SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 1/28/13

SPX support, resistance (S/R), moving averages and other levels of import are provided below. The SPX filled the last remaining gap at 1496 last week so price has no reason to go higher purely from a gap fill perspective. Price fell two points shy of testing the strong 1505 resistance thus far. A move thru 1505 would lead the way to the 1520's. The SPX closes above 1500 for the first time in five years. The SPX is up eight days in a row a winning streak not seen since 2007. It's all going the bulls way.

The SPX moves higher on flat volume. The price action is very similar to the October 2007 topping action as described this past week.  For Monday, starting at 1503, the bulls only need a smidge of green in the overnight futures Sunday evening and that will launch an upside acceleration move that likely slices straight thru 1505 and sends price towards 1511 and higher. Therefore, the start to the week is very important. Copper and commodities provide major market strength these days so any news out of China is very important, and the importance of CAT earnings on Monday morning, the key proxy for China, cannot be understated. The bears need to push under the strong support at 1495 and a test of 1489 will occur quickly. A move thru 1496-1503 is sideways action.

·         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

·         1503.26 Friday HOD

·         1503 (1/25/13 Closing High for 2013: 1502.96) (1/25/13 Intraday HOD for 2013: 1503.26)

·         1502.96 Friday Close – Monday Starts Here

·         1500

·         1499 (12/26/07 top)

·         1495

·         1494.82 Friday LOD

·         1489

·         1485

·         1483.98 (10-day MA)

·         1481

·         1476

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

·         1472

·         1468

·         1466.35 (20-day MA)

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

·         1465

·         1461

·         1460

·         1459.34 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1457

·         1456

·         1453

·         1447

·         1446

·         1444

·         1441

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

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

·         1435

·         1433.61 (20-week MA)

·         1433

·         1432.36 (100-day MA)

·         1431.83 (50-day MA)

·         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)

·         1424

·         1422

·         1419

·         1416

·         1414

·         1413

·         1412.92 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1409

·         1406 (5/29/08 HOD: 1406.32)

·         1405.45 (10-month MA)

·         1404

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

·         1402.38 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1402

·         1399

·         1397

·         1396.41 (200-day MA)

·         1396.19 (50-week MA)

·         1394

·         1391

·         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