SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 9/8/14

SPX support, resistance (S/R), moving averages and other important levels are provided for trading the week of 9/8/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX all-time intraday high is 2011.17 on 9/4/14 and the SPX all-time closing high is 2007.71 on 9/5/14. The bulls are relentless and merciless against the bears. The non-stop stock market upside is fueled by perpetual central banker easy money. ECB President Draghi announces a European-style QE program last week to maintain the upside market orgy.

For Monday, since the SPX price closed at the high, the bulls only need a smidge of green in the Sunday overnight futures and the upside party will accelerate higher with the SPX printing at 2015 and higher. The bears need to push under the 1990-1991 support to accelerate the downside. A move through 1992-2010 is sideways action to begin the new week of trading.

Friday was a 17-point swing in the SPX with bears attacking the 1990-1991 support but unable to stab down through. Therefore, the bulls ran with the ball and close at a new all-time high at 2007. Looking big picture, the 2002-2003 is very strong support that would lead to 1998 if it fails. If 1998 fails, the bears will give another try to break down through the strong 1990-1991 support. The 1885-1991 zone is a formidable support gauntlet. The bulls are on easy street above 1991. A bull-bear fight occur between 1885-1991 and bears win going forward sub 1885. The 1973 will be on tap if 1985 fails.

The SPX is above the 20-day MA above the 50-day above the 100 above the 150 above the 200 so the moving average ribbon is extended or now becoming extended with a mean reversion on tap now or soon (a market top and roll over to the downside). The early August bottom was at 1905 and note that the 10-month MA is now at 1907 so if price revisits those lows and the 10-month fails, the markets will be in serious trouble. For now, the bulls are on easy street injecting Fed heroin into their veins and buying stocks.

The bulls will win big if the Sunday overnight futures are green. If the bears can maintain market negativity into the Monday opening bell, the initial downside support targets are 2005, 2002-2003, 1998 and then 1990-1991.

2011 (9/4/14 All-Time Intraday High: 2011.17) (9/4/14 Intraday High for 2014: 2011.17)

2011.17 Previous Week’s High

2011.17 Friday HOD

2009

2007 (9/5/14 All-Time Closing High: 2007.71) (9/5/14 Closing High for 2014: 2007.71)

2007.71 Friday Close – Monday Starts Here

2006

2005 (8/26/14 Intraday High: 2005.04)

2004

2003 (8/29/14 Closing High: 2003.37)

2003.37 September Begins Here

2002

2001

2000

1999

1998

1997

1995

1993

1992

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

1990.10 Friday LOD

1990.10 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

1979.32 (20-day MA)

1979

1978.63 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1978

1977

1976

1974

1973

1970

1969.74 (50-day MA)

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

1965

1964

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

1942.76 (20-week MA)

1942

1940

1937.53 (100-day MA)

1937

1936

1931

1929

1928

1925

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

1923

1920

1919

1912

1910

1907.22 (10-month MA; a major market warning signal)

1907

1906.60 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

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

1886.22 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1886

1885

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

1883.05 (200-day MA; not tested for 20 months extremely odd behavior)

1882

1880

1879

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

1877

1874

1872

1871

1868

1867

1865

1862

1860.63 (50-week MA)

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

1843

1842

1841

1840

1839

1838

1837