SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 10/22/12

The SPX support, resistance (S/R), moving average and other levels of importance are provided below. Price tucked itself between the strong 1433 support below and the 50-day MA at 1433.48 above to close the week. Price may want to favor movement sideways thru the bracket formed by the 20-day MA above and 50-day MA below, 1433-1446.

The SPX falling thru the 200 EMA on the 60-minute chart is a significant bearish development, bears rule under 1442. The 1399-1419 support zone is very important. On a longer term basis, bulls will not panic if they stay above 1419.  The 1399-1419 area serves as a bull-bear battle ground; bears will be happy at 1399 and lower.

For Monday, the bears need to see negative three in the Sunday evening futures which will cause the SPX to lose the 1429.85 at the opening bell. This will cause a test of the strong 1424 in quick order, and if failure occurs, 1419 is next.  The bulls need to simply stop the downside bleeding which is a formidable task considering the significant technical damage that occurred on Friday. The semiconductor, copper and utilities sectors are in the bear camp as well as the higher volatility. The task that could help the market bulls the most in quick order is pushing the utilities sector, UTIL, back above 485.67 asap. If UTIL stays under 485.67, the markets will weaken further. A move thru SPX 1431-1456 is sideways action for Monday.

·         1479

·         1478 (12/31/07 gap fill needed: 1475.83-1478.49)

·         1476

·         1475 (9/14/12 Intraday HOD for 2012: 1474.51)

·         1472

·         1468

·         1466 (9/14/12 Closing High for 2012: 1465.77)

·         1465

·         1461

·         1460

·         1457.34 Friday HOD

·         1457

·         1453

·         1451

·         1447

·         1446.05 (20-day MA)

·         1446

·         1444

·         1443.78 (10-day MA)

·         1442.39 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1441

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

·         1438

·         1435

·         1433.48 (50-day MA)

·         1433.19 Friday Close – Monday Starts Here

·         1433

·         1431

·         1429.85 Friday LOD

·         1429

·         1426 (5/19/08 Closing High for 2008: 1426.63)

·         1424

·         1422

·         1419

·         1416

·         1413

·         1409

·         1406 (5/29/08 HOD)

·         1404

·         1403

·         1399.29 (20-week MA)

·         1399

·         1397

·         1394

·         1391

·         1390.64 (100-day MA)

·         1389

·         1385

·         1384.24 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1381.67 (10-month MA)

·         1378

·         1375

·         1373.90 (200-day MA)

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

·         1370

·         1369

·         1366

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

·         1363

·         1362

·         1360.11 (12-month MA; a Keystone Cyclical Signal)

·         1358

·         1357

·         1355

·         1351.86 (50-week MA)

·         1351

·         1348

·         1347

·         1345

·         1344

·         1343

·         1341

·         1338

·         1337

·         1335