SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 1/14/13

SPX support, resistance (S/R), moving averages and other levels of import are highlighted below. The bulls keep charging higher. The last two sessions the broad indexes have moved up after the European markets close at 11:30 AM.  The bulls only need to see positive futures overnight into Monday and that will create an upside acceleration in the SPX after the opening bell. The strong 1472 resistance is key and price decided to sit here all weekend and think things over. Positive futures will lead to a test of 1476 resistance in quick order. Above that is a gap fill at 1476-1478 from 2007. The strong 1485 is the last resistance stop to prevent 1500+, if 1485 gives way, 1520's are likely.

The bears need to bring their 'A' game this week or they are going to watch the SPX move above 1500. The bears must push under the strong 1468 support to create a downside acceleration. Friday's action bounced thru the tight and strong 1468-1472 S/R. In general, bulls win above 1472, bears win below 1468. A move thru 1468-1472 is sideways action but a direction will likely be chosen on Monday. The minute and hourly charts display negative divergence which points to the bear side.

If the bulls run, perhaps China will release happy news overnight, that would cause copper, oil and commodities to run higher, as well as equities, the 1474.51 high is key. The 1474.51 represents 'the' high over the last five years for the S&P 500 (intraday). If price moves above 1474.51, that is a significantly bullish development. The bears must prevent 1474.51 at all costs.

·         1576 (10/11/07 top)

·         1565 (10/9/07 top)

·         1553 (10/31/07 top)

·         1524 (12/11/07 top)

·         1520

·         1518

·         1516

·         1511

·         1505

·         1500

·         1499 (12/26/07 top)

·         1496 (12/27/07 gap fill needed: 1495.05-1496.66)

·         1489

·         1485

·         1481

·         1479

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

·         1476

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

·         1473 (1/11/13 Intraday HOD for 2013: 1472.75)

·         1472.75 Friday HOD

·         1472.05 Friday Close – Monday Starts Here

·         1472 (1/10/13 Closing High for 2013: 1472.12)

·         1468

·         1467.58 Friday LOD

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

·         1465

·         1461

·         1460

·         1457

·         1454.11 (10-day MA)

·         1453

·         1447

·         1446

·         1444

·         1441.28 (20-day MA)

·         1441

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

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

·         1436.64 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1435

·         1433

·         1431

·         1430 (12/12/12 Fed Announces QE4 Infinity and Beyond)

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

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

·         1426.39 (20-week MA)

·         1425.75 (100-day MA)

·         1424

·         1422

·         1419

·         1417.10 (50-day MA)

·         1416

·         1414

·         1413

·         1409

·         1406 (5/29/08 HOD: 1406.32)

·         1404

·         1403.55 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

·         1402.35 (10-month MA)

·         1402

·         1399.81 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1399

·         1397

·         1394

·         1392.78 (200-day MA)

·         1391

·         1390.16 (50-week MA)

·         1388

·         1385

·         1380

·         1377

·         1375

·         1373

·         1371(5/2/11 HOD for 2011: 1370.58)(8/16/07 LOD: 1370.60)

·         1370

·         1366

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

·         1362

·         1358

·         1357

·         1355