I'd say that the most important tests you need to consider are temp, salinity (Use a Refractrometer), Alk, Mg, Ca, and Phosphates when it comes to sps. Make sure to use quality test kits like ELOS, Sailfert, and there are a few others. I haven't had good luck with the API test kits.
Any major fluctuations in any of the readings could cause rtning or stning of the sps corals. Phosphates you want to keep as low as possible and check your RO/DI water with a TDS meter. If your using the LFS or an outside source for RO/DI water you could be putting phosphates and other problem elements in your system. I used to use RO/DI water from 3 different LFS's in the area, until one of my reefing buddies told me to test it with a TDS meter. Turns out all of them needed to change out their media and I was just using tap water. There was one LFS whose water was within acceptable levels, but still had a reading on the TDS meter. I went out and finally spent the $200 after 2 years of halling around 30 gallons every week from the LFS on a good RO/DI system from BRS.
Good luck and hope this helps