SPX S/R Week of 7/23/12

SPX support, resistance and moving average levels of interest are provided below.  The 1366 S/R is a key level as well as 1358 and 1341. The 1358-1360 zone is a strong area of support.  For Monday, if the bears can lose the 1362 level, less than a point lower, the downside will accelerate and a test of 1358-1360 will occur in short order. Therefore, watch the Sunday evening S&P futures with interest, any red numbers will set the bears up for a downside acceleration. If the futures are green, the bulls will try to force markets sideways and prevent further downside.

The bulls need to touch 1376 to reignite a strong upside move, a formidable task, so the bears will instead focus on not allowing 1362 to fail.  A move thru 1363-1375 is sideways action. Note that price is elevated above all the important moving average levels currently, thus, if the 1359 level fails, this will be viewed as very bearish going forward.

·         1415 (5/1/12 1415.32)

·         1413

·         1410

·         1408

·         1406 (5/29/08 HOD)

·         1404

·         1403

·         1399

·         1394

·         1391

·         1389

·         1388

·         1385

·         1378

·         1376.51 (Friday HOD)

·         1375

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

·         1370

·         1366

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

·         1363

·         1362.66 (Friday Close)

·         1362.19 (Friday LOD)

·         1362

·         1359.77 (100-day MA)

·         1359.21 (20-week MA)

·         1358

·         1355.62 (10-day MA)

·         1355

·         1351

·         1350.49 (20-day MA)

·         1347.65 (200 EMA on 60-Minute Chart)

·         1347

·         1343

·         1342.35 (150-Day MA; the Slope is a Keystone Cyclical Signal)

·         1341

·         1338

·         1337

·         1335

·         1333.25 (50-day MA)

·         1333

·         1331

·         1329

·         1327.75 (10-month MA)

·         1326

·         1324

·         1321

·         1319

·         1318

·         1316

·         1314

·         1313.33 (200-day MA)

·         1312

·         1308

·         1307

·         1305

·         1302.32 (12-month MA; a Keystone Cyclical Signal)

·         1300

·         1298

·         1296

·         1295

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

·         1292

·         1289.90 (50-week MA)

·         1289

·         1287

·         1286

·         1285

·         1281