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Monday, September 29, 2014

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.

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