SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 1/5/15

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 1/5/15. 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 2093.55 on 12/29/14 and the SPX all-time closing high is 2090.57 on 12/29/14.

For Monday with the SPX starting at 2058, the bulls need to push above 2072 and bingo, the upside party will continue with an acceleration higher towards 2100. The bears need to push the SPX under 2046 to accelerate the downside. A move through 2047-2071 is sideways action to begin the week. S&P futures are down -10 which will place price in the neighborhood of the 2046 support for a test. If 2046 fails, an important test at 2038-2040 will follow quickly. The 50-day MA is 2037.66.

The Santa Claus rally fizzled over the last three days so 'Santa Claus has failed to call on Broad and Wall' (barring a huge upside recovery on Monday). The near-term market top was an easy call a few days ago with the low CPC and CPCE put/call ratios and negatively diverged SPX hourly and minute charts. The CPC now pops above 1.20 so you must be on guard for a near-term recovery rally. With a lower open set for Monday, today would be a candidate for a near-term bottom and recovery bounce. Markets are typically bullish through the full moon which occurred on the weekend.

Looking at the big picture the strongest S/R is 2094, 2091, 2088, 2082, 2079, 2075-2076, 2067, 2061, 2057, 2054, 2040, 2038, 2032, 2024, 2018, 2011 and 2002-2003.

2094 (12/29/14 All-Time Intraday High: 2093.55)

2093.55 Previous Week’s High

2093

2091 (12/29/14 All-Time Closing High: 2090.57)

2089

2088

2086

2082

2080

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)

2072 (1/2/15 Intraday High for 2015: 2072.36)

2072.36 Friday HOD

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

2069

2067

2065

2061

2060

2058.90 January Begins Here

2058.90 Trading for 2015 Begins Here

2058.20 Friday Close – Monday Starts Here

2058 (1/2/15 Closing High for 2015: 2058.20)

2057

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

2054

2052.89 (20-day MA)

2052.20 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2052

2046.04 Friday LOD

2046.04 Previous Week’s Low

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

2041

2040

2039

2038

2037.66 (50-day MA)

2035

2034

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)

2010.99 (20-week MA)

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)

2002.23 (100-day MA)

2002

2001

1999

1998

1997

1995

1993

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

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

1987.68 (10-month MA; a major market warning signal)

1986.69 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

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

1983

1982

1979

1978

1976

1973

1970

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

1967.38 (12-month MA; a Keystone Cyclical Signal) (the cliff)

1965

1964

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

1962

1961

1960

1958.65 (200-day MA)

1958

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

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

1949

1947

1942

1940

1939.38 (50-week MA)

1937

1936

1931

1928

1925

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

1920

1917

1912

1910

1906

Note Added 9:34 AM: Price plummets to test SPX 2046 support in the opening minutes. Bounce or die time.