SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 5/2/16

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 5/2/16. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R.

For 2016, the intraday high for the year is 2111.05 on 4/20/16 and the closing high for the year is 2102.40 on 4/20/16. The intraday low for the year is 1810.10 on 2/11/16 and the closing low thus far for the year is 1829.08 on 2/11/16. The intraday low in 2015 was 1867.01 on 8/24/15 and intrayear closing low for 2015 was 1867.61 on 8/25/15.

The SPX has exploded higher over the last two months due to the central banker intervention especially the ECB and Federal Reserve. The highs for the year thus far printed on Wednesday, 4/20/16, eight days ago. The SPX topped at the 2110-2114 resistance area and retreated. Note how price got tangled up in the closing and intraday highs from last November and last December and did not have the energy to move up through, at this time. Pay close attention to that 2116.48 number going forward; if this is taken out, say the 2110-2116 resistance zone, then price will likely seek 2125-2135.

Negative divergence forms on the SPX daily chart creating the spankdown over the last week. The VIX remains under the 200-day MA so the bears are not a huge threat to the bulls. The SPX is attacking the important 200 EMA  on the 1-hour chart at 2063. Price failed on Friday but then recovered by the end of the day. Watch 2063 as a critical short-term market signal where bulls win for the hours and days ahead above 2063 while bears win for the hours and days ahead under 2063.

The SPX begins Monday at 2065. The bulls need to touch the 2074 handle to create a quick acceleration into the 2080’s. The bears need to push below 2052 to accelerate the downside. A move through 2053-2073 is sideways action to begin the week.

If the bulls push up through 2074-2076 then the 2079 resistance test is next and will likely give way quickly. Price will then begin tackling the 2081-2084 resistance gauntlet. This level should put up a fight. If the bulls push up through then price will seek 2089 R in a flash.

The golden cross (50-day MA up through 200-day MA) has occurred which is a bullish signal for the weeks and months ahead, however, in the near-term, price typically retreats once the golden cross occurs (as has been occurring over the last few days; this is typical behavior after a golden cross occurs). The golden cross failed in late December-early January so the SPX is giving it another go. Each day the 50-day MA remains above the 200-day MA is another victory for the bulls.

The bears need to push under the 2061-2063 gauntlet of support which includes the important 200 EMA on the 60-minute at 2063. If this failure occurs, the 2057 will likely fail quickly and price will seek 2052. If last week’s lows fail, that will usher in accelerated weakness and a quick drop to 2044-2046 where the S&P 500 will determine if it remains positive on the year or turns negative. If 2044 fails, markets will likely deteriorate in quick order.

Monday is the first day of trading for May and stocks are typically buoyant to begin a new month as new money is put to work. The important Monthly Jobs Report is on Friday morning and interestingly, the new moon peaks on Friday for the month. Stocks typically trade lower through the new moon. The overnight skies are the darkest during the new moon so the military with superior night vision technology, such as the US, may conduct covert operations beginning this week say 5/3 through 5/11 when the month’s darkness is at a maximum.

The SPX remains above the 12-month MA at 2031 so bulls remain relaxed about any market selling. Real serious market trouble would not begin until the 2031 fails. For Monday, pay attention to the 200 EMA on the 60-minute chart at 2063; it is a critical pivot point that tells the stock market direction story ahead. The SPX begins the week 2 points above at 2065.

Looking at the near-term picture the strongest price support/resistance is 2110-2114, 2102-2103, 2089, 2079-2084, 2071, 2067, 2061, 2057, 2046, 2038-2040, 2032, 2017-2023, 2011, 2002, 1997, 1993 and 1985-1988.

Note: If the list below displays any blank spaces, view it in a different browser.

2135 (5/20/15 All-Time Intraday High: 2134.72)

2133 (7/20/15 Intraday High 2132.82)

2131 (5/21/15 All-Time Closing High: 2130.82)

2130 (6/22/15 Intraday High 2129.87)

2129

2128 (7/20/15 Closing High: 2128.28)

2126 (4/27/15 Intraday High: 2125.92)

2124 (6/23/15 Closing High: 2124.20)

2123

2121 (4/24/15 Intraday High: 2120.92)

2120 (2/25/15 Intraday High: 2119.59)

2118 (4/24/15 Closing High: 2117.69)

2117 (3/2/15 Closing High: 2117.39)

2116 (11/3/15 Intraday High: 2116.48)

2114

2111 (4/20/16 Intraday High for 2016: 2111.05)

2110 (11/3/15 Closing High; 2109.79)

