SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 7/1/13

SPX support, resistance (S/R), moving averages and other important levels are provided below for trading the week of 7/1/13. The drama continues at the 1618-1623 resistance gauntlet that encompasses the 1618, 1620 and 1623 horizontal support, last week's high, the 50-day MA at 1621.72, 20-day MA at 1618.77 and 200 EMA on the 60-minute chart at 1618.75. The 1618-1623 is a major battle zone. Bulls win above 1623 which would likely send price 20 or 30 handles higher. Bears win if the keep price under 1618 since it will lead to a break down under 1600 and lower.

For Monday, the bulls need to push up through the 1614-1616 level and a test of the 1618-1623 resistance gauntlet will occur in quick order. The bears need to push under 1601 to accelerate the downside to 1593 support. A move through 1602-1615 is sideways action. The SPX is under the 10-day is under the 20-day is under the 50-day, a bearish indication, showing that the moving average ribbon is rolling over to the downside. The bulls may have an edge this week since equities are typically buoyant the first few days of the new month, typically bullish ahead of a holiday, typically bullish when Congress is not in session and the Fed heads will be pumping QE talk on Tuesday. The longer that price stays under the 1618-1623 gauntlet, the weaker the broad indexes will become. There will likely be a showdown at 1618-1623.

·         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

·         1652

·         1651

·         1650

·         1649

·         1647

·         1640

·         1639

·         1636

·         1634

·         1631

·         1629

·         1627

·         1626

·         1624

·         1623

·         1621.72 (50-day MA)

·         1620 (Previous Week’s High: 1620.07)

·         1618.77 (20-day MA)

·         1618.75 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

·         1618

·         1617

·         1615.94 Friday HOD

·         1614

·         1613

·         1611

·         1609

·         1608.43 (10-day MA)

·         1607

·         1606.28 Friday Close – Monday Starts Here

·         1606 (July begins at 1606.28)

·         1601.06 Friday LOD

·         1600

·         1599

·         1598

·         1597

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

·         1589

·         1586.80 (20-week MA)

·         1586

·         1583

·         1582.38 (100-day MA)

·         1579

·         1578

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

·         1569

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

·         1564

·         1563

·         1561

·         1560 (6/24/13 Intraday Low) (Previous Week’s Low: 1560.33)

·         1556

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

·         1552

·         1551

·         1548

·         1546

·         1544

·         1539

·         1538.32 (150-day MA; the Slope is a Keystone Cyclical Signal)

·         1536

·         1531

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

·         1525

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

·         1521

·         1520

·         1518

·         1516

·         1514

·         1512

·         1511.18 (10-month MA)

·         1510.44 (200-day MA)

·         1509

·         1505

·         1503

·         1500

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

·         1495

·         1493.17 (50-week MA)

·         1491.47 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1489

·         1485