SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 2/25/13

SPX support, resistance and moving averages are provided below, as well as other levels of interest. The SPX has now established boundaries at 1497 and 1531. The SPX closed at the highs on Friday but is down on the week, halting the seven-week wining streak and logging the first down week for 2013. The SPX printed a new intraday high and closing high for 2013 at 1530.94. The 1516 is strong resistance so the market bulls will be targeting this out of the gate at the opening bell.  If the bulls push through 1516, the 1520's are on the way again. The bears need to drop through 1503 support and that will accelerate the downside with a critical test of the 200 EMA at 1499 likely on tap. The 200 EMA at 1499.30 was tapped last week and the markets bounced. This can be explored in a chart this weekend. Bad things happen under 1499. A move through 1504-1515 is sideways action on Monday.

The 20-day MA at 1511.48 was lost last week and then the SPX recovered on Friday. There is likely more drama ahead around this level at 1511-1512.  The bounce on Friday was a 50% Fibonacci retracement for the drop from 1531 to 1499, 1515 is in the middle, the 50% retracement. This can be explored in a chart this weekend. Markets sit smack-dab in the middle of the 1499-1531 range, on a knife-edge, and the China Flash PMI will likely decide the fate of the broad indexes for the Monday trade. The PMI should hit about 8:45 PM EST Sunday evening so that will likely tell you if bulls win to start the week, or bears.

·         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 (2/19/13 Intraday HOD for 2013: 1530.94) (2/19/13 Closing High for 2013: 1530.94)

·         1528

·         1525

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

·         1521

·         1520

·         1518

·         1517.68 (10-day MA)

·         1516

·         1515.64 Friday HOD

·         1515.60 Friday Close – Monday Starts Here

·         1514

·          1511.48 (20-day MA)

·         1511

·         1509

·         1505

·         1503

·         1502.42 Friday LOD

·         1500

·         1499.30 (200 EMA on 60-Minute Chart a Keystone Turn Signal)

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

·         1496

·         1495

·         1489

·         1485

·         1481

·         1476

·         1475.52 (50-day MA)

·         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

·         1456

·         1453

·         1447

·         1446.19 (100-day MA)

·         1446

·         1445.56 (20-week MA)

·         1444

·         1441

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

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

·         1435

·         1433.90 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         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

·         1416.73 (10-month MA)

·         1416

·         1414.47 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1414

·         1413

·         1409

·         1408.62 (200-day MA)

·         1408.17 (50-week MA)

·         1406 (5/29/08 HOD: 1406.32)

·         1404

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

·         1402

·         1399

·         1397

·         1394

·         1391

·         1388