SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 11/25/13

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 11/25/13. The SPX is up 7 consecutive weeks. The all-time highs keep on coming. The SPX prints a new all-time high at 1804.84 and new all-time closing high at 1804.76. IThe Fed and BOJ keep pumping the stock markets higher. Last week, the BOJ is summoned, beating the yen lower with a baseball bat, the dollar/yen moves up through 100, then up through 101, and higher, pumping the Nikkei ($NIKK), the Japan broader indexes, as well as the U.S. stock market. Banzai!! For Monday morning, the bulls only need to see a smidge of green in the overnight futures and the stock market will accelerate higher with the SPX on its way to 1810. The bears need to push under 1795 to accelerate the downside. A move through 1796-1804 is sideways action for Monday.

Last week's low, the 20-day MA at 1775.32 and horizontal support form a confluence of support at 1775-1777. There are 3-1/2 trading days remaining in November, the EOM is Friday, and the month started at 1757.  Monday's price action will dictate if the SPX plans on moving lower to take a look at the 1757 this week, or not. Thanksgiving week is typically bullish and the shortened session on Friday is the most bullish day of the year. If bears are going to make a move it will be early in the week. The bears may stab things lower but then markets may recover mid-week and on to satisfy the expected holiday and seasonal buoyancy. Considering that the bulls only need to see a smidge of green in the futures to begin the week happy, this places a lot of emphasis on Monday morning's early trade. If the bulls run out of the gate to begin the week, they may run into the first week of December. Bears need to show up at the opening bell with their game face, otherwise, they are going to fold like a cheap suit. The 1763 support is another key level where markets would be expected to deteriorate if it fails. If 1763 fails, then November will likely finish as a negative month.

1805 (11/22/13 All-Time Intraday High: 1804.84) (11/22/13 Intraday HOD for 2013: 1804.84) (11/22/13 All-Time Closing High: 1804.76) (11/22/13 Closing High for 2013: 1804.76)

1804.84 Previous Week’s High

1804.84 Friday HOD

1804.76 Friday Close – Monday Starts Here

1802

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

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

1797

1796

1794.70 Friday LOD

1791

1788

1782

1777.23 Previous Week’s Low

1775.32 (20-day MA)

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

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

1770

1768

1763

1762.78 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1762

1759

1756.54 November Begins Here

1756

1752

1747

1745

1737

1736

1734.75 (50-day MA)

1733

1730 (9/19/13 Market Top: 1729.86)

1726 (9/18/13 Market Closing Top: 1725.52)

1722

1720

1710 (8/2/13 Market Top: 1709.67)

1708

1706

1703.65 (100-day MA)

1703

1701.12 (20-week MA)

1700

1698

1697

1696

1693

1692

1691

1689

1688

1687 (5/22/13 Intraday High Top: 1687.18)

1686

1685

1683

1682

1680

1677.33 (150-day MA; the Slope is a Keystone Cyclical Signal)

1675

1672

1669 (5/21/13 Closing Top: 1669.16)

1666

1664

1661

1659

1657

1652

1650

1649

1648.00 (10-month MA; a major market warning signal)

1647

1646

1644.54 (200-day MA; not seen for 1 year)

1640

1639

1636

1634

1629

1627

1626

1624

1623

1618

1617.03 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1614

1611

1609

1607.62 (50-week MA)

1607

1606

1605

1600

1598

1597

1593 (4/12/13 Market Top: 1593.30)

1589

1586

1583

1579

1578

1576 (10/11/07 Intraday High: 1576.09)

1569

1565 (10/9/07 Market Top: 1565.15)

1564

1563

1561

1560 (6/24/13 Intraday Low)

1556

1553 (10/31/07 Top: 1552.76) (3/24/00 Top: 1552.87)

1552

1551

1548

1546