SPX support,
resistance (S/R), moving averages and other important levels are provided for
trading the week of 7/21/14. Levels
shown in bold are strong resistance and support. Bold and underlined levels are
very strong and important key S/R levels. The SPX closing and intraday all-time highs
occurred on 7/3/14 two and one-half weeks ago at 1985-1986.
Equities remain elevated near all-time highs but the bears fight back today. Thursday was the big market down day, followed by the big recovery day on Friday, and now more weakness today. The VIX above 13 creates market negativity. If VIX drops under 13, equities will recover. Bears win if VIX stays above 13 and moves higher going forward.
The SPX starts the week at 1978 and fell like a stone at the opening bell. The bulls need only two points today, to touch the 1980 handle and this resistance will immediately give way with price running to test the all-time highs at 1985-1986 in very quick order. The bears need to push under the very strong 1960-1961 support level to accelerate the downside which will be substantial if this strong support fails. Even more interesting is that an air pocket exists between 1949 and 1928 so the 1949-1951 support level would be the last chance for the bulls to hold back the selling. A move today through 1962-1981 is sideways action to begin the week which is occurring.
The SPX is printing 1970 as one-half of Monday's trade is over. Note that today is a fight for the critical 20-day MA at 1968.44. Bounce or die. Bulls must hold this 1968-1969 level or failure will occur. Bears need the SPX under the 20-day MA as soon as possible. The bears need to move the SPX under the 200 EMA on the 60-minute chart at 1957.44 to lock in sustainable multi-day and perhaps multi-week and longer downside for the stock market.
As this missive was typed, the VIX drops under 13 and is now down at 12.88 so stocks recover. SPX is 1972.31 now down only 6 points on the day. The 1973 offers up strong overhead resistance. If this should give way, price will seek the strong 1976 R next. The SPX bounces off the 20-day MA today so the bulls are content with the price action.
Equities remain elevated near all-time highs but the bears fight back today. Thursday was the big market down day, followed by the big recovery day on Friday, and now more weakness today. The VIX above 13 creates market negativity. If VIX drops under 13, equities will recover. Bears win if VIX stays above 13 and moves higher going forward.
The SPX starts the week at 1978 and fell like a stone at the opening bell. The bulls need only two points today, to touch the 1980 handle and this resistance will immediately give way with price running to test the all-time highs at 1985-1986 in very quick order. The bears need to push under the very strong 1960-1961 support level to accelerate the downside which will be substantial if this strong support fails. Even more interesting is that an air pocket exists between 1949 and 1928 so the 1949-1951 support level would be the last chance for the bulls to hold back the selling. A move today through 1962-1981 is sideways action to begin the week which is occurring.
The SPX is printing 1970 as one-half of Monday's trade is over. Note that today is a fight for the critical 20-day MA at 1968.44. Bounce or die. Bulls must hold this 1968-1969 level or failure will occur. Bears need the SPX under the 20-day MA as soon as possible. The bears need to move the SPX under the 200 EMA on the 60-minute chart at 1957.44 to lock in sustainable multi-day and perhaps multi-week and longer downside for the stock market.
As this missive was typed, the VIX drops under 13 and is now down at 12.88 so stocks recover. SPX is 1972.31 now down only 6 points on the day. The 1973 offers up strong overhead resistance. If this should give way, price will seek the strong 1976 R next. The SPX bounces off the 20-day MA today so the bulls are content with the price action.
1986 (7/3/14 All-Time Intraday High: 1985.59)
(7/3/14 Intraday High for 2014: 1985.59)
1985 (7/3/14 All-Time Closing High: 1985.44)
(7/3/14 Closing High for 2014: 1985.44)
1984
1983.94
Previous Week’s High
1982
1980
1979.91
Friday HOD
1978.22
Friday Close – Monday Starts Here
1978
1977
1976
1975
1973
Currently Printing 1970.16 in Monday
Trading
1970
1968.44
(20-day MA)
1968 (6/24/14 Intraday Top: 1968.17)
1965
1964
1963 (6/20/14 Closing High: 1962.87)
1961
1960.82
Friday LOD
1960.23 July Begins Here
1960
1959
1957.44
(200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
1957
1956 (6/9/14 Intraday Top: 1955.55)
1955.59
Previous Week’s Low
1951 (6/9/14 Closing High: 1951.27)
1949
1942
1940
1938.42
(50-day MA)
1937
1931
1929
1928
1926
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1923
1920
1919
1917
1914
1912
1910
1907.33
(20-week MA)
1907
1902 (5/13/14 Intraday Top: 1902.17)
1901.89
(100-day MA)
1901
1897 (5/13/14 Closing High: 1897.45) (4/4/14
Intraday Top: 1897.28)
1894
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
1880
1879
1878 (3/7/14 Closing High: 1878.04)
1877
1874
1873.90
(150-day MA; the Slope is a Keystone Cyclical Signal)
1872
1871
1868
1867
1866.29
(10-month MA; a major market warning signal)
1865
1862
1859
1855
1853
1852
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
1845.37
(200-day MA; not tested for 19 months extremely odd behavior)
1845
1843
1842
1841
1840
1839
1838
1837
1835
1832
1831.45
(12-month MA; a Keystone Cyclical Signal) (the cliff)
1831
1828
1827
1824.35
(50-week MA)
1824
1820
1816
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