SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 10/21/13. The SPX punches out new all-time highs last Friday. The bulls move relentlessly higher fueled by Fed booze and crack cocaine easy money. For Monday, the bulls only need to see a smidge of green in the overnight futures and another upside acceleration will occur touching and exceeding the 1750 handle. The bears need to keep the futures negative to stop the bleeding. If bears push under 1736, a downside acceleration will occur into the 1720's. A move through 1737-1744 is sideways action to begin the new week of trading.
The 1733, 1722 and 1706 levels are the strongest support. Price also shows the 1710 level a lot of respect. The 1690's are a very strong support gauntlet 1694-1700. Bulls win staying above 1700. Bears win sub 1694. If 1694 fails, the strong 1691-1692 will probably give way like a hot knife through butter sending price to the 1685 S. Price is at lofty levels above all the moving averages on the weekly and daily charts requiring a reversion to the mean (a move lower). The prudent move is likely to sell any market rallies here on out. Any market bounce should be considered a gift to exit longs stage right. Current projection is for the SPX to move sideways to sideways lower for the weeks and months ahead.
1745.31 Friday HOD
1745 (10/18/13 All-Time Intraday High: 1745.31)(10/18/13 Intraday HOD for 2013: 1745.31) (10/18/13 All-Time Closing High: 1744.50) (9/19/13 Closing High for 2013: 1744.50) (Previous Week’s High: 1745.31)
1744.50 Friday Close – Monday Starts Here
1737
1736
1735.74 Friday LOD
1733
1730
1726
1722
1720
1710
1708
1706
1703
1700
1699.11 (10-day MA)
1698
1697
1696
1695.66 (20-day MA)
1694.00 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
1693
1692 (Previous Week’s Low: 1692.13)
1691
1689
1688
1687 (5/22/13 Intraday High Top: 1687.18)
1686
1685
1683
1682 (October begins at 1681.55)
1680.51 (50-day MA)
1680
1675
1672
1670.05 (20-week MA)
1669 (5/21/13 Closing Top: 1669.16)
1666.06 (100-day MA)
1666
1664
1661
1659
1657
1652
1650
1649
1647
1646
1642.73 (150-day MA; the Slope is a Keystone Cyclical Signal)
1640
1639
1636
1634
1629
1627
1626
1624
1623
1618
1616.13 (10-month MA; a major market warning signal)
1614
1611
1609.35 (200-day MA)
1609
1607
1606
1605
1600
1598
1597
1593 (4/12/13 Market Top: 1593.30)
1589
1586
1583.64 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1583
1579
1578
1577.12 (50-week MA)
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)
1556
1553 (10/31/07 Top: 1552.76) (3/24/00 Top: 1552.87)
1552
1551
1548