SPX Support, Resistance (S/R) and Moving Average Levels for Trading the Week of 10/29/12

The support, resistance (S/R), moving averages and other levels of interest are provided for the SPX for the new week of trading ahead. The SPX is moving inside of the 1403-1419 S/R gauntlet Keystone targeted last weekend. The 1403 level is very strong support, the 20-week MA and where the Draghi put was initiated on 9/6/12 with the ECB OMT bond-buying announcement.  The bulls must hold 1403, if not, bad things will happen to the markets.

If 1403 would fail, the 1391-1397 area provides the next level of support followed by 1385.  The bulls face strong resistance at 1419 so upside momo can be developed if this gives way. The 1424 R is next, then 1429, then the 1433-1435 resistance gauntlet.  Two of the most important gauges of bull markets versus bear markets are Keystone's 200 EMA on the 60-minute chart and of course the 50-day MA.  Both are at 1434.40 so consider this number uber important. If the bulls launch a rally this week and it has legs, the test of 1434.40 will be epic. Price will either run up thru and forecast strongly higher numbers likely into the 1440's and higher, or, price will be rejected at this critical 1434.40 level and collapse.

For Monday trading, starting at 1412, the bulls need to touch the 1417 handle and hold it a few minutes, if so, price will accelerate higher taking out the 1419 quickly and moving immediately higher to test 1424. The bears need to take out the 1403 support which will accelerate the downside immediately into the 1391-1397 support zone. A move thru 1404-1416 is sideways action.   

·        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

·        1453

·        1451

·        1447

·        1446

·        1444

·        1441

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

·        1439.10 (20-day MA)

·        1438

·        1435

·        1434.40 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·        1434.39 (50-day MA)

·        1433

·        1432.71 (10-day MA)

·        1431

·        1429

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

·        1424

·        1422

·        1419

·        1417.09 Friday HOD

·        1416

·        1413

·        1411.94 Friday Close – Monday Starts Here

·        1409

·        1406 (5/29/08 HOD)

·        1404

·        1403.60 (20-week MA)

·        1403.28 Friday LOD

·        1403

·        1399

·        1397

·        1396.78 (100-day MA)

·        1394

·        1391

·        1389

·        1385

·        1384.67 (150-day MA; the Slope is a Keystone Cyclical Signal)

·        1379.55 (10-month MA)

·        1378

·        1377.11 (200-day MA)

·        1375

·        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

·        1358.34 (12-month MA; a Keystone Cyclical Signal)

·        1358

·        1357

·        1355

·        1354.82 (50-week MA)

·        1351

·        1348