Schaeffer's Trading Floor Blog

Potential Support Levels to Watch on the S&P 500 Index

The SPX is trading near a few historically significant areas on the charts

by 5/15/2012 9:56 AM
Stocks quoted in this article:

The S&P 500 Index (SPX) continues to break support levels, the latest being a close beneath the March key low at 1,340. The following are levels to watch for potential areas of support:

  • 1,332 represents double the March 2009 bottom of 666
  • The round-number 1,300 level coincides with the ascending 160-day moving average
  • The autumn 2011 peak at 1,292 coincides with the 320-day moving average -- and just below, at 1,289, is the 38.2% retracement from the October low to the April peak
  • The 200-day moving average is at 1,278
SPX price chart
Chart courtesy of StockCharts.com


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