Monday, November 17, 2014

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 11/17/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 11/17/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX all-time intraday high is 2046.18 on 11/13/14 and the SPX all-time closing high is 2039.82 on 11/14/14.

For Monday with the SPX starting at the all-time closing high at 2040, the bulls only need two points of upside to print above 2042 and an upside acceleration will occur to 2046. The market bears need to push under 2035 to accelerate the downside. A move through 2036-2041 is sideways action to begin the week. S&P futures are -5 about one hour before the opening bell.

The parabolic move higher in stocks continues fueled by the global central banker collusion. The bullish seasonality factors such as the third year of the presidential cycle and years ending in ‘5’ are encouraging the bulls to chase prices higher. In addition, a major percentage of the stock buybacks occur in the last two months of the year, November and December, so this further boosts stocks. Over the last two weeks, the markets were hit with the BOJ QE shock and awe, mid-term elections, ECB rate decision, Monthly Jobs Report and Japan potentially delaying its sales tax hike all resulting in an ever-increasing stock market.

The 2046 resistance is the gateway to 2050+ if it gives way. The bears need to push under 2035 to get their mojo back and under 2030 to really get their mojo back. The 2038-2042 area is a strong gauntlet of S/R. So bulls win above 2042. Bears win under 2038. Price will need to back kiss the 20 and 50-day MA’s moving forward. November begins at 2018 so this important level will become more important with only 8-1/2 trading days remaining in the month. Retail stocks carried markets higher last week along with the potential delay of the Japan sales tax that has caused the dollar/yen to tag 117.

Friday is OpEx so for OpEx week, Monday (today) is typically bullish, then a market low usually occurs on Tuesday leading into a high on Wednesday. A Bradley turn window is open now through 11/28/14 (turn date is 11/22/14) so markets may be at an important inflection point with a sharp move up or down at the doorstep any day forward. Saturday, 11/22/14, is a new moon and markets are typically weak moving through the new moon so perhaps from 11/21 through 11/24, through next weekend, will be a weak period for equities.

2046.18 Previous Week’s High
2046 (11/13/14 All-Time Intraday High: 2046.18) (11/13/14 Intraday High for 2014: 2046.18)
2042.22 Friday HOD
2042
2041
2040 (11/14/14 All-Time Closing High: 2039.82) (11/14/14 Closing High for 2014: 2039.82)
2039.82 Friday Close – Monday Starts Here
2039
2038
2035.20 Friday LOD
2035
2034
2032
2031
2030.17 Previous Week’s Low
2030
2025
2024
2023
2019 (9/19/14 Intraday High: 2019.26)
2018.05 November Begins Here
2018
2016
2014
2012
2011 (9/18/14 Closing High: 2011.36) (9/4/14 Intraday High: 2011.17)
2010
2009
2007 (9/5/14 Closing High: 2007.71)
2006
2005 (8/26/14 Intraday High: 2005.04)
2004
2003 (8/29/14 Closing High: 2003.37)
2002
2001
1999
1998
1997.07 (20-day MA)
1997
1995
1993
1992.66 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
1991 (7/24/14 Intraday Top: 1991.39)
1988 (7/24/14 Closing High: 1987.98)
1986 (7/3/14 Intraday Top: 1985.59)
1985 (7/3/14 Closing High: 1985.44)
1983
1982
1980
1978
1976
1975.74 (20-week MA)
1974.37 (50-day MA)
1973
1972.06 (100-day MA)
1970
1968 (6/24/14 Intraday Top: 1968.17)
1965
1964
1963 (6/20/14 Closing High: 1962.87)
1962
1961
1960
1958
1956 (6/9/14 Intraday Top: 1955.55)
1951 (6/9/14 Closing High: 1951.27)
1949.81(150-day MA; the Slope is a Keystone Cyclical Signal)
1949
1947
1946.37 (10-month MA; a major market warning signal)
1942
1940
1937
1936
1931
1928
1925
1924.56 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1923.54 (200-day MA)
1920
1917
1912
1910
1906
1905.90 (50-week MA)
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)
1889
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
1873
1872
1871
1868
1867
1865
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)
1846
1845
1843
1842
1841
1840
1839
1838

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