SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/15/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/15/14. 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 2002, the bulls need to retrace Friday’s loss and push above 2032 to create an upside acceleration; a formidable task. Instead, bulls will be focused on pushing financials, copper and the NYA Index higher and volatility lower which will stop the market bleeding. The bears closed the SPX at the low last week so any smidge of negativity in the S&P futures will create a downside acceleration towards the low 1990’s and note the strong support at 1985-1991. The 1992 level is the first 38% Fibonacci retracement as highlighted in a previous chart. A move through 2003-2031 is sideways action to begin the week.

Despite the selling last week with the SPX down -3.5%, traders remain complacent and convinced that positive seasonality will kick in for a happy finish to the end of the year. The SPX tumbled 74 handles last week from the intraweek high at 2076 down to 2002.

The VIX is above 20 showing an increase in worry but the CPC and CPCE put/calls have not yet spiked as high as would be expected to create a firm near-term bottom. Tax loss selling and the lower oil prices lead to market weakness last week. As mentioned last weekend, the boat was fully loaded to the bull side so the euphoria tipped it over.

The 50-day MA is 2000.75 and rising so it will be at 2001-2002 for Monday in line with the strong support at 2002-2003 and where price begins the week. The stakes are high from the get-go Monday since price must pivot one way or the other from 2002-2003 identifying the winner. If the S&P futures are negative and the bears win at the opening bell, watch the 1998 support which would likely give way, then 1985-1991 support gauntlet should provide very sturdy support for price. The 100-day MA is 1987.96 and moving sideways and the 20-week MA is 1990.70. If the bulls win above 2003, then price will seek 2005-2007 quickly and then move up to test the strong 2011 resistance for a bounce or die decision.

Going forward watch the 2040 level above as this is extremely strong S/R and will likely play a key role sometime in December or January. If price comes up and is rejected at 2040, the stock market has likely placed a multi-year top a la 2000 and 2007. As the month ends, the 2068 may come into play where December began, however, the bears appear to be enjoying a new found strength after last week. If the 1985-1991 support gauntlet fails, markets will move strongly lower. The year started at 1848 with 12 days of trading remaining in the month, EOM, and quarter, EOQ4, and half, EOH2, and year, EOY.

Housing Starts are key on Tuesday morning and the FOMC rate decision and Fed Chair Yellen's press conference as well as Greece elections are on Wednesday. This week is OpEx week so Monday's are typically buoyant and a Tuesday low typically leads to a Wednesday high.

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

2077

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

2075.78 Previous Week’s High

2075 (12/5/14 All-Time Closing High: 2075.37) (12/5/14 Closing High for 2014: 2075.37)

2074

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

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

2070

2069

2067.56 December Begins Here

2067

2065

2060

2057

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

2055.01 (20-day MA)

2054

2052

2051

2049

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

2041

2040

2039

2038.15 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2038

2035

2034

2032.35 Friday HOD

2032

2030

2024

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)

2009

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

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

2004

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

2002.33Friday Close – Monday Starts Here

2002.33 Friday LOD

2002.33 Previous Week’s Low

2002

2001

2000.75 (50-day MA)

1999

1998

1997

1995

1993

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

1990.70 (20-week MA)

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

1987.96 (100-day MA)

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

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

1983

1982

1979

1978

1976

1973

1972.77 (150-day MA; the Slope is a Keystone Cyclical Signal)

1970

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

1965

1964

1963.44 (10-month MA; a major market warning signal)

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

1946.23 (200-day MA)

1942

1940

1939.70 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1937

1936

1931

1928

1925.27 (50-week MA)

1925

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

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

1837