Sunday, December 7, 2014

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/8/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/8/14. 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 2079.47 on 12/5/14 and the SPX all-time closing high is 2075.37 on 12/5/14.

For Monday with the SPX starting at 2075, the bulls need to touch the 2080 handle and bingo, the SPX will accelerate well into the 2080’s and begin setting sights on 2100. The market bears need to push below the strong 2071 to accelerate the downside. The 2073 is very strong support so if that fails then the 2071 will likely give way in quick order. A move through 2072-2079 is sideways action to begin the week. A strong gauntlet of support sits at 2065-2068 where price will bounce or die.

On the top side, if the SPX hits 2079.50 it will hit 2080 and the bullish party will continue. The universal consensus is for higher stocks into New Years. Traders are already drinking Fed wine, smoking ECB and BOJ crack and injecting PBOC heroin, all in drunken stupors starting the end of year celebration early. The boat is fully loaded and tilting to the starboard side so much so that the deck chairs are sliding from the port side into the bullish revelers. Everyone is partying like its 1999. The CPC put/call is in the 0.7’s, the VIX in the 11’s; complacency rules.

In early December, tax loss selling typically occurs so the bears have a small feather in their caps. The full moon was on Saturday morning and stocks are typically bullish moving through the full moon so that may provide lift at the start. The daily and hourly charts are favoring bears with negative divergence so markets may top out early in the week and sell off into mid month as Fed Chair Yellen speaks on Wednesday, 12/17/14, where the path to the end of the year will appear. For now the bull side of the boat is tilting further and further towards the water; there is no one remaining on the bear side. Bulls need 2080 to wave the victory flag. Bears need to push under 2071 to begin the week as the winner.

The 20-day MA is 2055.19 and rising and price has not back kissed this support for a very long 31 days. Price desperately needs to revert back for a test of the 20-day.

2079 (12/5/14 All-Time Intraday High: 2079.47) (12/5/14 Intraday High for 2014: 2079.47)
2079.47 Previous Week’s High
2079.47 Friday HOD
2077 (12/5/14 All-Time Closing High: 2075.37) (12/5/14 Closing High for 2014: 2075.37)
2076 (11/28/14 Intraday High: 2075.76)
2075.37Friday Close – Monday Starts Here
2075
2074
2073 (11/26/14 Closing High: 2072.83)
2071 (11/21/14 Intraday High: 2071.46)
2070.81 Friday LOD
2070
2069
2067.56 December Begins Here
2067
2065
2057
2056 (11/18/14 Intraday High: 2056.08)
2055.19 (20-day MA)
2052
2051
2049.57 Previous Week’s Low
2049
2046 (11/13/14 Intraday High: 2046.18)
2041
2040
2039
2038
2036.30 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
2035
2034
2032
2031
2030
2025
2024
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
1993.57 (50-day MA)
1993
1991 (7/24/14 Intraday Top: 1991.39)
1989.50 (20-week MA)
1988 (7/24/14 Closing High: 1987.98)
1986 (7/3/14 Intraday Top: 1985.59)
1985 (7/3/14 Closing High: 1985.44)
1984.92 (100-day MA)
1983
1982
1980
1978
1976
1973
1970.74 (10-month MA; a major market warning signal)
1970
1968 (6/24/14 Intraday Top: 1968.17)
1967.52 (150-day MA; the Slope is a Keystone Cyclical Signal)
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
1947
1945.79 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1942
1941.56 (200-day MA)
1940
1937
1936
1931
1928
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1922.05 (50-week MA)
1920
1917
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

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