SPX S/R Week of 6/18/12

The support, resistance, moving averages and other levels of interest are provided for the SPX. The bullish move is impressive motoring thru the strong resistance levels from 1326 thru 1343, although the closing print is a hair under that strong 1343 R. The 50-day MA at 1348.45 offers a resistance ceiling overhead. The markets are running higher from Thursday afternoon when the global central bankers announced that QE is on the way no matter what the outcome in Greece this weekend.

For the SPX for Monday, starting at 1343, the bulls only need 50 cents to reach the Friday high to launch an upside acceleration so look for any hint of green in the Sunday evening futures. Of course the futures will move according to the Greece election results. The bears need to retrace Friday's move to develop momo, a formidable task, unless the Greece elections result in a disaster with riots, chaos and confusion. Thus, the bears will simply fortify the resistance overhead and try to stop the bulls at 1344, 1347 and Custer's Last Stand at the 50-day MA at 1348. A move thru 1330-1343 is sideways action. If the bull's run thru the Friday HOD, a test of the 50-day MA will likely occur in very short order.

·         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

·         20-week MA 1359.85

·         1359

·         100-day MA 1358.53

·         1358

·         1351

·         1349

·         50-day MA 1348.45

·         1347

·         1344

·         1343.32 Friday HOD

·         1343

·         1342.84 Friday Close

·         1341

·         1338

·         1337

·         1336

·         1333

·         1332

·         1331

·         1329.19 Friday LOD

·         1329

·         1326

·         1324

·         150-day MA 1322.71 (150-Day Slope is a Keystone Cyclical Signal)

·         1321

·         1319

·         1318

·         1316

·         1315

·         1314

·         10-day MA 1313.94

·         20-day MA 1312.94

·         1312

·         1310

·         1308

·         1307

·         1305

·         10-month MA 1302.69

·         1300

·         1298

·         1296

·         1295

·         12-month MA 1294.84 (a Keystone Cyclical Signal)

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

·         1292

·         200-day MA 1291.82

·         1289

·         1287

·         1286

·         1285

·         50-week MA 1284.41

·         1281

·         1278

·         1277

·         1275