SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 8/26/13

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 8/26/13. The SPX ran higher into the Friday closing bell receiving resistance from the 10-day MA at 1664.78.  The bulls need to touch the 1665 handle Monday morning and the upside will accelerate to test 1669 resistance quickly and then Keystone's important 200 EMA signal level at 1670.58.  The 20-day MA at 1680.29 should be back tested and this would be a serious upside test for markets.  If you recall prior price action, the 1685 level held as support over and over again, until it didn't. Therefore, 1685 carries strong street cred as resistance. Further, August began at 1686 and there are only five trading days remaining in the month to determine if an up, or down, month prints. Also, the May top is 1687. The 1685-1688 area is a serious resistance gauntlet. It would be a very big deal if the SPX starts printing above 1688. This would guarantee a test of 1692, the last ditch stand for bears, since price is then destined for the 1700's again if 1692 gives way. So, if a relief rally gains legs this week, watch the overhead resistance at 1669-1671, 1680, 1685-1688 and 1692 to gauge the strength of the move higher.

For the bears, a push under the 50-day MA at 1659.41 starts the market move lower again. For Monday, the bears need to push under 1655 to accelerate the downside. A move through 1656-1664 is sideways action. The bulls begin the new week of trading with an advantage. The Sunday evening futures are very important since two green S&P points will likely signal a continuing bullish rally on tap for early in the week. The bears need to keep the Sunday evening futures red or they will fold like a cheap suit on Monday with the SPX targeting 1669-1671 after the opening bell.

·         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

·         1696

·         1693

·         1692

·         1691

·         1688

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

·         1686 (August begins at 1685.73)

·         1685 (Previous Week’s High: 1664.85)

·         1683

·         1680.29 (20-day MA)

·         1680

·         1678

·         1675

·         1670.58 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

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

·         1666

·         1664.85 Friday HOD

·         1664.78 (10-day MA)

·         1664

·         1663.50 Friday Close – Monday Starts Here

·         1661

·         1659.41 (50-day MA)

·         1659

·         1655

·         1654

·         1654.81 Friday LOD

·         1652

·         1651

·         1650

·         1649

·         1647

·         1643

·         1640.37 (20-week MA)

·         1640

·         1639 (Previous Week’s Low: 1639.43)

·         1636

·         1635.81 (100-day MA)

·         1634

·         1632

·         1629

·         1627

·         1626

·         1624

·         1623

·         1618

·         1614

·         1611