SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/22/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/22/14. 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. The bulls move the SPX into the all-time high range last week but could not create a new all-time intraday high and could not create a new all-time closing high only a whisker away.

For Monday with the SPX starting at 2071, the bulls need to touch the 2078 handle and a strong upside acceleration will occur well into the 2080’s. The bears need to push the SPX under 2061 to accelerate the downside. A move through 2062-2077 is sideways action to begin the week.

Traders quickly turn complacent after Fed Chair Yellen provided more dovish talk last week to boost the stock market. Long traders universally expect the bullish December seasonality to kick in with a strong finish to the end of the year; the boat is fully loaded on the bull side. The previous CPC put/call ratio chart, however, verifies the complacency in place which typically identifies a near-term top. The SPX moved through an astonishing 106-handle range last week from 1972-2078.

Price should back kiss the 20-day MA at 2049 and rising. The 2040 is extremely strong support/resistance, now support, and price blew up through on the Yellen goose. It would be prudent for 2040 to be back tested as well as the December starting number at 2068. Price will also need to back test the 200 EMA on the 60-minute chart at 2034. This creates a landing zone at 2034-2040 for an important bounce or die decision.

Monday will begin with high drama as the bulls are a stone’s throw away from new all-time historic highs. The 2073, 2075-2076, 2078 and 2079 levels all offer strong resistance. On the down side, the 2065-2068 level is strong support, then 2061 then 2057.

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

2077.85 Previous Week’s High

2077.85 Friday HOD

2077

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

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)

2070.65 Friday Close – Monday Starts Here

2070

2069

2067.56 December Begins Here

2067

2065

2061.03 Friday LOD

2060

2057

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

2054

2052

2051

2049

2048.65 (20-day MA)

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

2041

2040

2039

2038

2035

2034

2033.70 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

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

2007.59 (50-day MA)

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

2001

1999

1998

1997.97 (20-week MA)

1997

1995

1993

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

1990.17 (100-day 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)

1983

1982

1979

1978

1977.35 (150-day MA; the Slope is a Keystone Cyclical Signal)

1976

1973

1972.56 Previous Week’s Low

1970.27 (10-month MA; a major market warning signal)

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)

1950.02 (200-day MA)

1949

1947

1945.39 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1942

1940

1937

1936

1931

1930.06 (50-week MA)

1928

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