SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 12/3/12

SPX support, resistance (S/R) and moving averages, as well as other important levels, are highlighted below. The markets ran higher late Friday closing at 1416. For Monday, the bulls need to punch thru the strong 1419 resistance, and an upside acceleration will occur. The 50-day MA at 1422 would likely give way although price would want to spend some time fighting along 1422.  The bears need to push under 1412 to accelerate the downside.  The bulls are in control unless the 200 EMA gives way at 1404. A move thru 1413-1418 is sideways action for Monday.

The two-week rally is about thirteen points away from the election day top. The bulls want to punch thru 1419 to lead to 1422, then 1429, then the strong resistance at 1433. The bears want to push under 1412 to 1409, 1406, and then the critical 1403-1404 which would send markets far lower should it fail, ten or eleven handles for starters.

·         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)

·         1438 (9/13/12 Fed’s Bernanke Announces QE3 Infinity)

·         1435

·         1433

·         1431

·         1429 (11/6/12 President Obama Election Top)

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

·         1424

·         1422

·         1421.60 (50-day MA)

·         1419

·         1418.86 Friday HOD

·         1416.18 Friday Close – Monday Starts Here

·         1416

·         1414.99 (20-week MA)

·         1413

·         1411.63 Friday LOD

·         1409.24 (100-day MA)

·         1409

·         1406 (5/29/08 HOD)

·         1404.07 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1404

·         1403 (9/6/12 ECB’s Draghi Announces OMT Bond-Buying Program)

·         1401

·         1399

·         1398.20 (10-day MA)

·         1397

·         1394

·         1392.86 (20-day MA)

·         1391

·         1389.95 (10-month MA)

·         1389

·         1385

·         1385.61 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1384.74 (200-day MA)

·         1380

·         1378

·         1375

·         1373

·         1372.54 (50-week MA)

·         1372.46 (12-month MA; a Keystone Cyclical Signal) (the cliff edge)

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

·         1370

·         1366

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

·         1362

·         1358

·         1357

·         1355

·         1351

·         1348

·         1345

·         1343

·         1341 (7/26/12 ECB’s Draghi Announces Support for the Euro Starts QE Rally)

·         1338

·         1337

·         1335