Sunday, November 30, 2014

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/1/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/1/14. 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 2075.76 on 11/28/14 and the SPX all-time closing high is 2072.83 on 11/26/14.

For Monday with the SPX starting at 2068, the bulls need to touch the 2076 handle and bingo, the SPX will accelerate to 2080 plus in a heartbeat. The market bears need to push below the strong 2065 support and a downside acceleration will occur into the 2050’s. A move through 2066-2075 is sideways action to begin the week. The bears can start the week in their favor if they push the S&P futures down -3 and more overnight.

The parabolic move higher in stocks continues fueled by the global central banker collusion with the new all-time historic high printing on Friday. The central bankers are the market. Everything has gone the bull’s way since the mid-October bottom. In early December, tax loss selling typically occurs which sends stocks lower into a lull period and then there is a typically a recovery into year end. So if the bears have a tiny window to fight back it is now over the next week or two.

The bullish seasonality factors such as the third year of the presidential cycle (now into Fall 2015) and years ending in ‘5’ (2015) 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. Also, the huge moves higher in AAPL and MSFT, with traders willing to buy regardless of price, send the stock indexes higher especially the Nasdaq Indexes.

Keystone’s 80/20 rule says 8’s typically lead to 2’s, and if 2080 is taken out the 2120’s would be on the table. The stock market euphoria is at fevers pitch with the VIX remaining tame at 13.33. The bears need the VIX above the 200-day MA at 13.82 to create selling pressure in equities. The CPC and CPCE put/call ratios have printed lows over the last few days verifying complacency in markets. Traders and investors know the Fed and global central bankers will always pump the stock markets with easy money so there is no reason for any worry or concern. The elevated CBOE SKEW is flashing caution signs.

Price needs to back kiss the 20 and 50-day MA’s moving forward; especially the 20-day. The 20-day MA is 2043 and rising and the 50-day MA is 1986 and rising. December begins at 2068 so this level is key as the year draws to a close. The bulls remain in firm control supported by the never-ending central bank money-printing. As long as everyone maintains confidence in the central bankers the party continues indefinitely.

For the bears, a breach of the strong 2065-2067 support gauntlet is a big deal and would send price down to test the strong 2056-2057 level which is a gap fill; call it the 2052-2057 zone. Since price is on an elevated island for the last five days, price may come down to 2057-ish and immediately collapse to 2052 and lower, falling through the gap, to create an island reversal pattern.

2076 (11/28/14 All-Time Intraday High: 2075.76) (11/28/14 Intraday High for 2014: 2075.76)
2075.76 Previous Week’s High
2075.76 Friday HOD
2075
2074
2073 (11/26/14 All-Time Closing High: 2072.83) (11/26/14 Closing High for 2014: 2072.83)
2071 (11/21/14 Intraday High: 2071.46)
2070
2069
2068
2067.56 Friday Close – Monday Starts Here
2067.56 December Begins Here
2067
2065.06 Friday LOD
2065
2064.75 Previous Week’s Low
2064
2057
2056 (11/18/14 Intraday High: 2056.08)
2054
2053
2052
2051
2049
2046 (11/13/14 Intraday High: 2046.18)
2043.25 (20-day MA)
2042
2041
2040
2039
2038
2035
2034
2032
2031
2030
2025
2024
2023.04 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
2023
2019 (9/19/14 Intraday High: 2019.26)
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
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)
1985.78 (50-day MA)
1985 (7/3/14 Closing High: 1985.44)
1984.64 (20-week MA)
1983
1982
1980.15 (100-day MA)
1980
1978
1976
1973
1970
1968 (6/24/14 Intraday Top: 1968.17)
1965
1964
1963 (6/20/14 Closing High: 1962.87)
1962
1961.32(150-day MA; the Slope is a Keystone Cyclical Signal)
1961
1960
1958
1956 (6/9/14 Intraday Top: 1955.55)
1951 (6/9/14 Closing High: 1951.27)
1949.15 (10-month MA; a major market warning signal)
1949
1947
1942
1940
1937
1936
1935.78 (200-day MA)
1931
1928
1926.87 (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
1916.91 (50-week MA)
1912
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

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