SPX S/R Week of 7/9/12

SPX support, resistance and moving average levels are provided for the new week of trading. The bulls and bears continue a knock-down drag-out fight. Friday's action saw a large drop but price closed in the center of the range unable to commit firmly to either side. The 1360 level represents two important moving averages and serves as strong resistance, likewise the very strong R at 1366.  Below, 1343 offers very strong support and 1337-1339 is extremely important support, also where the 200 EMA occurs on the SPX 60-minute chart. If 1337-1339 breaks, the market bears will perform extensive and substantial growling moving forward and the path to QE3 is assured.

For the SPX for Monday, starting at 1355, the bulls need to touch the 1367 handle to launch an accelerated upside move. On the surface, this appears unlikely since the moving averages at 1360, the 1363.61 R, and the uber strong 1366 R would all have to give way. The bears need to push the SPX under 1348, if so, a test of the uber strong S at 1343 will quickly follow, then, if the bears are pushing, a test of the critical 1337-1339 S comes. A move thru 1349-1365 is sideways action for Monday. Use 1358 above, and 1351 below, as strong indications of the direction price prefers at the opening bell. Punching thru one or the other favors the move in that respective direction. On a slightly wider scale, 1366 will lead to higher moves and happy bulls while 1337-1339 leads to lower moves and happy bears. The bull-bear fight continues if price oscillates between 1337-1366 moving forward.

·         1440 (5/19/08 Intraday HOD for 2008: 1440.24)

·         1427 (5/19/08 Closing High for 2008: 1426.63)

·         1425 (Gap Fill from 2008)

·         1424

·         1422 (4/2/12 Intraday HOD for 2012: 1422.38)

·         1419 (4/2/12 Closing High for 2012: 1419.04)

·         1417

·         1415 (5/1/12 1415.32)

·         1413

·         1410

·         1408

·         1406 (5/29/08 HOD)

·         1404

·         1403

·         1402

·         1399

·         1398

·         1394

·         1391

·         1389

·         1388

·         1385

·         1378

·         1375

·         1372

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

·         1370

·         1367.09 Friday HOD

·         1366

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

·         1363

·         1362

·         100-day MA 1360.22

·         20-week MA 1360.01

·         1358

·         1356

·         1355

·         1354.68 Friday Close

·         1351

·         1348.03 Friday LOD

·         1348

·         10-day MA 1345.36

·         1345

·         1344

·         1343

·         1341

·         50-day MA 1339.28

·         20-day MA 1339.16

·         1338

·         1337

·         1336

·         1335

·         150-day MA 1334.84 (150-Day Slope is a Keystone Cyclical Signal)

·         1333

·         1332

·         1331

·         1329

·         10-month MA 1326.95

·         1326

·         1324

·         1321

·         1319

·         1318

·         1316

·         1315

·         1314

·         1312

·         1308

·         1307

·         1305

·         200-day MA 1302.73

·         12-month MA 1301.65 (Keystone Cyclical Signal)

·         1300

·         1298

·         1296

·         1295

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

·         1292

·         1289

·         1287

·         1286

·         50-week MA 1285.34

·         1285

·         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

·         1235 (12/15/10; HOD 12/7/10 large volume)

·         1233 (LOD 12/16/10)

·         1229