SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 4/21/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 4/21/14. The bulls took advantage of the expected pre-holiday bullishness and drove markets higher wall-to-wall last week. Price moving above the 200 EMA on the 60-minute at 1854.78 is a major victory for bulls and predicts bullish markets for the hours and days ahead. Bears got nothing until they push the SPX under the 200 EMA at 1855.

Price peaks at 1870 last week only a couple points away from creating a positive month for April. April began at 1872.34. There are 8 trading days remaining in the month. Flying at 40,000 feet, the big picture S/R is 1897, 1891, 1884, 1878, 1874, 1868, 1859, 1848, 1841, 1831, 1828, 1808, 1803, 1800, 1796 and 1791. Flying even higher for the even bigger picture, 1897, 1874, 1848, 1841 and 1803 are the uber-important support and resistance levels. Therefore, watch 1874 like a hawk today. The 1848 number is the strongest S/R level on the entire list and the starting number for the year, thus, very basically, bulls are well in control above 1848 while bears will take over the steering wheel sub 1848.

For Monday starting at 1865, the bulls need to touch the 1870 handle and bingo, an upside acceleration will occur. The bears need to push under 1857 to create a downside acceleration. A move through 1858-1869 is sideways action to begin the week. The 20-day MA is 1858.51 and serves as a major bull-bear line in the sand for early this week. The 50-day MA at 1851.16 is also key moving forward. Volume may be light as traders nurse a percolating stomach full of ham, beer, eggs, peeps, chocolate and jelly beans.

1897 (4/4/14 All-Time Intraday High: 1897.28) (4/4/14 Intraday High for 2014: 1897.28)

1894

1891 (4/2/14 All-Time Closing High: 1890.90) (4/2/14 Closing High for 2014: 1890.90)

1890

1889

1886

1884 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)

1883

1882

1879

1878 (3/7/14 Closing High: 1878.04)

1877

1876

1875

1874

1872.34 April Begins Here

1872

1871

1869.63 Previous Week’s High

1869.63 Friday HOD

1868

1867

1865.09 Thursday Pre-Holiday Close – Monday Starts Here

1864

1862

1859

1858.51 (20-day MA)

1856.72 Friday LOD

1855

1854.78 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1853

1852

1851.16 (50-day MA)

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

1843

1842

1841

1840

1839

1838

1837

1835

1832.29 (20-week MA)

1832

1831

1830.62 (100-day MA)

1828

1827

1824

1820

1816

1815.80 Previous Week’s Low

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

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

1810

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

1808

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

1806

1803

1801

1800

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

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

1797.89 (150-day MA; the Slope is a Keystone Cyclical Signal)

1796

1793

1791

1788

1785

1783

1782

1781

1779.02 (10-month MA; a major market warning signal)

1777

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

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

1770

1768

1766.19 (200-day MA; not tested for 1 year extremely odd behavior)

1763

1762

1759

1756

1752.27 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1752

1748

1747

1746.58 (50-week MA)

1745

1740

1737

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

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

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

1722

1720

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

Note Added 9:52 AM: The bulls push price higher to test the strong 1868 overhead resistance, and punch up through. This opens the door to a test of the 1872-1874 area unless the bears can immediately spank price lower under 1868.

Note Added 9:54 AM: SPX 1867.64...1864.67 .... 1867.93... a fight at 1868 S/R begins the week.... 1868.33 ....

Note Added 10:04 AM: Leading Indicators beat at +0.8% providing a market boost. SPX jumps through 1868 resistance, now support and attacks the 1870 handle. If 1870 plus prints, price goes to 1872-1874 for a major decision. Above 1874 and a test of the all-time highs is very likely. Bears have to hold the fort at this critical 1870-1874 level and push price lower.