Sunday, June 1, 2014

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

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