SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 5/19/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 5/19/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and extremely important S/R levels. The SPX prints new all-time highs piercing the 1900 level for the first time in history.

Today, the SPX pokes up through Friday's high at 1878 so price pops immediately to 1881 thus far. The 1882 level offers mild resistance with the strong overhead resistance level at 1884. There are nine trading days including today remaining in May and May began at 1884. A move up through 1884 will then target 1891.

The bears need to push under the strong 1878 support level to set up a test of the important 1874 support gauntlet. Bad things will happen to equities if the SPX loses 1874. The 200 EMA on the 60-minute chart at 1873.54 (in real-time as this is typed) is a critical bull-bear level that will usher in lasting negativity if it fails.

The 20-day MA is 1879.38 and 50-day MA is 1867.88 as the new week of trading is underway. Immediately you realize that the fight today is at the 20-day. Bulls win above 1879-1880. Bears win below 1879-1880. Bulls win big above 1884. Bears win big below 1874. Use the 20-day and 50-day MA bracket as an upper and lower range as well to gauge market direction moving forward; 1879 on top and 1868 on the bottom. The SPX is currently printing 1878.77 with price banging and testing the ceiling door at 1879.38; will it open, or not? The VIX and the SPX are both up today so one of them is wrong.

1902 (5/13/14 All-Time Intraday High: 1902.17) (4/4/14 Intraday High for 2014: 1902.17)

1902.17 Previous Week’s High

1897 (5/13/14 All-Time Closing High: 1897.45) (5/13/14 Closing High for 2014: 1897.45) (4/4/14 Intraday Top: 1897.28)

1894

1891 (4/2/14 Closing High: 1890.90)

1889

1886

1885

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

1883.95 May Begins Here

1882

1880

1879.19 (20-day MA)

1879

1878.28 Friday HOD

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

1877.86 Friday Close – Monday Starts Here

1877

1874

1873.51 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1872

1871

1868

1867.80 (50-day MA)

1867

1865

1864.82 Friday LOD

1862.36 Previous Week’s Low

1862

1859

1855

1853

1852

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)

1847.61 (20-week MA)

1847.38 (100-day MA)

1846

1845

1843

1842

1841

1840

1839

1838

1837

1835

1832

1831

1828

1827

1824

1823.90 (150-day MA; the Slope is a Keystone Cyclical Signal)

1820

1816

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

1800.40 (10-month MA; a major market warning signal)

1800

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

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

1796

1793

1791

1788

1787.53 (200-day MA; not tested for 1 year extremely odd behavior)

1785

1783

1782

1781

1777

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

1774.67 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

1770

1769.64 (50-week MA)

1768

1763

1762

1759

Note Added 10:39 AM: The SPX HOD is 1881.66 so the mild 1882 resistance is holding thus far. The important and strong 1884 R is so close that the presumption is that price has to at least take a look and touch today to see if it has the juice to move up through, or not. The SPX is printing 1879.97 with the 20-day MA at 1879.48; the fight at the 20-day MA continues.