SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 9/29/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 9/29/14. 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 2019.26 on 9/19/14 and the SPX all-time closing high is 2011.17 on 9/18/14. The bears are fighting back against the perpetual central banker easy money.

For today with the SPX starting at 1983, the bulls need to move above 1986 to create an upside acceleration that will quickly target 1991. The bears need to push under the 1966 low from Friday and last week to accelerate the downside. S&P futures are down -13 as this is typed one-half hour before the opening bell which would target the 1970-ish level for the SPX. A move through 1967-1985 is sideways action to begin the new week of trading.

The drop projected for the opening bell targets the support at the 50-day MA at 1976.76 and also the strong support at 1973. These two levels can be used as a guide to gauge the power of the down move, or lack thereof. The overhead resistance at 1985-1988 is a strong, sturdy and important ceiling. Just as it was important and bear-friendly when this level failed, especially the 1985-1986 level (was support now resistance), the bulls can only regain their mojo if they move back above 1985-1988 so monitor this level closely. There are only two days remaining in the month that began at 2003.37 so this level must be respected early in the week. September is set to print a negative month unless the bulls can overcome 1985-1988 R and make a run higher. Watch 1977, 1973, 1966 and 1960-1961 support levels. Losing last week's lows at 1966 will create ugliness for the week ahead.

2019 (9/19/14 All-Time Intraday High: 2019.26) (9/19/14 Intraday High for 2014: 2019.26)

2013

2012

2011 (9/18/14 All-Time Closing High: 2011.36) (9/18/14 Closing High for 2014: 2011.36) (9/4/14 Intraday High: 2011.17)

2010

2009.08 Previous Week’s High

2009

2007 (9/5/14 Closing High: 2007.71)

2006

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

2004

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

2003.37 September Begins Here

2002

1999

1998

1997

1995.55 (20-day MA)

1995

1993

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

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

1986.95 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

1986.37 Friday HOD

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

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

1983

1982.65 Friday Close – Monday Starts Here

1982

1980

1978

1976.76 (50-day MA)

1976

1973

1970

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

1966.22 Friday LOD

1965.99 Previous Week’s Low

1964

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

1961

1960.55 (20-week MA)

1960

1959

1958

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

1955.65 (100-day MA)

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

1949

1947

1942

1940

1937

1936

1931

1929

1928

1925.13 (150-day MA; the Slope is a Keystone Cyclical Signal)

1925

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

1923

1920

1917

1912

1910

1907

1904.74 (10-month MA; a major market warning signal)

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

1901

1897.66 (200-day MA; not tested for 22 months extremely odd behavior)

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

1884.14 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

1882

1880

1879

1878.50 (50-week MA)

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

1877

1874

1872

1871

1868

1867

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

1843

1842

1841

1840

1839

1838

1837

Note Added 10:57 AM:  The SPX drops to the 1964 support listed above and bounces. So the critical lows at 1966 hold on the first attack. Price recovers as the Fed POMO pump kicks into gear between 10 AM and 11 AM as usual. The central bankers are the market. The 1973 S/R and 50-day MA at 1976.69 are playing an important role in today's price action.