SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 5/23/16

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 5/23/16. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R.

For 2016, the intraday high for this year is 2111.05 on 4/20/16 and the closing high for this year is 2102.40 on 4/20/16. The intraday low for this year is 1810.10 on 2/11/16 and the closing low thus far this year is 1829.08 on 2/11/16. 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. Obviously, a failure under the 1810-1868 zone would lead to a catastrophic path ahead for stocks.

The SPX has exploded higher over the last three months due to the central banker intervention especially the BOJ, ECB and Federal Reserve. The highs for the year thus far printed on Wednesday, 4/20/16, one month ago. The SPX topped at the 2110-2114 resistance area and then retreated. Note how price got tangled up in the closing and intraday highs from last November and last December and did not have the energy to move up through; at this time. The 2102 R is very strong and important. If 2102 gives way to the upside new all-time highs may be coming. Pay close attention to the 2110-2116 resistance zone; this would be the last chance area for bears to stop the stock market from marching towards new all-time highs. Bulls will throw confetti and drink Fed wine if the SPX moves above 2116.

The VIX remains under the 200-day MA so the bears are not a huge threat to the bulls. The SPX is attacking the important 200 EMA  on the 1-hour chart at 2058.74. This is a very critical level for price. The market bulls will rejoice with a strong rally higher if 2059 is taken out. The market bears must fortify positions and prevent 2059 with all their might. The SPX under the 200 EMA on the 60-minute chart at 2059 signals bearish markets for the hours and days ahead. Thus, it is imperative for the bulls to push above 2059 to prove they got the beans to take equities higher. Market bears will win if SPX fails to climb above 2059.

The full moon peaked for the month yesterday and stocks are typically bullish moving through the full moon. Markets are closed next Monday, Memorial Day, 5/30/16, so stocks may be buoyant to end the week. Typically, stocks are bullish the two days in front of a three-day holiday weekend. Thus, only based on seasonality factors, stocks may be elevated to begin the week, then sluggish mid-week say Tuesday to Thursday, and then rally into the holiday weekend on Thursday and Friday.

The SPX began May at 2065 so this level is key for the days ahead. The month ends, EOM, on Tuesday when traders return from the holiday on Monday. There are only 6 trading days remaining in May and 2065 determines if the month finishes positively or negatively.

The SPX begins Monday at 2052 eight points above the starting year number at 2044. The bulls need to push above 2058-2059 to accelerate the upside. The bears need to push under 2042 to accelerate the downside. A move through 2043-2057 is sideways action for Monday.

If the SPX pushes up through 2052-2053 resistance, price will tackle the 2057-2061 resistance gauntlet which is extremely strong. Bulls would win big above 2061.

If the bears push under the 2038-2042 support floor, 2032 will occur very quickly, then price will bounce or die. If price continues lower under 2032, the very strong 2024-2029 support gauntlet is in play. If 2024 fails, bad things will happen to the stock market and the 2K level is likely on tap.

Looking at the near-term picture the strongest price support/resistance is 2110-2114, 2102 (extremely strong resistance; if 2102 gives way new all-time highs are likely), 2094, 2089, 2079-2084, 2074, 2072, 2067, 2061, 2057, 2046, 2042, 2032, 2022, 2019, 2011, 2002, 1997, 1993 and 1985-1988.

Note: If the list below displays any blank spaces, view it in a different browser.

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)

2116 (11/3/15 Intraday High: 2116.48)

2114

2111 (4/20/16 Intraday High for 2016: 2111.05)

2110 (11/3/15 Closing High; 2109.79)

2109

2104 (12/2/15 Intraday High: 2104.27)

2103 (12/2/15 Closing High: 2102.63)

2102 (4/20/16 Closing High for 2016: 2102.40)

2100

2099

2097

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

2093

2092

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

2089

2086

2084

2083

2081

2080

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

2077

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

2071.88 Previous Week’s High

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

2069

2067

2065.30 May Begins Here

2065

2064.58 (20-day MA)

2064

2063

2061

2060.54 (50-day MA)

2058.74 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2058.35 Friday HOD

2057

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

2053

2052.32 Friday Close – Monday Starts Here

2052

2050

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

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

2043.94 Trading for 2016 Begins Here

2042

2041.88 Friday LOD

2040.87 (20-month MA)

2040

2038

2034

2032

2030

2029.37 (100-week MA)

2026.06 (12-month MA; a Keystone Cyclical Signal) (the cliff)

2025.91 Previous Week’s Low

2024.43 (50-week MA)

2023

2022

2019.53 (150-day MA; the Slope is a Keystone Cyclical Signal)

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

2017

2014.58 (10-month MA)

2011.07 (200-day MA)

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

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

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

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

2002

1998

1997

1996.72 (100-day MA)

1995

1994.10 (20-week MA)

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

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

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

1987

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

1977