SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 4/27/15

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 4/27/15. 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 2120.92 on 4/24/15 and the SPX all-time closing high is 2117.69 on 4/24/15. The low for this year is 1980.90 which identifies the starting point of the huge February rally a stick-save created by the global central bankers.

For Monday with the SPX starting at 2118, the bulls only need three points, to touch the 2121 handle and bingo, a multi-handle upside acceleration will occur into the mid 2120’s. Bears need to push under 2113 to accelerate the downside. A move through 2114-2120 is sideways action to begin the week. The SPX began the year at 2059 so stocks are positive on the year up +2.9%. April began at 2068 so the month is currently positive with four trading days remaining; Thursday, 4/30/15 is EOM (end of month).

The bulls are punching out new highs fueled by the collusion of the global central bankers. The ECB is juicing the markets with QE (quantitative easing). The Federal Reserve will likely not announce the first rate hike until September, perhaps not until 2016, so the easy money party continues. Last week, China announced the triple R cut for banks which blew the market bears out of the water before the Monday bell could ring to begin the week. Lower triple R’s permit the Chinese banks to lend more which stimulates the economy and sends stocks higher. The market bulls simply need 2121 and higher and the party continues.

On the lower side, the market bears must push down through the strong 2117 support and then through Friday’s low at 2113 to get their mojo back. The failure at 2113 will immediately test the strong 2110 support for a bounce or die decision. If 2110 ruptures, price will next target 2104 S. Note the strong support gauntlet at 2089-2091. Bears can start to create damage if this area fails.

There are four days remaining in April which began at 2068 and note the support cluster at 2065-2068. Considering the ominous forecast for stocks with the low CPCE put/call ratio (see previous chart), a price move down to 2065-2068 is a realistic possibility for the week ahead and this lower price level may serve as a magnet for the SPX during the middle and late week of trading. Consumer Confidence hits on Tuesday and the FOMC Announcements and GDP is out on Wednesday so there is high drama ahead.

Looking at the big picture the strongest S/R is 2121, 2120, 2118, 2117, 2110, 2104, 2091, 2081, 2076, 2067, 2061, 2046, 2040, 2038, 2032, 2030, 2023, 2019, 2011, 2002-2003, 1997-1998, 1993, 1988, 1985-1986 and 1982. The SPX moves choppy sideways through 1990-2120 for the last six months with price now at the top of the range. Stocks will slide lower if 2110 fails. The situation will grow bleaker if 2104 fails. Markets will begin deteriorating dramatically if 2089-2091 fails and market mayhem will begin if 2065-2068 fails.

2121 (4/24/15 All-Time Intraday High: 2120.92)

2120.92 Previous Week’s High

2120.92 Friday HOD

2120 (2/25/15 Intraday High: 2119.59)

2118 (4/24/15 All-Time Closing High: 2117.69)

2117.69 Friday Close – Monday Starts Here

2117 (3/2/15 Closing High: 2117.39)

2115

2113

2112.80 Friday LOD

2111

2110

2108

2107

2105

2104

2103

2101

2100

2099

2097

2094 (12/29/14 Intraday High: 2093.55)

2091.44 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2091 (12/29/14 Closing High: 2090.57)

2089.67 (50-day MA)

2089.56 (20-day MA)

2089

2084.11 Previous Week’s Low

2082

2081

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

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

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

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

2072

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

2069

2068.00 (20-week MA)

2067.89 April Begins Here

2067

2066.55 (100-day MA)

2065

2063

2061

2058.90 Trading for 2015 Begins Here

2057

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

2054

2052

2050

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

2041

2040

2039.63 (150-day MA; the Slope is a Keystone Cyclical Signal)

2038

2034

2033.59 (10-month MA; a major market warning signal)

2032

2030

2024

2023.35 (200-day MA)

2023

2021

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

2018.31 (12-month MA; a Keystone Cyclical Signal) (the cliff)

2018

2016

2014

2012

2011.85 (50-week MA)

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

2001

1999

1998

1997

1995

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

1992

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

1981 (2/2/15 Intraday Low for 2015: 1980.90)

1979

1978

1976

1973

1970

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

1965

1964

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

1962

1961

1960

1958