SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 9/2/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the holiday-shortened week of 9/2/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX closing and intraday all-time highs from late July were taken out last week. The SPX all-time intraday high is 2005.04 on 8/26/14 and the SPX all-time closing high is 2003.37 on 8/29/14. The bulls are relentless and merciless against the bears. The non-stop stock market upside is fueled by perpetual central banker easy money.

Since price closed at the highs on Friday, any smidge of green in the overnight futures for Monday evening (US markets are closed on Monday for the Labor Day holiday) will catapult the SPX to 2010 and higher. The bears must push under 1995 to create a downside acceleration that will quickly test the strong 1990-1991 support level. A price move through 1996-2003 is sideways action for Tuesday.

The new month of September begins at 2003.37 and money typically flows into the stock market to start a new month. Fireworks will occur on Thursday morning with the ECB Rate Decision and Press Conference at 7:45 AM EST and 8:30 AM EST, respectively. On Friday, the Monthly Jobs Report is released providing the grand finale for the week. The SPX is extended above its moving averages. The daily chart candlesticks for the last four days are interesting with a gravestone doji on 8/26/14 (marking the top) when the all-time high was printed, then a doji, doji, then a hanging man candlestick on Friday, all indicating a change in trend but follow-through to the downside would be needed for verification.

The bulls appear unstoppable and are now in frenzy salivating over the easy money heroin that ECB President Draghi is planning to distribute on Thursday; another central banker drug pusher keeping the long addicts alive. As long as the central bankers keep goosing markets, astute long traders will keep raping the upside for all its worth. The 1990-1991 level is very strong support and the bears would need failure here to prove they can take markets lower. The 1990-1991 failure would lead to a test of 1985-1986 and if that fails, price will drop into the low to mid 1970's.

According to Keystone's proprietary algorithm, Keybot the Quant, copper and volatility are dictating broad market direction currently. Watch JJC 38.77 and VIX 12.53 for clues (bulls need higher copper; bears need higher volatility).

2005 (8/26/14 All-Time Intraday High: 2005.04) (8/26/14 Intraday High for 2014: 2005.04)

2005.04 Previous Week’s High

2003.38 Friday HOD

2003.37 Friday Close – Tuesday Starts Here

2003.37 September Begins Here

2003 (8/29/14 All-Time Closing High: 2003.37) (8/29/14 Closing High for 2014: 2003.37)

2002

2000

1999

1998

1997

1995

1994.65 Friday LOD

1992

1991 (7/24/14 Intraday Top: 1991.39)

1990.52 Previous Week’s Low

1989

1988 (7/24/14 Closing High: 1987.98)

1987

1986 (7/3/14 Intraday Top: 1985.59)

1985 (7/3/14 Closing High: 1985.44)

1984

1982

1980

1979

1978

1977

1976

1974

1973

1971.06 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1970

1968 (6/24/14 Intraday Top: 1968.17)

1966.28 (50-day MA)

1965

1964

1963.35 (20-day MA)

1963 (6/20/14 Closing High: 1962.87)

1962

1961

1960

1959

1958

1956 (6/9/14 Intraday Top: 1955.55)

1955

1951 (6/9/14 Closing High: 1951.27)

1949

1947

1942

1940

1937

1936

1935.62 (20-week MA)

1931

1930.97 (100-day MA)

1929

1928

1925

1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)

1923

1920

1919

1912

1910

1907

1902 (5/13/14 Intraday Top: 1902.17)

1901

1900.83 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

1887.03 (10-month MA; a major market warning signal)

1886

1885

1884 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)

1882

1880

1879

1878.82 (200-day MA; not tested for 20 months extremely odd behavior)

1878 (3/7/14 Closing High: 1878.04)

1877

1874

1872

1871

1868

1867

1865

1862

1859.04 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1859

1855

1854.68 (50-week MA)

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

1843

1842

1841

1840

1839

1838

1837