SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 2/4/13

SPX support, resistance (S/R), moving averages and other important levels are highlighted below.  The bulls are running strong and continue to test the 2007 highs daily. Friday's session creates new intraday and closing highs for 2013. The markets feel like 2007 and they sure are printing the same numbers. For Monday, the bulls need to push through 1514.50 to create an upside acceleration and a run to 1517 resistance then 1520 R.  The bears need to retrace Friday's orgy move and push under 1498 to create a downside acceleration and get their mojo back.  A move through 1499-1513 is sideways action.

The 12/11/07 top is interesting since this was the top that occurred after the SPX rolled over from the top at 1576. The SPX dropped and then popped to the 1524 before rolling over again and then it was all downside into the Fall 2008 crash. Thus, on the way up now, if the bulls continue to run, the 1523.57 is key R. The markets are running higher on global quantitative easing. Traders are chasing yield. The central banker's free money is pumping copper, commodities and dividend stocks higher fueling new asset bubbles.

·         1576 (10/11/07 All-Time Intraday High: 1576.09)

·         1565 (10/9/07 All-Time Closing High: 1565.15)

·         1556

·         1553 (10/31/07 Top: 1552.76)

·         1548

·         1540

·         1531

·         1528

·         1524 (12/11/07 Top: 1523.57)

·         1520

·         1517

·         1514.41 Friday HOD

·         1514 (2/1/13 Intraday HOD for 2013: 1514.41)

·         1513.17 Friday Close – Monday Starts Here

·         1513 (2/1/13 Closing High for 2013: 1513.17)

·         1511

·         1509

·         1505

·         1503

·         1500

·         1499.24 (10-day MA)

·         1498.11 Friday LOD

·         1498 (12/26/07 Top: 1498.85)

·         1495

·         1489

·         1485

·         1483.98 (20-day MA)

·         1481

·         1476

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

·         1472.84 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1472

·         1468

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

·         1465

·         1461

·         1460

·         1457

·         1456

·         1453

·         1447

·         1446

·         1445.65 (50-day MA)

·         1444

·         1441

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

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

·         1437.11 (100-day MA)

·         1435.98  (20-week MA)

·         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)

·         1424

·         1422

·         1419

·         1418.73 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1416.49 (10-month MA)

·         1416

·         1414.27 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1414

·         1413

·         1409

·         1406 (5/29/08 HOD: 1406.32)

·         1404

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

·         1402

·         1399.75 (200-day MA)

·         1399.23 (50-week MA)

·         1399

·         1397

·         1394

·         1391

·         1388