SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 12/29/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 12/29/14. 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 2092.70 on 12/26/14 and the SPX all-time closing high is 2088.77 on 12/26/14. The bulls punch up through the 12/5/14 previous all-time highs.

For Monday with the SPX starting at 2089, the bulls need to touch the 2093 handle and bingo, the upside party will continue with an acceleration higher towards 2100. The bears need to push the SPX under 2084 to accelerate the downside. A move through 2085-2092 is sideways action to begin the week.

Rampant complacency is in the markets as shown by the low 0.73 CPC put/call ratio. The wine is flowing like water with traders in universal agreement that the Santa Claus rally now through 1/5/15 guarantees higher stock prices into the New Year. The boat is fully loaded on the bull side.

Looking at the big picture the strongest S/R in this 100-point range is 2093, 2089, 2075-2076, 2067, 2061, 2040, 2032 and 2002-2003.

The bears got nothing unless they push under 2084, if so, price will drop quickly for a test of 2079 and if that fails the sturdy 2075-2076 is next for a critical bounce or die decision. If the 2075-2076 fails, then price is going to battle at the December starting number at 2067.56 to determine if the month finishes positively or negatively come Wednesday at 4 PM EST. Price needs to back kiss the 20-day MA at 2051.58. The 2040 is extremely strong support and price needs to show this level respect. Price will also need to back test the 200 EMA on the 60-minute chart at 2044.71 and rising.

If markets drop as the CPC forecasts, despite the Santa Claus rally, the landing zone at 2032-2068 is feasible in the near term. Even if the bulls hold on for Monday and Tuesday and then Thursday and Friday (Wednesday markets are closed for New Year’s Day), at that point the top should definitely be in place for equities and the selling would be expected to already be in progress. It will be interesting to watch the battle where the  low put/calls say the top is in for stocks but the Santa Claus rally says full steam ahead. Keystone places more credence in the CPC forecasting a near-term top for stocks. 'If Santa Claus fails to call, there will be trouble for Broad and Wall' in 2015.

Monday will begin with high drama as the bulls are sitting at all-time historic highs. The Keybot the Quant algorithm remains long the market and the program is tracking VIX 14.68 as a key bull-bear line in the sand. The stock market drops if the VIX moves above 14.68. The market bulls will be happy traveling to SPX 2100 if the VIX stays under 14.68.

2093 (12/26/14 All-Time Intraday High: 2092.70) (12/26/14 Intraday High for 2014: 2092.70)

2092.70 Previous Week’s High

2092.70 Friday HOD

2089 (12/26/14 All-Time Closing High: 2088.77) (12/26/14 Closing High for 2014: 2088.77)

2088.77 Friday Close – Monday Starts Here

2084.30 Friday LOD

2082

2079 (12/5/14 Intraday High: 2079.47)

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

2075 (12/5/14 Closing High: 2075.37)

2074

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

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

2069.28 Previous Week’s Low

2069

2067.56 December Begins Here

2067

2065

2061

2060

2057

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

2054

2052

2051.58 (20-day MA)

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

2044.71 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2041

2040

2039

2038

2035

2034

2032

2030

2024

2023.80 (50-day MA)

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)

2005.83 (20-week MA)

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

2004

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

2002

2001

1999

1998

1997

1996.34 (100-day MA)

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

1982.54 (150-day MA; the Slope is a Keystone Cyclical Signal)

1982

1979

1978

1976

1973

1972.08 (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)

1954.38 (200-day MA)

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

1949

1947

1946.90 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1942

1940

1937

1936

1934.99 (50-week MA)

1931

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

1835