SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 11/17/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 11/17/14. 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 2046.18 on 11/13/14 and the SPX all-time closing high is 2039.82 on 11/14/14.

For Monday with the SPX starting at the all-time closing high at 2040, the bulls only need two points of upside to print above 2042 and an upside acceleration will occur to 2046. The market bears need to push under 2035 to accelerate the downside. A move through 2036-2041 is sideways action to begin the week. S&P futures are -5 about one hour before the opening bell.

The parabolic move higher in stocks continues fueled by the global central banker collusion. The bullish seasonality factors such as the third year of the presidential cycle and years ending in ‘5’ are encouraging the bulls to chase prices higher. In addition, a major percentage of the stock buybacks occur in the last two months of the year, November and December, so this further boosts stocks. Over the last two weeks, the markets were hit with the BOJ QE shock and awe, mid-term elections, ECB rate decision, Monthly Jobs Report and Japan potentially delaying its sales tax hike all resulting in an ever-increasing stock market.

The 2046 resistance is the gateway to 2050+ if it gives way. The bears need to push under 2035 to get their mojo back and under 2030 to really get their mojo back. The 2038-2042 area is a strong gauntlet of S/R. So bulls win above 2042. Bears win under 2038. Price will need to back kiss the 20 and 50-day MA’s moving forward. November begins at 2018 so this important level will become more important with only 8-1/2 trading days remaining in the month. Retail stocks carried markets higher last week along with the potential delay of the Japan sales tax that has caused the dollar/yen to tag 117.

Friday is OpEx so for OpEx week, Monday (today) is typically bullish, then a market low usually occurs on Tuesday leading into a high on Wednesday. A Bradley turn window is open now through 11/28/14 (turn date is 11/22/14) so markets may be at an important inflection point with a sharp move up or down at the doorstep any day forward. Saturday, 11/22/14, is a new moon and markets are typically weak moving through the new moon so perhaps from 11/21 through 11/24, through next weekend, will be a weak period for equities.

2046.18 Previous Week’s High

2046 (11/13/14 All-Time Intraday High: 2046.18) (11/13/14 Intraday High for 2014: 2046.18)

2042.22 Friday HOD

2042

2041

2040 (11/14/14 All-Time Closing High: 2039.82) (11/14/14 Closing High for 2014: 2039.82)

2039.82 Friday Close – Monday Starts Here

2039

2038

2035.20 Friday LOD

2035

2034

2032

2031

2030.17 Previous Week’s Low

2030

2025

2024

2023

2019 (9/19/14 Intraday High: 2019.26)

2018.05 November Begins Here

2018

2016

2014

2012

2011 (9/18/14 Closing High: 2011.36) (9/4/14 Intraday High: 2011.17)

2010

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)

2002

2001

1999

1998

1997.07 (20-day MA)

1997

1995

1993

1992.66 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

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

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

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

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

1983

1982

1980

1978

1976

1975.74 (20-week MA)

1974.37 (50-day MA)

1973

1972.06 (100-day MA)

1970

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

1965

1964

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

1962

1961

1960

1958

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

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

1949.81(150-day MA; the Slope is a Keystone Cyclical Signal)

1949

1947

1946.37 (10-month MA; a major market warning signal)

1942

1940

1937

1936

1931

1928

1925

1924.56 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

1923.54 (200-day MA)

1920

1917

1912

1910

1906

1905.90 (50-week MA)

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

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

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