SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 2/8/16

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 2/8/16. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The intraday low in 2015 was 1867.01 on 8/24/15 and intrayear closing low for 2015 was 1867.61 on 8/25/15 so the 1867 level is critically important during 2016. The SPX bounced off this area in January and now has rolled over and will test the 1867-ish support again this morning.

For Monday, 2/8/16, with the SPX starting at 1880, the bulls need to push above 1913 to regain their mojo, a formidable task. The bears need to push the SPX under 1873 to accelerate the downside and this appears on tap with S&P futures down -30. Trouble with Italian and other European banks and the collapse in oil prices send stocks lower. Last Friday’s Monthly Jobs Report places the potential for the second Fed rate hike coming sooner rather than later which spooks equity markets. The ECB plans on firing another money bazooka on 3/10/16 but this is one month away.

For the market bears, there is an air-pocket from 1872 down to 1848. The 1867-1868 support is strong (last August and January lows) which may try to make a stand but if the 1867-1872 fails, a move down to the 1848 support is coming. If 1848 fails, 1841 is next and if that fails another huge air-pocket down to 1808 is likely. Looking at the futures, the SPX may want to tag 1848 from the get-go and that will be a critical bounce of die decision.

The market bulls need the SPX to overtake the 1884 resistance since this will send price to 1897 and a move up through 1897 will send price to 1924. This is interesting since rallies in bear markets can be sharp and strong and these three key resistance levels are a 40-point move. The bears, however, remain in control so the 1878, 1874, 1872 and 1848 support levels are key as the week begins.

Looking at the near-term picture the strongest S/R is 1961, 1951, 1942-1943, 1924, 1897, 1884, 1878, 1874, 1872, 1848, 1841, 1808, 1803 and 1800. Note the air pockets between 1872 and 1848 and between 1841 and 1808.

The new moon peaks eight minutes after the opening bell a very odd metaphysical occurrence. Stocks are typically weak moving into and through the new moon each month and that occurred in spades on Friday into the peak new moon less than one hour away.

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2135 (5/20/15 All-Time Intraday High: 2134.72)

2133 (7/20/15 Intraday High 2132.82)

2131 (5/21/15 All-Time Closing High: 2130.82)

2130 (6/22/15 Intraday High 2129.87)

2129

2128 (7/20/15 Closing High: 2128.28)

2126 (4/27/15 Intraday High: 2125.92)

2124 (6/23/15 Closing High: 2124.20)

2123

2121 (4/24/15 Intraday High: 2120.92)

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

2118 (4/24/15 Closing High: 2117.69)

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

2114

2110

2109

2104

2103

2102

2100

2099

2097

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

2093

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

2089

2086

2084

2081

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)

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

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

2069

2067

2065

2063

2061

2058

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

2053

2052.98 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2050

2046.17 (50-week MA)

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

2044 (12/31/15 Closing High: 2043.94)

2043.94 Trading for 2016 Begins Here

2042

2040.81 (200-day MA)

2040

2038

2034

2032

2030

2028.66 (12-month MA; a Keystone Cyclical Signal) (the cliff)

2024.71 (20-month MA)

2023

2022

2019.59 (150-day MA; the Slope is a Keystone Cyclical Signal)

2019.06 (10-month MA)

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

2017

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

2008.69 (100-week MA)

2007 (9/5/14 Closing High: 2007.71)

2006.71 (100-day MA)

2006.54 (20-week MA)

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

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

2002

1998

1997

1995

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

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

1990.84 (50-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

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

1980

1979

1978

1976

1973

1970

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

1965

1964

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

1961

1958

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

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

1949

1948

1947.20 Previous Week’s High

1943

1942

1940.24 February Begins Here

1937

1936

1931

1928

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

1920

1917

1914

1913.07 Friday HOD

1912

1910.34 (150-week MA)

1910

1906

1902.05 (20-day MA)

1902 (5/13/14 Intraday Top: 1902.17)

1901

1897 (5/13/14 Closing High: 1897.45) (4/4/14 Intraday Top: 1897.28)

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

1880.05 Friday Close – Monday Starts Here

1879

1878 (3/7/14 Closing High: 1878.04)

1877

1874

1873

1872.65 Friday LOD

1872.23 Previous Week’s Low

1872

1870

1868 (8/25/15 Closing Low: 1867.61)

1867 (8/24/15 Intraday Low: 1867.01)

1865

1862

1859

1855

1851 (1/15/14 Intraday Top: 1850.84)

1849 (12/31/13 Intraday High Top for 2013: 1849.44)

1848 (1/15/14 Closing High: 1848.38) (12/31/13 Closing High for 2013: 1848.36)

1846

1845

1843

1841

1840

1839

1835

1831

1828

1827

1824

1814 (11/29/13 Intraday Top: 1813.55)

1812 (12/9/13 Intraday Top: 1811.52)

1809 (12/9/13 Closing Top: 1808.37)

1808

1807 (11/27/13 Closing Top: 1807.23)

1806

1803

1801

1800

1799 (11/18/13 Intraday Top: 1798.82)

1798 (11/15/13 Closing Top: 1798.18)

1796

1793

1791

1788

1787.69 (200-week MA)

1785

1783

1782

1781

1777

1775 (10/30/13 Intraday Top: 1775.22)

1772 (10/29/13 Closing Top: 1771.95)

1770

1768

1764.84 (50-month MA)

1763

1762

1759

1756

1752

1748

1747

1745

1740

1737

1733 (10/17/13 and 1018/13 Gap-Up: 1733.15-1736.72)

1730 (9/19/13 Intraday Top: 1729.86)

1726 (9/18/13 Closing Top: 1725.52)

1722

1720

1711

1710 (8/2/13 Intraday Top: 1709.67)

1709

1708

1706

1703

1700

1698

1697