Monday, November 24, 2014

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 11/24/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 11/24/14. 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 2071.46 on 11/21/14 and the SPX all-time closing high is 2063.50 on 11/21/14.

For Monday with the SPX starting at the all-time closing high at 2064, the bulls need 7 points of upside to print above 2071.50 and an upside acceleration will occur towards 2080. The market bears need to push 7 points lower under 2057 to accelerate the downside. A move through 2058-2071 is sideways action to begin the week. S&P futures are +5 a couple hours before the opening bell.

The parabolic move higher in stocks continues fueled by the global central banker collusion. Last Friday, the ECB and PBOC performed a tag-team approach to further goose the global stock markets. The central bankers are the market. 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.

The 2071.50 is the magic number for bulls that will send price to 2080. If 2080 is taken out, Keystone’s 80/20 rule says 8’s typically lead to 2’s, and 2120 would be on the table. The stock market euphoria is at fevers pitch with the VIX under 13, the put/call ratio’s printing multi-week and month lows and the CBOE SKEW high (think of these indicators from a contrarian perspective). The BPSPX is well above 70% now so the upside rally is confirmed with a double whammy buy signal (which is more of a coincidental and lagging indicator). The low put/call ratios and high SKEW are flashing caution signs.

Price needs to back kiss the 20 and 50-day MA’s moving forward; especially the 20. The 20-day MA is 2026 and 50-day MA 1980. November begins at 2018 so this level is key come Friday and determines if another positive month prints, or not. The monthly charts receive new prints on Friday; EOM.

2071.46 Previous Week’s High
2071.46 Friday HOD
2071 (11/21/14 All-Time Intraday High: 2071.46) (11/21/14 Intraday High for 2014: 2071.46)
2064 (11/21/14 All-Time Closing High: 2063.50) (11/21/14 Closing High for 2014: 2063.50)
2063.50 Friday Close – Monday Starts Here
2057
2056.75 Friday LOD
2056
2054
2053
2052
2051
2049
2046 (11/13/14 Intraday High: 2046.18)
2042
2041
2040 (11/14/14 Closing High: 2039.82)
2039
2038
2035
2034.46 Previous Week’s Low
2034
2032
2031
2030
2025.59 (20-day MA)
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
2009.93 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
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
1995
1993
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
1980.16 (50-day MA)
1980
1979.64 (20-week MA)
1978
1976.37 (100-day MA)
1976
1973
1970
1968 (6/24/14 Intraday Top: 1968.17)
1965
1964
1963 (6/20/14 Closing High: 1962.87)
1962
1961
1960
1958
1956.06(150-day MA; the Slope is a Keystone Cyclical Signal)
1956 (6/9/14 Intraday Top: 1955.55)
1951 (6/9/14 Closing High: 1951.27)
1949
1948.74 (10-month MA; a major market warning signal)
1947
1942
1940
1937
1936
1931
1930.74 (200-day MA)
1928
1926.53 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1920
1917
1912
1911.07 (50-week MA)
1910
1906
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
1837

1835

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