SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 8/22/16

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 8/22/16. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R.

For the S&P 500 in history, the all-time record high prints last Monday, 8/15/16, at 2193.81. The all-time closing high is 2190.15 on 8/15/16. The SPX has taken out the May 2015 highs after this stock market top held in place for 15 months. The bulls, that continue to remain complacent due to non-stop central banker money-printing, are correct in their cheer leading the stock market higher since new record highs keep printing. The all-time record intraday low is 666.79 (the infamous 666) on 3/6/09 and all-time closing low is 676.53 on 3/9/09.

For 2016, the intraday high for this year is the 2193.81. The closing high for this year is at 2190.15. 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 but this concern is not even on the map as equities print new all-time record highs near SPX 2200.

Keystone’s 80/20 rule says 8’s lead to 2’s so the close above 2180 at 2190 hints that 2220-plus is on the table. The SPX begins August at 2174. The SPX is up 130 points, +6.4%, above the starting year number at 2044. The central bankers saved the markets in February and the coordinated global money printing creates the multi-month rally. After the Brexit vote in late June, the BOE promises stimulus as far as the eye can see creating the spurt higher in stocks over the last month. The BOJ, PBOC and ECB also plan to keep on printing easy money to make the wealthy wealthier. Weak China data kept the stock market elevated last week since the PBOC will provide more easy money. The central bankers are the market.

For the new trading week ahead, Monday, 8/22/16, with the S&P 500 beginning at the important 2183-2184 pivot level, the bulls need to push above 2194 to create an upside acceleration that guarantees 2200+. Upside price action can be assessed at the 2188, 2190 and then 2194 levels.

For the bears, the SPX will need to fall under 2175 to accelerate the downside. The 2175-2178 confluence provides support for price. If it fails, 2169 is next then 2164 where the critical 200 EMA on the 60-minute chart is at 2164. This level determines who is the winner in the near-term; currently it is the bulls. A move through 2176-2184 is sideways action to begin the week. 

The CPCE put/call ratio remains at uber lows verifying market complacency and a near-term market top at hand. The top can occur any minute any day forward and since the CPCE already printed one other low a few days earlier, the stock market top is likely at hand right now, say early this week. The drop in the S&P 500 would be expected to be from 40 to 200 handles over the next month; a 40 to 100-handle drop is easily doable.

Fed Chair Yellen provides a speech at noon time Friday, 8/26/16, from Jackson Hole, Wyoming, USA, where all the world's who's-who in economics, business and central banks meet in a rural atmosphere. Markets are going to likely move significantly on Friday afternoon, either way up in a rally as Yellen flaps her dovish wings as usual, or, stocks may collapse if Yellen expresses hawkishness (that a rate hike will occur in September). She will likely hint that one hike will occur before the end of the year (December) to try an keep that thinking alive. This may reinforce the status quo.

Since Yellen will be spewing on Friday, there is a nice window open for bears early in the week and into mid-week. Typically, when there is a Fed meeting or event, stocks rally but the Fed events are usually a Tuesday or Wednesday rather than all the way at the end of the week on a Friday afternoon. Thus, the bears have to be given a slight advantage going into the new week of trading. The move down in stocks may be fast and sharp. Take the low put/call ratio serious.

Looking at the near-term picture the strongest price support/resistance is 2194, 2190, 2188, 2186, 2183-2184, 2174-2178, 2169, 2164, 2156-2157, 2152, 2135 and 2131. The bulls do not have a care in the world unless the 200 EMA on the 60-minute at 2164 fails; if this level fails, stocks will begin dropping in earnest. As long as price is above 2156, the bulls are in control of the stock market for the hours and days ahead. The test at 2164 which will likely occur this week will be an epic and important test and bounce or die decision for the stock market.

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

2194 (8/15/16 All-Time Intraday High: 2193.81) (8/15/16 Intraday High for 2016: 2193.81)

2193.81 Previous Week’s High

2190 (8/15/16 All-Time Closing High: 2190.15) (8/15/16 Closing High for 2016: 2190.15)

2188

2186

2185

2185.00 Friday HOD

2184

2183.87 Friday Close – Monday Starts Here

2183

2182

2178

2175.80 (20-day MA)

2175.13 Friday LOD

2175

2174

2173.60 August Begins Here

2173

2170

2169

2168.50 Previous Week’s Low

2165

2164

2163.70 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2160

2157

2156

2152

2135 (5/20/15 Intraday High: 2134.72)

2134.64 (50-day MA)

2133 (7/20/15 Intraday High 2132.82)

2131 (5/21/15 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

2113

2111 (4/20/16 Intraday High: 2111.04)

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

2109

2108

2106.91 (20-week MA)

2105.14 (100-day MA)

2105

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

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

2102 (4/20/16 Intraday High: 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 (11/21/14 Intraday High: 2071.46)

2069

2067.51 (10-month MA)

2067

2065

2064

2063

2061

2058.70 (20-month MA)

2057

2056.21 (12-month MA; a Keystone Cyclical Signal) (the cliff)

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

2053.60 (150-day MA; the Slope is a Keystone Cyclical Signal)

2053

2052

2050.34 (200-day MA)

2050

2049.56 (100-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

2041.98 (50-week MA)

2040

2038

2034

2032

2030

2023

2022

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

2017

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

1995

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

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

1990.68 (150-week MA)

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

1973

1970

1969

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

1943

1942

1937

1936

1931

1928

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

1920

1917

1914

1912

1910

1906

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

1884.18 (200-week MA)

1884 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)

1882

1879

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

1877

1874

1873

1872

1870

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

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

1865

1862

1859 (1/20/16 Closing Low: 1859.33)

1856.31 (50-month MA)

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

1829 (2/11/16 Closing Low for 2016: 1829.08)

1828

1827

1824

1820

1816

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

1812 (12/9/13 Intraday Top: 1811.52) (1/20/16 Intraday Low: 1812.29)

1810 (2/11/16 Intraday Low for 2016: 1810.10)

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