BAML: These are the new support and resistance levels

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The end of the QE Infinity Rally that began on Thanksgiving is now officially over.

Stephen Suttmeier (BofA Merrill’s technician) weighs in on the S&P’s broken uptrend and lays out some important support and resistance levels to be aware of in the short- to intermediate-term…

The bulls made a stand early last week, but the S&P 500 failed to sustain the midweek break above 1646-1650 resistance and quickly reversed to break support at 1600-1597 on a high-volume 90% down day. The S&P 500 pattern has weakened, with risk to support at the March and April lows at 1540-1536 and the rising 200-day MA near 1306.

First resistance moves down to 1600-1618, with the recent highs at 1650-1687 additional resistance.

Chart

Source:

Stephen Suttmeier & Jue Xiong
The bulls tried & failed; S&P 500 breaks uptrend supports, June 24, 2013
Bank of America

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