Monday, September 23, 2013

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

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