SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 9/23/13

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 9/23/13. New all-time highs are printed last week continuing the great year for market bulls and frustration for bears. The 1722, 1726 and 1730 resistance levels are important. The week begins at 1710. Bulls have a formidable task today to push the SPX above 1725 to regain the upside mojo. Bears only need one-point lower, to push the SPX under 1709, and the downside will accelerate to test 1706 support in quick order. A failure at 1706 will likely lead to the 1698-1700 support. A move through 1710-1724 is sideways action to begin the week. The recent price move for the SPX is straight up similar to the late June-July rally so a back kiss of both the 20-day MA at 1671.82, and rising, and 50-day MA at 1678.81, and rising, is prudent moving forward.

If the 1698 support and 10-day MA fails, a test of the strong 1691 support is next, and, along with last week's low at 1692, forms a sturdy support gauntlet at 1691-1692. Q3 window dressing should occur during the remaining 6 days of September to help the bulls, however, as the month nears the end, keep an eye on the starting month number of 1633. The bulls appear to have an up month in their sights but a failure at 1691-1692 may change that scenario and hint that some late-month negative market theatrics are on tap. In addition, the week after September OpEx is down about 80% of the time seasonality-wise. The period from September OpEx into mid-October is typically a weak period for equities. This month is odd since the month began on a Monday 9/2/13 which made OpEx Friday appear a bit late this month. Therefore, the seasonality weakness after OpEx is in conflict with the window dressing buoyancy. The last two days of September are typically weak. To satisfy the seasonality factors and prior history, equities would be weak early in the week, then recover mid to late week, but finish the week lower overall, and then weakness on Monday (this is the subtle market current flowing in the background this week). Markets are news-driven these days so any Fed news, CR deadline political drama, Syria news and other ongoing events will push and pull the markets. Global equity traders remain very complacent.

1730 (9/19/13 All-Time Intraday High: 1729.86) (9/19/13 Intraday HOD for 2013: 1729.86) (Previous Week’s High: 1729.86)

1729

1727

1726 (9/19/13 All-Time Closing High: 1725.52) (9/19/13 Closing High for 2013: 1725.52)

1725.23 Friday HOD

1725

1722

1720

1710

1709.91 Friday Close – Monday Starts Here

1709

1708.89 Friday LOD

1708

1707

1706

1705

1700

1699

1698

1697.64 (10-day MA)

1697

1696

1693

1692

1691 (Previous Week’s Low: 1691.70)

1689

1688

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

1686

1685

1683

1680

1679.68 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1678.71 (50-day MA)

1678

1675

1672

1671.82 (20-day MA)

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

1666

1664

1661

1659

1657.63 (20-week MA)

1657

1654.84 (100-day MA)

1652

1650

1649

1647

1643

1640

1639

1636

1634

1632 (September begins at 1632.97)

1629

1627

1626

1624

1623

1620.89 (150-day MA; the Slope is a Keystone Cyclical Signal)

1618

1614

1611

1609

1607

1606

1605

1600

1598

1597

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

1589

1587.14 (10-month MA; a major market warning signal)

1586

1583

1582.54 (200-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)

1558.31 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1556

1554.28 (50-week MA)

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

1514

1512

1509

1505

1503

1500

1498 (12/26/07 Top: 1498.85)

1495

1489

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