SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 3/10/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 3/10/14. The SPX prints a new all-time intraday high at 1883.57 and new all-time closing high at 1878.04. For Monday with the SPX beginning at 1878, the bulls need to push above 1883.50-1884.00 and 1890 will occur in quick order. The bears need to push under 1870.50-1871.00 to accelerate the downside. A move through 1871-1883 is sideways action to begin the week. S&P futures are -2 about two hours before the opening bell.

The 1874 level is strong support. If the bulls hold 1874 they are fine going forward. The bears will growl if they push below 1874 and a test of the 1870-1871 support is guaranteed for a bounce, or die, decision. The 1868 support is the last stop on the way to 1859. The 1848-1851 support gauntlet is super strong and a key market determinant. Even after a couple-day sell off, if the bulls stay above this 1848-1851 gauntlet, they will be fine. A break down through 1848 begins serious market trouble.

The SPX will need to back kiss the 20-day MA at 1842.50 and rising. Thus, the 20-day is moving towards the important 1848-1851 support gauntlet over the next couple days so a showdown may occur at this critical level this week. Traders continue to believe in and support the bull case. The large funds continue to allow the long trades to run and are not willing to sell any large blocks of shares. This is why equities recovered from the January-February sell off. On the next move down it will be interesting to see if the funds can hold firm again. Once the big money managers start ditching larger blocks of shares, the downside would accelerate and lock-in for an extended period. Traders ignore the Ukraine situation and remain complacent and relaxed expecting equities to continue higher indefinitely (view this from a contrarian perspective). The BPSPX remains on a firm buy signal jumping from 62 to 76 over the last month.

1884 (3/7/14 All-Time Intraday High: 1883.57) (3/7/14 Intraday High for 2014: 1883.57)

1883.57 Previous Week’s High

1883.57 Friday HOD

1882

1879

1878.04 Friday Close – Monday Starts Here

1878 (3/7/14 All-Time Closing High: 1878.04) (3/7/14 Closing High for 2014: 1878.04)

1877

1876

1874

1871

1870.56 Friday LOD

1868

1859.45 March Begins Here

1859

1858

1855

1854

1853

1851 (1/15/14 Intraday Top: 1850.84)

1849 (12/31/13 Intraday High Top for 2013: 1849.44)

1848.36 Trading for 2014 Begins Here

1848 (1/15/14 Closing High: 1848.38) (12/31/13 Closing High for 2013: 1848.36)

1846

1845

1844

1843

1842.50 (20-day MA)

1842

1841

1840

1839

1838.24 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1838

1835

1834.44 Previous Week’s Low

1832

1830

1829

1828

1827

1826.96 (50-day MA)

1824

1820

1819

1815

1814 (11/29/13 Intraday Top: 1813.55)

1812 (12/9/13 Intraday Top: 1811.52)

1811.78 (20-week MA)

1811

1810

1809 (12/9/13 Closing Top: 1808.37)

1808

1807 (11/27/13 Closing Top: 1807.23)

1806

1803

1801.95 (100-day MA)

1801

1800

1799 (11/18/13 Intraday Top: 1798.82)

1798 (11/15/13 Closing Top: 1798.18)

1796

1793

1791

1788

1785

1783

1782

1781

1777

1775 (10/30/13 Intraday Top: 1775.22)

1772 (10/29/13 Closing Top: 1771.95)

1770

1768

1763

1762

1760.77 (150-day MA; the Slope is a Keystone Cyclical Signal)

1759

1756

1753.73 (10-month MA; a major market warning signal)

1752

1748

1747

1745

1740

1737

1733 (10/17/13 and 1018/13 Gap-Up: 1733.15-1736.72)

1732.29 (200-day MA; not tested for 1 year extremely odd behavior)

1730.47 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1730 (9/19/13 Intraday Top: 1729.86)

1726 (9/18/13 Closing Top: 1725.52)

1722

1720

1713.63 (50-week MA)

1711

1710 (8/2/13 Intraday Top: 1709.67)

1708

1706

1703

1700

1698

1697

1696

1693

1692

1691

1689

1688

1687 (5/22/13 Intraday Top: 1687.18)

1686

1685

1683

1682

1680

1675

1672

1669 (5/21/13 Closing Top: 1669.16)

1666

1664

1661

1659

1657

1652

1650

1649

1647

1646

1640

1639

1636

1634

1629

1627

1626

1624

1623

1618

1614

1611

1609