SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 2/24/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 2/24/14. Only five days remain in the month and February began about 50 handles lower at 1783. Do the bears have 50 handles in their bag of tricks by Friday to print a negative month? The SPX is up 9 out of the last 13 days off the 1740 bottom. The bulls ran price up to the all-time closing high at 1848.38 but could not punch up through. If the bulls punch up through the 1846-1851 resistance gauntlet, 1860-1880 is likely.

For Monday with the SPX starting at 1836, if price moves above 1846 a test of 1848-1851 will occur in quick order where a major market decision would be on tap. The bears need to push any amount lower pushing price under 1836 to accelerate the downside. A move through 1836-1845 is sideways action for Monday. S&P futures are +5 one-half hour before the opening bell favoring the sideways trek in the early going. The 1825-1828 support area is strong and would open the door to the 1808 support, however, the 50-day MA 1814.35 and 200 EMA on the 60-minute at 1813.38 create support at 1813-1814. Thus, key S/R is 1851, 1848, 1846, 1843, 1841, 1839, 1836, 1832, 1828, 1824, 1820, 1813-1814, 1808-1811, 1803, 1799-1800, 1796-1797, 1793, 1791, 1783-1784 and 1772. 

1851 (1/15/14 All-Time Intraday High: 1850.84) (1/15/14 Intraday High for 2014: 1850.84)

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

1848 (1/15/14 All-Time Closing High: 1848.38) (1/15/14 Closing High for 2014: 1848.38) (12/31/13 Closing High for 2013: 1848.36)

1847.50 Previous Week’s High

1846.13 Friday HOD

1846

1845

1844

1843

1842

1841

1840

1839

1838

1836.25 Friday Close – Monday Starts Here

1835.60 Friday LOD

1832

1828

1824.58 Previous Week’s Low

1824

1820

1815

1814.35 (50-day MA)

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

1813.38 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1812 (12/9/13 Intraday Top: 1811.52)

1811

1810

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

1808

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

1806

1803

1801

1800

1799.37 (20-day MA)

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

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

1797.29 (20-week MA)

1796

1793

1791

1788

1785

1784.18 (100-day MA)

1783

1782.59 February Begins Here

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

1749.51 (150-day MA; the Slope is a Keystone Cyclical Signal)

1748

1747

1745

1740

1737

1733 (10/17/13 and 1018/13 Gap-Up: 1733.15-1736.72)

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

1726.68 (10-month MA; a major market warning signal)

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

1722

1721.73 (200-day MA; not tested for 1 year extremely odd behavior)

1720

1711

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

1708

1706

1703

1702.80 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1701.23 (50-week MA)

1700

1698

1697

1696

1693

1692

1691

1689

1688

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

1686

1685

1683

1682

1680

1675

1672

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

1666

1664

1661