cyclical Signals)

·        1319

·        1318

·        1316

·        1315

·        20-day MA 1314.54

·        1314

·        1312

·        1310

·        1308

·        1307.77 – Friday LOD

·        10-day MA 1307.14

·        1307

·        1305

·        10-month MA 1300.97

·        1300

·        1298

·        1296

·        1295

·        12-month MA 1293.41 (One of Keystone’s Major Cyclical Signals)

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

·        1292

·        1289

·        200-day MA 1288.41

·        1287

·        1286

·        1285

·        50-week MA 1284.34

·        1281

·        1278

·        1277

·        1275