SPX Weekly Chart

SPX weekly chart shows the importance of the 2011 closing high at 1364 and intraday high at 1371 (1370.58). Use the 1371 level and the 20-week MA (1361) as two gauges for the markets. Above and the bulls are throwing confetti, below and the bears are fighitng back. The maroon rectangles show the interaction of price with the 20-week MA in 2011 as the markets topped. The 20-week MA is above the 50-week MA which is bullish.  The teal circles show where the bearish price crosses occurred; in 2010 which initiated Chairman Bernanke to announce QE2 and in 2011 which initicated Bernanke to announce Operation Twist and the ECB to follow up with LTRO1 and saying that LTRO2 will follow close behind. Watch 1371 and 1361 in the days ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.