BAML: These are the new support and resistance levels

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.



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

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Friedrich MW12Y3H manuals commented on Jan 21

    … [Trackback]

    […] Find More on to that Topic: […]

  2. wigs for women commented on Jan 24

    … [Trackback]

    […] There you will find 26710 more Information to that Topic: […]

  3. Digital transformation commented on Feb 03

    … [Trackback]

    […] Here you will find 47216 additional Info to that Topic: […]