SPX Support, Resistance (S/R) and Moving Averages for Trading the Week of 6/10/13

SPX support, resistance (S/R), moving averages and other important levels are provided below for trading the week of 6/10/13. The SPX fell under the 50-day MA at 1606.96 and the psychological 1600 level but then bounced off the strong 1597-1598 support. Price then ran up through the 1614, 1618, 1623, 1626-1627 and 1634 resistance levels with bulls tripping over each other to buy since the buy-the-dip trumpets are sounding. Note how the strong 1647 resistance is a ceiling for price, for now. The 20-day MA is 1646.28 so the entire 1646-1652 range is a very important resistance gauntlet. Bulls will take markets back to the all-time highs if this gauntlet is violated to the upside. The 1646-1647 serves as initial R, the 1649-1650 is very strong and a major decider on price action. If this gives way, the 1652 R serves as the last line of defense for the bears to stop the upside. If 1652 gives way, the bears will fold like a cheap suit and the bulls will be driving markets into the 1660's again.

For Monday starting at 1643, the bulls only need one point higher, to punch up through 1644 and the upside will accelerate unleashing the scenario above starting at 1646-1647 R. On the bear side, a drop through the 10-day MA at 1638.98 will provide the bears with some downside juice and lead to a test of the strong 1634 support where price will either bounce, or die. Price is between the 10-day floor at 1639 and 20-day ceiling at 1646 so the move either up and out, or collapse below, is very telling for the path forward. June began at 1631 so this number remains key over the next three weeks. The 200 EMA on the 60-minute chart 1628.97 is a key market metric. Price is above the 200 EMA signaling bullish markets for the hours ahead. The bears need to push under 1625 on Monday to regain downside mojo, a formidable task but not at all impossible in these wildly erratic and volatile markets.  A move through 1626-1643 is sideways action to begin the week. In a nutshell, for an immediate gauge on who is winning, use the 10 and 20-day MA range as described above. Bulls win above 1646 and bears win under 1639.

·         1687 (5/22/13 All-Time Intraday High: 1687.18) (5/22/13 Intraday HOD for 2013: 1687.18)

·         1675

·         1674

·         1673

·         1669 (5/21/13 All-Time Closing High: 1669.16) (5/21/13 Closing High for 2013: 1669.16)

·         1666

·         1661

·         1659

·         1655

·         1652

·         1651

·         1650

·         1649

·         1647 (Previous Week’s High: 1646.53)

·         1646.28 (20-day MA)

·         1644.40 Friday HOD

·         1643.38 Friday Close – Monday Starts Here

·         1643

·         1640

·         1638.98 (10-day MA)

·         1636

·         1634

·         1633

·         1632

·         1631 (June begins at 1630.74)

·         1629

·         1628.97 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

·         1627

·         1626

·         1625.27 Friday LOD

·         1624

·         1623

·         1620

·         1618

·         1617

·         1614

·         1609

·         1606.96 (50-day MA)

·         1600

·         1599

·         1598 (Previous Week’s Low: 1598.23)

·         1597

·         1593 (4/12/13 Market Top: 1593.30)

·         1589

·         1586

·         1583

·         1579

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

·         1572.23 (20-week MA)

·         1569

·         1565 (10/9/07 Market Top: 1565.15)

·         1564.34 (100-day MA)

·         1564

·         1563

·         1561

·         1556

·         1553 (10/31/07 Top: 1552.76) (3/24/00 Top: 1552.87)

·         1552

·         1551

·         1548

·         1546

·         1544

·         1539

·         1536

·         1531

·         1528 (3/24/00 Closing Top: 1527.46)

·         1525

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

·         1521

·         1520

·         1518

·         1516

·         1515.65 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1514.89 (10-month MA)

·         1514

·         1512

·         1509

·         1505

·         1503

·         1500

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

·         1495.31 (200-day MA)

·         1495

·         1494.56 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1489

·         1485

·         1481

·         1478.13 (50-week MA)

·         1476

·         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

·         1444

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

·         1427 (5/19/08 Closing High for 2008: 1426.63) (2013 Begins at 1426.19)

·         1424

·         1422

·         1419