The all-time record high print for the S&P 500 is 2940.91
on 9/24/18 and the all-time closing high is 2930.75 on 9/20/18. Sound the Seven
Trumpets! All Hail the Power and Glory of global central bankers; the
modern-day Money God’s. The BOJ and ECB continue printing money like madmen.
The Fed is in no hurry to raise rates because inflation is Godot (although a 25-bip rate hike is a 100%
done deal for this coming Wednesday afternoon, 9/26/18). The easy money spigot flows perpetually buying up all asset classes including
stocks, bonds, real estate, art, collectibles, cars, vineyards, etc…
Former Federal Reserve Chairman Bernanke implemented QE1 in
March 2009 to save the US stock market and protect the wealthy elite class that
own large stock portfolios. Over nine years later, the global central bankers
continue colluding and coordinating their Keynesian policies sending stock markets to all-time record highs in September 2018. The central bankers
are the market.
The Whitehouse crew such as Mnuchin, Kudlow, Navarro, Ross
and others are Wall Street men watching the ticker tape all day long. They are
anxious to step in during any stock market downturn announcing more cuts to
regulations, especially rules governing the corrupt investment banks, more tax
cuts which benefit the wealthy, and announce progress with trade agreements
with China, Europe or Canada. All these items pop the stock market higher since
companies have more money to spend on stock buybacks which pump equity prices
higher. Every day is blue skies and roses. Dogs and cats are playing together.
What could possibly go wrong?
The SPX all-time record intraday low is 666.79 (the infamous
666) on 3/6/09 and all-time closing low is 676.53 on 3/9/09.
For 2018, the intraday high is Friday’s 2940.91 and closing
high is Thursday’s 2930.75. For 2018, the intraday low is 2532.69 on 2/9/18 and
the closing low for this year thus far is at 2581.00 on 2/8/18.
The Dow Jones Industrials finally overtake their January
record highs. The Dow Industrials had lagged the other major indexes but now
plays catch up and confirms the record highs in the trannies (Dow Transports) which
provides a bullish signal for the stock market from a Dow Theory perspective.
The wine is flowing like water.
Only five trading days remain in September so Friday is EOM
and EOQ3. The monthly charts receive new numbers cast in concrete on Friday at 4 PM EST and October trading
begins on Monday, 10/1/18. Window dressing is occurring at quarter-end as money
managers want to brag they owned the best-performing stocks.
The full moon peaks Monday evening at 10:52 PM EST and
stocks are usually bullish moving through the full moon peak each month. Also,
on the bull’s side, is the two-day Fed meeting with the rate decision and press
conference on tap Wednesday afternoon. Stocks are typically bullish 80% of the
time leading into and during the Fed meeting. Consumer Confidence is important on Tuesday morning.
The S&P 500 begins the week at 2930. The strongest
support/resistance for the SPX (S&P 500) is 2941, 2931, 2927, 2917, 2914
and 2912. If 2912 fails, price is headed down to test the 2897-2904 support where
the month began. The next five days may be historic since the month and quarter-end
numbers are key against the backdrop of what will happen when the Federal Reserve
announces the rate hike on Wednesday afternoon.
Note: If the list below displays any blank spaces, view it in
the Google Chrome browser. If you experience any difficulties viewing the blog
sites or in disabling Adblock, you have to view the sites in Google Chrome. The
data is current up through 9/23/18.
SPX (S&P 500) SUPPORT/RESISTANCE
(S/R)
3020
3000
2980
2960
2950
2945
2941 (9/21/18 All-Time Intraday High: 2940.91) (9/21/18
Intraday High for 2018: 2940.91)
2940.91
Previous Week’s High
2940.91
Friday HOD
2937
2935
2931 (9/20/18 All-Time Closing High: 2930.75) (9/20/18 Closing
High for 2018: 2930.75)
2930
2929.67
Friday Close – Monday Starts Here
2927.11
Friday LOD
2927
2920
2917 (8/29/18 Intraday High: 2916.50)
2914 (8/29/18 Closing High: 2914.04)
2912
2911
2909
2908
2904
2902
2901.52 September Begins Here
2901
2900
2898
2897.26
(20-day MA)
2897
2895
2894
2892
2889
2886.16 Previous
Week’s Low
2885
2883.16
(200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
2877
2876
2873 (1/26/18 Intraday High: 2872.80)
2872
2867
2864 (9/7/18
Intraday Low: 2864.12)
2863
2862
2857.39
(50-day MA)
2857
2856
2854
2853
2851
2850
2848
2846
2843
2842
2840
2839
2838
2836
2835
2833
2831
2830
2827
2824
2822
2818
2816
2813
2810
2809
2808
2806
2805.83
(20-week MA)
2803
2802 (3/13/18 Intraday High: 2801.90)
2800
2799
2798
2797
2795.75
(100-day MA)
2791 (6/13/18 Intraday High: 2791.47)
2789
2786.53
(6-month MA)
2786
2783
2780
2779
2775
2770
2764
2763
2762
2760
2758.81
(150-day MA; the Slope is a Keystone Cyclical Signal)
2757.13
(10-month MA)
2753
2751
2750.37
(200-day MA)
2749
2748
2744
2743
2742 (5/22/18 Intraday High: 2742.24)
2741
2738
2733
2732.84
(12-month MA; a Keystone Cyclical Signal; the cliff)
2732
2731
2728
2727
2726.02
(50-week MA)
2724
2723
2717 (4/18/18 Intraday High: 2717.49)
2716
2714
2713
2711
2710
2705
2701
2699
2695 (12/18/17
Intraday High: 2694.97)
2693
2692 (6/2818 Intraday Low: 2691.99)
2683
2682
2681
2678
2677 (5/29/18 Intraday Low: 2676.81)
2676
2674 (12/29/17 Intraday Low; 2673.61)
2670
2665 (12/4/17 Intraday High: 2665.19)
2663
2661
2660
2659
2657
2653 (12/13/17 Intraday Low: 2652.85)
2652
2645
2639
2637
2635
2628
2613
2610.06
(20-month MA)
2606
2605 (12/1/17 Intraday Spike Low: 2605.52)
2602
2601
2597 (11/7/17 Intraday High: 2597.02)
2595 (5/3/18 Intraday Low: 2594.62)
2593
2588
2586
2585
2584
2582
2581 (2/8/18 Closing Low for 2018: 2581.00)
2580
2579
2578
2575
2573
2569
2567
2566
2560
2557
2555
2554 (4/2/18 Intraday Low: 2553.80)
2553
2552
2551
2549
2548
2545
2544 (10/25/17 Intraday Low: 2544.00)
2543.70
(100-week MA)
2541
2535
2532 (2/9/18 Intraday Low for 2018: 2532.69)
2529
2521
2520
2519
2510
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