Sunday, August 31, 2014

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 9/2/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the holiday-shortened week of 9/2/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX closing and intraday all-time highs from late July were taken out last week. The SPX all-time intraday high is 2005.04 on 8/26/14 and the SPX all-time closing high is 2003.37 on 8/29/14. The bulls are relentless and merciless against the bears. The non-stop stock market upside is fueled by perpetual central banker easy money.

Since price closed at the highs on Friday, any smidge of green in the overnight futures for Monday evening (US markets are closed on Monday for the Labor Day holiday) will catapult the SPX to 2010 and higher. The bears must push under 1995 to create a downside acceleration that will quickly test the strong 1990-1991 support level. A price move through 1996-2003 is sideways action for Tuesday.

The new month of September begins at 2003.37 and money typically flows into the stock market to start a new month. Fireworks will occur on Thursday morning with the ECB Rate Decision and Press Conference at 7:45 AM EST and 8:30 AM EST, respectively. On Friday, the Monthly Jobs Report is released providing the grand finale for the week. The SPX is extended above its moving averages. The daily chart candlesticks for the last four days are interesting with a gravestone doji on 8/26/14 (marking the top) when the all-time high was printed, then a doji, doji, then a hanging man candlestick on Friday, all indicating a change in trend but follow-through to the downside would be needed for verification.

The bulls appear unstoppable and are now in frenzy salivating over the easy money heroin that ECB President Draghi is planning to distribute on Thursday; another central banker drug pusher keeping the long addicts alive. As long as the central bankers keep goosing markets, astute long traders will keep raping the upside for all its worth. The 1990-1991 level is very strong support and the bears would need failure here to prove they can take markets lower. The 1990-1991 failure would lead to a test of 1985-1986 and if that fails, price will drop into the low to mid 1970's.

According to Keystone's proprietary algorithm, Keybot the Quant, copper and volatility are dictating broad market direction currently. Watch JJC 38.77 and VIX 12.53 for clues (bulls need higher copper; bears need higher volatility).

2005 (8/26/14 All-Time Intraday High: 2005.04) (8/26/14 Intraday High for 2014: 2005.04)
2005.04 Previous Week’s High
2003.38 Friday HOD
2003.37 Friday Close – Tuesday Starts Here
2003.37 September Begins Here
2003 (8/29/14 All-Time Closing High: 2003.37) (8/29/14 Closing High for 2014: 2003.37)
2002
2000
1999
1998
1997
1995
1994.65 Friday LOD
1992
1991 (7/24/14 Intraday Top: 1991.39)
1990.52 Previous Week’s Low
1989
1988 (7/24/14 Closing High: 1987.98)
1987
1986 (7/3/14 Intraday Top: 1985.59)
1985 (7/3/14 Closing High: 1985.44)
1984
1982
1980
1979
1978
1977
1976
1974
1973
1971.06 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
1970
1968 (6/24/14 Intraday Top: 1968.17)
1966.28 (50-day MA)
1965
1964
1963.35 (20-day MA)
1963 (6/20/14 Closing High: 1962.87)
1962
1961
1960
1959
1958
1956 (6/9/14 Intraday Top: 1955.55)
1955
1951 (6/9/14 Closing High: 1951.27)
1949
1947
1942
1940
1937
1936
1935.62 (20-week MA)
1931
1930.97 (100-day MA)
1929
1928
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1923
1920
1919
1912
1910
1907
1902 (5/13/14 Intraday Top: 1902.17)
1901
1900.83 (150-day MA; the Slope is a Keystone Cyclical Signal)
1897 (5/13/14 Closing High: 1897.45) (4/4/14 Intraday Top: 1897.28)
1894
1891 (4/2/14 Closing High: 1890.90)
1889
1887.03 (10-month MA; a major market warning signal)
1886
1885
1884 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)
1882
1880
1879
1878.82 (200-day MA; not tested for 20 months extremely odd behavior)
1878 (3/7/14 Closing High: 1878.04)
1877
1874
1872
1871
1868
1867
1865
1862
1859.04 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1859
1855
1854.68 (50-week MA)
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)
1846
1845
1843
1842
1841
1840
1839
1838
1837

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