Monday, January 5, 2015

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 1/5/15

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 1/5/15. 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 2093.55 on 12/29/14 and the SPX all-time closing high is 2090.57 on 12/29/14.

For Monday with the SPX starting at 2058, the bulls need to push above 2072 and bingo, the upside party will continue with an acceleration higher towards 2100. The bears need to push the SPX under 2046 to accelerate the downside. A move through 2047-2071 is sideways action to begin the week. S&P futures are down -10 which will place price in the neighborhood of the 2046 support for a test. If 2046 fails, an important test at 2038-2040 will follow quickly. The 50-day MA is 2037.66.

The Santa Claus rally fizzled over the last three days so 'Santa Claus has failed to call on Broad and Wall' (barring a huge upside recovery on Monday). The near-term market top was an easy call a few days ago with the low CPC and CPCE put/call ratios and negatively diverged SPX hourly and minute charts. The CPC now pops above 1.20 so you must be on guard for a near-term recovery rally. With a lower open set for Monday, today would be a candidate for a near-term bottom and recovery bounce. Markets are typically bullish through the full moon which occurred on the weekend.

Looking at the big picture the strongest S/R is 2094, 2091, 2088, 2082, 2079, 2075-2076, 2067, 2061, 2057, 2054, 2040, 2038, 2032, 2024, 2018, 2011 and 2002-2003.

2094 (12/29/14 All-Time Intraday High: 2093.55)
2093.55 Previous Week’s High
2093
2091 (12/29/14 All-Time Closing High: 2090.57)
2089
2088
2086
2082
2080
2079 (12/5/14 Intraday High: 2079.47)
2076 (11/28/14 Intraday High: 2075.76)
2075 (12/5/14 Closing High: 2075.37)
2074
2073 (11/26/14 Closing High: 2072.83)
2072 (1/2/15 Intraday High for 2015: 2072.36)
2072.36 Friday HOD
2071 (11/21/14 Intraday High: 2071.46)
2069
2067
2065
2061
2060
2058.90 January Begins Here
2058.90 Trading for 2015 Begins Here
2058.20 Friday Close – Monday Starts Here
2058 (1/2/15 Closing High for 2015: 2058.20)
2057
2056 (11/18/14 Intraday High: 2056.08)
2054
2052.89 (20-day MA)
2052.20 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
2052
2046.04 Friday LOD
2046.04 Previous Week’s Low
2046 (11/13/14 Intraday High: 2046.18)
2041
2040
2039
2038
2037.66 (50-day MA)
2035
2034
2032
2030
2024
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)
2010.99 (20-week MA)
2009
2007 (9/5/14 Closing High: 2007.71)
2005 (8/26/14 Intraday High: 2005.04)
2004
2003 (8/29/14 Closing High: 2003.37)
2002.23 (100-day MA)
2002
2001
1999
1998
1997
1995
1993
1991 (7/24/14 Intraday Top: 1991.39)
1988 (7/24/14 Closing High: 1987.98)
1987.68 (10-month MA; a major market warning signal)
1986.69 (150-day MA; the Slope is a Keystone Cyclical Signal)
1986 (7/3/14 Intraday Top: 1985.59)
1985 (7/3/14 Closing High: 1985.44)
1983
1982
1979
1978
1976
1973
1970
1968 (6/24/14 Intraday Top: 1968.17)
1967.38 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1965
1964
1963 (6/20/14 Closing High: 1962.87)
1962
1961
1960
1958.65 (200-day MA)
1958
1956 (6/9/14 Intraday Top: 1955.55)
1951 (6/9/14 Closing High: 1951.27)
1949
1947
1942
1940
1939.38 (50-week MA)
1937
1936
1931
1928
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1920
1917
1912
1910
1906

Note Added 9:34 AM: Price plummets to test SPX 2046 support in the opening minutes. Bounce or die time.

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