SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 11/24/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 11/24/14. 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 2071.46 on 11/21/14 and the SPX all-time closing high is 2063.50 on 11/21/14.

For Monday with the SPX starting at the all-time closing high at 2064, the bulls need 7 points of upside to print above 2071.50 and an upside acceleration will occur towards 2080. The market bears need to push 7 points lower under 2057 to accelerate the downside. A move through 2058-2071 is sideways action to begin the week. S&P futures are +5 a couple hours before the opening bell.

The parabolic move higher in stocks continues fueled by the global central banker collusion. Last Friday, the ECB and PBOC performed a tag-team approach to further goose the global stock markets. The central bankers are the market. 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.

The 2071.50 is the magic number for bulls that will send price to 2080. If 2080 is taken out, Keystone’s 80/20 rule says 8’s typically lead to 2’s, and 2120 would be on the table. The stock market euphoria is at fevers pitch with the VIX under 13, the put/call ratio’s printing multi-week and month lows and the CBOE SKEW high (think of these indicators from a contrarian perspective). The BPSPX is well above 70% now so the upside rally is confirmed with a double whammy buy signal (which is more of a coincidental and lagging indicator). The low put/call ratios and high SKEW are flashing caution signs.

Price needs to back kiss the 20 and 50-day MA’s moving forward; especially the 20. The 20-day MA is 2026 and 50-day MA 1980. November begins at 2018 so this level is key come Friday and determines if another positive month prints, or not. The monthly charts receive new prints on Friday; EOM.

2071.46 Previous Week’s High

2071.46 Friday HOD

2071 (11/21/14 All-Time Intraday High: 2071.46) (11/21/14 Intraday High for 2014: 2071.46)

2064 (11/21/14 All-Time Closing High: 2063.50) (11/21/14 Closing High for 2014: 2063.50)

2063.50 Friday Close – Monday Starts Here

2057

2056.75 Friday LOD

2056

2054

2053

2052

2051

2049

2046 (11/13/14 Intraday High: 2046.18)

2042

2041

2040 (11/14/14 Closing High: 2039.82)

2039

2038

2035

2034.46 Previous Week’s Low

2034

2032

2031

2030

2025.59 (20-day MA)

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

2009.93 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

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

1995

1993

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

1980.16 (50-day MA)

1980

1979.64 (20-week MA)

1978

1976.37 (100-day MA)

1976

1973

1970

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

1965

1964

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

1962

1961

1960

1958

1956.06(150-day MA; the Slope is a Keystone Cyclical Signal)

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

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

1949

1948.74 (10-month MA; a major market warning signal)

1947

1942

1940

1937

1936

1931

1930.74 (200-day MA)

1928

1926.53 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1925

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

1920

1917

1912

1911.07 (50-week MA)

1910

1906

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

1837

1835