SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 2/19/13

SPX support, resistance, moving averages and other levels of import are highlighted  below. The bulls keep running higher. The SPX is up seven weeks in a row (barely since last week was only a 1.86 point gain) and has not logged a negative week thus far this year. Ditto the RUT but the Nasdaq and Dow Industrials each ended their multi-week winning streaks. The SPX weekly chart shows a doji candlestick, following the hanging man last week, both indicating a trend change at the doorstep but follow through to the downside is required this week to verify the trend change.

A new intraday high for 2013 at 1524.69 occurred last Wednesday. This took out the 12/11/07 top at 1523.57 which remains an important resistance level. There is sturdy resistance at 1520 and higher so price decided to park at 1520 and think about things over the three-day holiday weekend. A new closing high for 2013 at 1521.38 occurred last Thursday. Friday's action was unable to take out the intraday high for the year and unable to close above the closing high for the year.

For Tuesday, when trading begins at 1520, the bulls need to punch through 1524.69 and it will be blue skies ahead for the long side with the SPX quickly on its way to test 1531. The bears need to push under the confluence of support at 1514, if so, the downside will accelerate and target the 20-day MA at 1506.84 which desperately needs to be tested. A move through 1515-1523 is sideways action. Consider the 1505-1507 support very important with bulls not feeling any pain down to there, but the bears will start to inflict serious pain if the 1505-1507 fails since the 1490's would be on the way in short order. The 200 EMA on the 60-minute at 1494 is a major line in the sand where an extended market down move begins.

·         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

·         1525 (2/13/13 Intraday HOD for 2013: 1524.69)

·         1524.24 Friday HOD

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

·         1521 (2/14/13 Closing High for 2013: 1521.38)

·         1520

·         1519.79 Friday Close – Tuesday Starts Here

·         1518

·         1516

·         1514.44 (10-day MA)

·         1514.14 Friday LOD

·         1514

·         1511

·         1509

·         1506.84 (20-day MA)

·         1505

·         1503

·         1500

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

·         1496

·         1495

·         1494.14 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

·         1489

·         1485

·         1481

·         1476

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

·         1472

·         1468

·         1467.50 (50-day MA)

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

·         1465

·         1461

·         1460

·         1457

·         1456

·         1453

·         1447

·         1446

·         1444

·         1443.50 (100-day MA)

·         1442.82 (20-week MA)

·         1441

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

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

·         1435

·         1433

·         1431

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

·         1429.55 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

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

·         1424

·         1422

·         1419

·         1417.15 (10-month MA)

·         1416

·         1414.82 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1414

·         1413

·         1409

·         1406.16 (200-day MA)

·         1406 (5/29/08 HOD: 1406.32)

·         1405.28 (50-week MA)

·         1404

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

·         1402

·         1399

·         1397

·         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

·         1351

·         1348

·         1345

·         1343

·         1341 (7/26/12 Draghi Announces Support for the Euro Starting QE Rally)

·         1338

·         1337

·         1335

·         1333