2109

2104 (12/2/15 Intraday High: 2104.27)

2103 (12/2/15 Closing High: 2102.63)

2102 (4/20/16 Closing High for 2016: 2102.40)

2100

2099.89 Previous Week’s High

2099

2097

2094 (12/29/14 Intraday High: 2093.55)

2093

2091 (12/29/14 Closing High: 2090.57)

2089

2086

2084

2083

2081

2080

2079 (12/5/14 Intraday High: 2079.47)

2077

2076 (11/28/14 Intraday High: 2075.76)

2075.67 (20-day MA)

2075 (12/5/14 Closing High: 2075.37)

2074

2073.85 Friday HOD

2073 (11/26/14 Closing High: 2072.83)

2072

2071 (11/21/14 Intraday High: 2071.46)

2069

2067

2065.30 Friday Close – Monday Starts Here

2065.30 May Begins Here

2065

2064

2063

2062.61 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2061

2057

2056 (11/18/14 Intraday High: 2056.08)

2053

2052.28 Friday LOD

2052.28 Previous Week’s Low

2052

2050

2046 (11/13/14 Intraday High: 2046.18)

2044 (12/31/15 Closing High: 2043.94)

2044

2043.94 Trading for 2016 Begins Here

2042

2040

2038

2036.87 (20-month MA)

2034

2032.31 (50-day MA)

2032

2030.65 (12-month MA; a Keystone Cyclical Signal) (the cliff)

2030

2027.83 (50-week MA)

2026.29 (100-week MA)

2023

2022

2019.73 (10-month MA)

2019 (9/19/14 Intraday High: 2019.26)

2017

2014.52 (200-day MA)

2011 (9/18/14 Closing High: 2011.36) (9/4/14 Intraday High: 2011.17)

2010.51 (150-day MA; the Slope is a Keystone Cyclical Signal)

2007 (9/5/14 Closing High: 2007.71)

2005 (8/26/14 Intraday High: 2005.04)

2003 (8/29/14 Closing High: 2003.37)

2002

1998

1997

1995

1994.77 (100-day MA)

1993 (1/15/15 Closing Low: 1992.67)

1991.82 (20-week MA)

1991 (7/24/14 Intraday Top: 1991.39)

1988 (7/24/14 Closing High: 1987.98)

1987

1986 (7/3/14 Intraday Top: 1985.59)

1985 (7/3/14 Closing High: 1985.44)

1983

1982

1981 (2/2/15 Intraday Low: 1980.90)

1980

1979

1978

1977

1973

1970

1969

1968 (6/24/14 Intraday Top: 1968.17)

1965

1964

1963 (6/20/14 Closing High: 1962.87)

1961

1958

1956 (6/9/14 Intraday Top: 1955.55)

1951 (6/9/14 Closing High: 1951.27)

1949

1948

1943

1942.88 (150-week MA)

1942

1937

1936

1931

1928

1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)

1920

1917

1914

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)

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

1879

1878 (3/7/14 Closing High: 1878.04)

1877

1874

1873

1872

1870

1868 (8/25/15 Closing Low: 1867.61)

1867 (8/24/15 Intraday Low: 1867.01)

1865

1862

1859 (1/20/16 Closing Low: 1859.33)

1855

1851 (1/15/14 Intraday Top: 1850.84)

1849 (12/31/13 Intraday High Top for 2013: 1849.44)

1848 (1/15/14 Closing High: 1848.38) (12/31/13 Closing High for 2013: 1848.36)

1846

1845

1843

1841

1840

1839

1835

1831

1829 (2/11/16 Closing Low for 2016: 1829.08)

1828.02 (200-week MA)

1828

1827

1824

1820

1816

1814 (11/29/13 Intraday Top: 1813.55)

1812 (12/9/13 Intraday Top: 1811.52) (1/20/16 Intraday Low: 1812.29)

1810 (2/11/16 Intraday Low for 2016: 1810.10)

1809 (12/9/13 Closing Top: 1808.37)

1808

1807 (11/27/13 Closing Top: 1807.23)

1806

1803

1801

1800

1799 (11/18/13 Intraday Top: 1798.82)

1798 (11/15/13 Closing Top: 1798.18)

1796

1794.82 (50-month MA)

1793

1791

1788

1785

1783

1782

1781

1777

1775 (10/30/13 Intraday Top: 1775.22)

1772 (10/29/13 Closing Top: 1771.95)

1770

1768

1763

1762

1759

1756

1752

1748

1747