SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 6/24/13

SPX support, resistance (S/R), moving averages and other important levels are provided below for trading the week of 6/24/13. The month ends on Friday which is also the end of the quarter and first half of the year (EOM; EOQ2; EOH1). The broad indexes all dropped about -2% last week. The SPX lost the important 20-day MA at 1631.74 , 50-day MA at 1618.23 and the psychological 1600 level. The loss of the 200 EMA on the 60-minute chart at 1627.29 is a very bearish signal moving forward. A lack of buyers may occur during the summer since many long players are likely cashing in on the strong up year thus far and taking the summer off.

For Monday, the bulls need to touch the 1600 handle and an upside acceleration will occur towards the 1609 and 1614 resistance. The bears need to push under 1577 to accelerate the downside. Note the support gauntlet at 1576-1579. If this area fails, the SPX will target the low 1560's then low 1550's. Price bounced directly off of the 100-day MA at 1577.74 on Friday. This identifies the 100-day as the big man on campus. The 100-day MA carries clout moving forward since it stepped up to stop last week's market slide. Above 1577, the bulls can right the ship and recover. Below 1577, and the thought of the broad indexes recovering to print new all-time highs again is likely off the table. Thus, treat the 1576-1579 support gauntlet with respect since markets are in a lot of trouble if this support fails. A move through SPX 1578-1599 is sideways action for Monday.

Pay attention to the 20-week MA at 1582.38 since the price action danced around this important support level on Friday. The 50-day MA at 1618.23 is a very important moving average so it is prudent to think that price will come up for a back kiss of the 50 where a bounce or die decision would be made for markets. Thinking in a more intermediate term, the SPX has not touched the 200-day MA, now at 1506.06, since November 2012, so markets need to revert to the 200-day MA for a test as the days and weeks play out.

·         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

·         1654 (Previous Week’s High: 1654.19)

·         1652

·         1651

·         1650

·         1649

·         1647

·         1640

·         1639

·         1636

·         1634

·         1631.74 (20-day MA)

·         1631 (June begins at 1630.74)

·         1629

·         1627.29 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

·         1627

·         1626

·         1624.49 (10-day MA)

·         1624

·         1623

·         1620

·         1618.23 (50-day MA)

·         1618

·         1617

·         1614

·         1611

·         1609

·         1600

·         1599.19 Friday HOD

·         1599

·         1598

·         1597

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

·         1592.43 Friday Close – Monday Starts Here

·         1589

·         1586

·         1583

·         1582.38 (20-week MA)

·         1579

·         1578 (Previous Week’s Low: 1577.70)

·         1577.74 (100-day MA)

·         1577.70 Friday LOD

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

·         1569

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

·         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

·         1530.96 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

·         1525

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

·         1521

·         1520

·         1518

·         1516

·         1514

·         1512

·         1509.79 (10-month MA)

·         1509

·         1506.06 (200-day MA)

·         1505

·         1503

·         1500

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

·         1495

·         1490.32 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1489

·         1488.18 (50-week MA)

·         1485

·         1481

·         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

·         1416

·         1414

·         1413

·         1409

·         1406 (5/29/08 HOD: 1406.32)

·         1404

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

·         1402

·         1399

·         1397

·         1394

·         1391

·         1388