SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/8/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/8/14. 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 2079.47 on 12/5/14 and the SPX all-time closing high is 2075.37 on 12/5/14.

For Monday with the SPX starting at 2075, the bulls need to touch the 2080 handle and bingo, the SPX will accelerate well into the 2080’s and begin setting sights on 2100. The market bears need to push below the strong 2071 to accelerate the downside. The 2073 is very strong support so if that fails then the 2071 will likely give way in quick order. A move through 2072-2079 is sideways action to begin the week. A strong gauntlet of support sits at 2065-2068 where price will bounce or die.

On the top side, if the SPX hits 2079.50 it will hit 2080 and the bullish party will continue. The universal consensus is for higher stocks into New Years. Traders are already drinking Fed wine, smoking ECB and BOJ crack and injecting PBOC heroin, all in drunken stupors starting the end of year celebration early. The boat is fully loaded and tilting to the starboard side so much so that the deck chairs are sliding from the port side into the bullish revelers. Everyone is partying like its 1999. The CPC put/call is in the 0.7’s, the VIX in the 11’s; complacency rules.

In early December, tax loss selling typically occurs so the bears have a small feather in their caps. The full moon was on Saturday morning and stocks are typically bullish moving through the full moon so that may provide lift at the start. The daily and hourly charts are favoring bears with negative divergence so markets may top out early in the week and sell off into mid month as Fed Chair Yellen speaks on Wednesday, 12/17/14, where the path to the end of the year will appear. For now the bull side of the boat is tilting further and further towards the water; there is no one remaining on the bear side. Bulls need 2080 to wave the victory flag. Bears need to push under 2071 to begin the week as the winner.

The 20-day MA is 2055.19 and rising and price has not back kissed this support for a very long 31 days. Price desperately needs to revert back for a test of the 20-day.

2079 (12/5/14 All-Time Intraday High: 2079.47) (12/5/14 Intraday High for 2014: 2079.47)

2079.47 Previous Week’s High

2079.47 Friday HOD

2077 (12/5/14 All-Time Closing High: 2075.37) (12/5/14 Closing High for 2014: 2075.37)

2076 (11/28/14 Intraday High: 2075.76)

2075.37Friday Close – Monday Starts Here

2075

2074

2073 (11/26/14 Closing High: 2072.83)

2071 (11/21/14 Intraday High: 2071.46)

2070.81 Friday LOD

2070

2069

2067.56 December Begins Here

2067

2065

2057

2056 (11/18/14 Intraday High: 2056.08)

2055.19 (20-day MA)

2052

2051

2049.57 Previous Week’s Low

2049

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

2041

2040

2039

2038

2036.30 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2035

2034

2032

2031

2030

2025

2024

2023

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

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

1995

1993.57 (50-day MA)

1993

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

1989.50 (20-week MA)

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

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

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

1984.92 (100-day MA)

1983

1982

1980

1978

1976

1973

1970.74 (10-month MA; a major market warning signal)

1970

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

1967.52 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

1947

1945.79 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1942

1941.56 (200-day MA)

1940

1937

1936

1931

1928

1925

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

1922.05 (50-week MA)

1920

1917

1912

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