SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 1/20/15

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 1/20/15. 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. The high for this year is 2072.36 and the low for this year is 1988.12.

For Tuesday as the holiday-shortened week of trading begins with the SPX starting at 2019, the bulls only need one point in the futures to create an upside acceleration above 2020 after the opening bell. If the bulls can find one point they will send the SPX immediately to the 2024 resistance for a bounce or die decision. If price continues higher, 2032 is next then 2037-2038. The bears need to push the SPX under 1988 to accelerate the downside a formidable task so instead bears will focus on holding the line at the 2018-2020 resistance. A move through 1989-2019 is sideways action to begin the week.

The CPC put/call ratio was down under 0.75 forecasting the selloff in stocks  which occurred, and then the CPC moved above 1.20 looking for a recovery rally which occurred. The CPC is at 0.91 now continuing to stay in the complacency camp since global traders are worry-free placing all their trust in central bankers. Markets are moving choppy sideways which chews up bulls and bears alike.

Tomorrow, Tuesday, 1/20/15, at 8:14 AM EST, a new moon peaks and markets are typically weak moving through the new moon; last month stocks did not follow this guideline that is correct about two-thirds of the time for each month. Stocks usually move in the opposite direction of OpEx Friday for the start of the following week so that is another feather in the bear’s cap (Friday’s trend was up). Also, over the last year stocks have tended to rally into the holiday’s then once traders return they sold off. Of course the bearish leanings can be immediately dissolved by central banker positive news.

Tomorrow evening, President Obama’s State of the Union speech is on tap and markets are typically in a good mood the next day since lots of promises are made to spend taxpayer money. Thus, sprinkling some voodoo dust on the seasonality vibrations, stocks would be expected to be bearish on Tuesday and then rally either late-day Tuesday into the State of the Union or on Wednesday after the president promises a chicken in every pot. The stocks that reflect the areas where the president wants to spend money will rally and typically take the broad indexes higher on Wednesday.

Price bounced off the 1988 level last week and that is not surprising considering the confluence of strong support at 1982-1993. The 10-month MA is at 1984 and since price was only four points away, you would expect price to come down and show this important moving average some respect. The 20-week MA at 2015 is very important and price decides to bounce or die from here to begin the week. Stocks should weaken considerably if 2015 is lost. If the bulls remain above 2015, they can continue building upside strength. The SPX is under the 200 EMA on the 60-minute chart at 2037 signaling bearish markets for the hours and days ahead. Bulls got nothing unless they achieve 2037 and higher. Bears are fine despite any rally that may occur as long as the rally does not take the SPX above 2037.

Looking at the big picture, the strongest S/R is 2094, 2091, 2088, 2082, 2079, 2075-2076, 2067, 2061, 2046, 2040, 2038, 2032, 2024, 2018-2019, 2011, 2002-2003, 1998, 1988, 1985-1986 and 1982.

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

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)

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

2069

2067

2065

2064

2062 (1/8/15 Closing High for 2015: 2062.14)

2061

2058.90 January Begins Here

2058.90 Trading for 2015 Begins Here

2057

2056.93 Previous Week’s High

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

2054

2049.10 (20-day MA)

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

2045.99 (50-day MA)

2041

2040

2039

2038

2037.02 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2035

2034

2032

2030

2024

2020.46 Friday HOD

2019.42 Friday Close – Tuesday Starts Here

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

2018

2016

2017

2016

2014.61 (20-week MA)

2014

2011 (9/18/14 Closing High: 2011.36) (9/4/14 Intraday High: 2011.17)

2009

2007.46 (100-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

1995

1993 (1/15/15 Closing Low for 2015: 1992.67)

1992.36 (150-day MA; the Slope is a Keystone Cyclical Signal)

1992

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

1988.12 Friday LOD

1988.12 Previous Week’s Low

1988 (7/24/14 Closing High: 1987.98) (1/16/15 Intraday Low for 2015: 1988.12)

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

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

1983.80 (10-month MA; a major market warning signal)

1983

1982

1979

1978

1976

1973

1970

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

1966.46 (200-day MA)

1965

1964.15 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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)

1949.20 (50-week MA)

1949

1947

1946

1942

1940

1937