SPX Support, Resistance, Moving Averages and Other Important Levels for Trading the Week of 8/19/13

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 8/19/13. The bears finally flex muscles but the dip-buyers keep trying to snag a perceived bottom at the 50-day MA at 1657.40. This moving average, the 20-day MA at 1689.99, 20-week MA at 1634.86 and 100-day MA at 1631.37 are all in play as support/resistance. A gap was left behind above at 1680-1684 that will likely need filling at some point forward. The 1685 is very strong resistance. Thus, if price comes up to fill the gap, watch the 1685-1688 resistance ceiling, a battlefield. Bears win moving forward as long as price stays under 1685. Bulls win the day as usual if price moves above 1688. The 1691 level is also very strong overhead resistance. The 200 EMA at 1677.40 is immensely important moving forward. Bears are on easy street and will create longer term market weakness as long as the SPX stays under the 200 EMA.

The two days of selling has created technical damage to markets. The SPX has lost both its 20 and 50-day MA's. The Dow has lost its 10, 50 and 100-day MA's. For Monday with the SPX starting at 1656, the bulls need to touch the 1664 handle to begin an upside acceleration. If so, the 1669-1669 resistance gauntlet will be immediately tested and likely give way setting up a move higher to test the 1675-1678 resistance ceiling. The bears only need 2 points lower, to drop under 1653 and the downside action will continue. The 1652 is very strong longer-term support, that is why price bounced from this level, so if it gives way, the bear action will become far more serious. The 1649, 1647, 1639-1640 and 1636 support levels are next. A Monday morning market drop would probably create an excellent quickie long opportunity, dead-cat bounce, from one of these support levels. A move through 1654-1663 is sideways action for Monday. The bears are driving the bus.

·         1710 (8/2/13 All-Time Intraday High: 1709.67) (8/2/13 Intraday HOD for 2013: 1709.67) (8/2/13 All-Time Closing High: 1709.67) (8/2/13 Closing High for 2013: 1709.67)

·         1709

·         1708

·         1707

·         1706

·         1704

·         1701

·         1700

·         1699

·         1698

·         1697 (Previous Week’s High: 1696.81)

·         1696

·         1693

·         1692

·         1691

·         1689.99 (20-day MA)

·         1688

·         1687.05 (10-day MA)

·         1687 (5/22/13 Intraday High Top: 1687.18)

·         1686 (August begins at 1685.73)

·         1685

·         1683

·         1680

·         1678

·         1677.40 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

·         1676

·         1675

·         1672

·         1669 (5/21/13 Closing Top: 1669.16)

·         1666

·         1663.60 Friday HOD

·         1661

·         1659

·         1657.40 (50-day MA)

·         1655.83 Friday Close – Monday Starts Here

·         1655

·         1654

·         1652.61 Friday LOD (Previous Week’s Low: 1652.61)

·         1652

·         1651

·         1650

·         1649

·         1647

·         1640

·         1639

·         1636

·         1634.86 (20-week MA)

·         1634

·         1632

·         1631.37 (100-day MA)

·         1629

·         1627

·         1626

·         1624

·         1623

·         1618

·         1614

·         1611

·         1609

·         1607

·         1606

·         1605

·         1600

·         1598

·         1597

·         1594.21 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

·         1589

·         1586

·         1583

·         1579

·         1578

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

·         1569

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

·         1564

·         1563

·         1561

·         1560.05 (10-month MA)

·         1560 (6/24/13 Intraday Low)

·         1556

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

·         1552

·         1551

·         1549.93 (200-day MA)

·         1548

·         1546

·         1544

·         1539

·         1537.78 (12-month MA; a Keystone Cyclical Signal) (the cliff)

·         1536

·         1532.60 (50-week MA)

·         1531

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

·         1525

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

·         1521

·         1520

·         1518

·         1516

·         1514