SPX Support, Resistance (S/R), Moving Averages and other Important Levels for Trading the Week of 3/24/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 3/24/14. The SPX prints a new all-time intraday high on Friday at 1883.97 taking out the prior all-time high on 3/7/14 at 1883.57 by forty pennies. Interesting how the all-time closing high at 1878.04 from 3/7/14, two weeks ago, remains in place. March began at 1859.45 so look for price action around this pivot point during the last six days of the month. The year began at 1848.36.

For Monday, the bulls need to push up through 1884 to accelerate the upside, a formidable task. The bears need to push under 1863.50 to accelerate the downside. As this missive is typed, the SPX is breaking under 1863.50. The 20-day MA at 1862.21 carries a lot of clout and is a key bull-bear signal. The 8 MA drops under the 34 MA on the SPX 30-minute chart signaling bearish markets for the hours ahead so keep an eye on that. The 200 EMA at 1852 on the 60-minute chart is another key bull-bear level. Market bulls are not concerned and will recover if the SPX stays above the 200 EMA at 1852. Big market trouble is ahead with accelerated and sustainable selling if SPX loses the 200 EMA at 1852.

The 1848-1852 level is a very strong support gauntlet. If price falls through 1848-1852, far lower numbers will be in store such as 1800-1830. Big picture, the key S/R levels are 1884, 1878, 1874, 1868, 1859, 1855, 1848-1852, 1845-1846, 1843, 1838-1841, 1826-1832, 1808-1815, 1803, 1800 and 1796. Price drops and bounces off the support at March's starting number at 1859.45 to begin the festivities. A break under 1859 may serve as an early signal that price wants to print a negative month for March. Bulls will receive a feather for their caps if they can maintain March as a positive month.

1884 (3/21/14 All-Time Intraday High: 1883.97) (3/21/14 Intraday High for 2014: 1883.97) (3/7/14 Intraday Top: 1883.57)

1883.97 Previous Week’s High

1883.97 Friday HOD

1882

1879

1878 (3/7/14 All-Time Closing High: 1878.04) (3/7/14 Closing High for 2014: 1878.04)

1877

1876

1874

1872

1871

1868

1867

1866.52 Friday Close – Monday Starts Here

1863.46 Friday LOD

1862.46 (20-day MA)

1859.45 March Begins Here

1859

1855

1854

1853

1852.30 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

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

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

1848.36 Trading for 2014 Begins Here

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

1846

1845

1844

1843

1842.81 Previous Week’s Low

1842

1841

1840

1839

1838

1837

1835

1832.14 (50-day MA)

1832

1830

1829

1828

1827

1826.09 (20-week MA)

1824

1820

1819

1815

1814.61 (100-day MA)

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

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 (11/18/13 Intraday Top: 1798.82)

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

1796

1793

1791

1788

1785

1783

1782

1781

1777

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

1772.14 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

1770

1768

1763

1762

1759

1756

1753.11 (10-month MA; a major market warning signal)

1752

1748

1747

1745

1743.29 (200-day MA; not tested for 1 year extremely odd behavior)

1740

1737

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

1731.01 (50-week MA)

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

1729.95 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

1722

1720

1711

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

1708

1706

1703

1700

1698

1697

1696