SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 6/2/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 6/2/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX prints new all-time highs piercing the 1900 level and running higher ever since.

The SPX prints a new all-time intraday high at 1924.03 and new all-time closing high at 1923.57. The Dow ended the day a hair away from printing new all-time highs. TRAN is printing new all-time highs.

For Monday, the bulls only need a smidge of green in the overnight S&P futures, which will send the SPX above 1924, and the upside orgy will continue to 1930. The bears need to push under 1917 to create a downside acceleration. A move through 1918-1923 is sideways action to begin the week. A new month begins (June begins at 1923.57 so write this number down for reference over the next four weeks) and markets are typically positive during the first days of a new month. China PMI released a few hours ago is better than expected which may create a boost to equities. The European PMI's will hit in the morning as well as the ISM Mfg Index in the States.

Key support below is 1924, 1920, 1912, 1901-1902, 1897 and 1891. Flying at 40,000 feet above it all, the big picture support is 1924, 1897, 1884, 1878, 1848 and 1841. A back kiss of the 1912 support level, an important break-out area, and the 20-day MA at 1890.07, and rising, is expected moving forward. Price is violating the upper standard deviation banks on the SPX daily chart for five consecutive days which typically forecasts a move back to the middle band which is the 20-day MA.

The bulls have near-term momo on their side so even after any pull back over the next day or two, price should come back up to test current levels again as the next several days play out where the charts should then set up for more substantive downside. With Draghi set to bring the tablets down from on high on Thursday morning and announce the ECB stimulus program, markets may simply idle sideways for the first-half of the week. If equities sell off they will probably recover into Wednesday afternoon as traders await for King Draghi, one of the central bankster interventionists, to dictate how global markets move.

1924.03 Previous Week’s High

1924.03 Friday HOD

1924 (5/30/14 All-Time Intraday High: 1924.03) (5/30/14 Intraday High for 2014: 1924.03) (5/30/14 All-Time Closing High: 1923.57) (5/13/14 Closing High for 2014: 1923.57)

1923.57 June Begins Here

1923.57 Friday Close – Monday Starts Here

1920

1917

1916.64 Friday LOD

1912

1910

1907

1902.01 Previous Week’s Low

1902 (5/13/14 Intraday Top: 1902.17)

1901

1897 (5/13/14 Closing High: 1897.45) (4/4/14 Intraday Top: 1897.28)

1894

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

1890.07 (20-day MA)

1889

1886.68 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1886

1885

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

1882

1880

1879

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

1877

1874.56 (50-day MA)

1874

1872

1871

1868

1867

1865

1862

1859

1855

1853

1852.84 (20-week MA)

1852.72 (100-day MA)

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)

1846

1845

1843

1842

1841

1840

1839

1838

1837

1835

1833.08 (150-day MA; the Slope is a Keystone Cyclical Signal)

1832

1831

1828

1827

1824

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

1804.71 (10-month MA; a major market warning signal)

1803

1801

1800

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

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

1796

1795.79 (200-day MA; not tested for 1 year extremely odd behavior)

1793

1791

1788

1785

1783

1782

1781

1778.26 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1777

1776.05 (50-week MA)

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

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

1770

1768

1763

1762

1759

1756

1752