SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 2/21/17

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 1/23/17. 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 print is 2351.31 on 2/16/17 and the all-time closing high is 2351.16 on 2/17/17. 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 2017, the intraday high is 2351.31 and closing high is 2351.16. For 2017, the intraday low is 2245.13 from the first trading day of the year on 1/3/17 and the closing low for the year thus far is at 2257.83 on 1/3/17. For 2016, the intraday high is 2277.53 on 12/13/16 and closing high at 2271.72 on 12/13/16. For 2016, the intraday low is 1810.10 on 2/11/16 and the closing low for 2016 is 1829.08 on 2/11/16. The intraday low in 2015 is 1867.01 on 8/24/15 and closing low for 2015 is 1867.61 on 8/25/15.

The upside orgy in stocks continue. President Trump keeps tweeting out nuggets of  bullish joy such as hinting at big tax cuts so equities rocket higher. The president tosses in a favorable comment about reducing financial regulations and banks rocket higher taking the stock market higher. President Trump, and the central bankers, sprinkle magic happy dust on the stock market each day.

US markets were closed yesterday for the Presidents Day holiday so the holiday-shortened week begins this morning (Tuesday). For Tuesday, with the S&P 500 starting at 2351.16, the highest closing number in stock market history, the market bulls need any smidge of positivity in the S&P futures and the SPX will rally several handles after the opening bell. S&P futures are up +4 about one hour before the opening bell.

The bears need to push the SPX under 2340 to accelerate the downside. A move through 2341-2350 is sideways action to begin the week.

If the bears push down through 2340, the 2321-2322 support level is next. Other lower support levels are 2311, 2304, 2296-2300 and 2289. February began at 2279 and there are six days remaining in the month. If the bears want to create a negative month, they had better get busy and start pushing south. If stocks begin selling off, and the 2296-2297 level fails, equities will flush lower to test the February starting number at 2279.

The SPX 2-hour chart is negatively diverged indicating a near-term top at hand. Ditto the low CPC and CPCE put/call ratios. The SPX daily chart is negatively diverging with overbot RSI and stochastics hinting at a top on the daily basis occurring at anytime in the coming days. The new moon peaks on Sunday and stocks are typically weak moving through the new moon. When a month is up strongly, during the last few days of the month, price typically retreats. Thus, the expectation would be for a near-term top in stocks at anytime and perhaps weakness into early next week to finish the month.

President Trump, in his braggadocio style, said a couple weeks ago that in a couple weeks he would provide details on his tax plan. Time flies when you’re having fun. It is time for the orange-headed showman to put his tax reform strategy on the table and show everyone what he’s got. No doubt the tax plan will move markets especially individual sectors. Of course if he delays the release of the plan, traders will likely not view that kindly as the president would lose credibility in what he says.

The strongest support/resistance is 2351, 2322, 2311, 2296-2300, 2289-2290, 2279, 2272, 2263, 2234, 2213, 2205 and 2194. The week begins at 2351 an epic and historic high. There are many gap-up moves occurring in stocks so these gaps will need filling at some point forward. Price takes big leaps through the 2299 to 2311 space, then 2311 to 2322, then 2322 to 2351. Note the big air pocket between 2213 and 2234.

Keybot the Quant algorithm remains bullish continuing to print epic +100 numbers. This is the maximum possible for the algorithm and hints that a multi-year top may be forming in markets currently due to these historic excessive readings. Market parameters, sentiment and euphoric activity is at historic highs. The party is in full swing with bullish traders donning lampshades on their heads, dancing on tabletops, drinking Trump wine and celebrating higher stock prices that never go down. Every day of life is a party for bullish traders.

Note: If the list below displays any blank spaces, view it in a different browser. The data is current up through 2/20/17.

2351 (2/16/17 All-Time Intraday High: 2351.31) (2/16/17 Intraday High for 2017: 2351.31) (2/17/17 All-Time Closing High: 2351.16) (2/17/17 Closing High for 2017: 2351.16)

2351.31 Previous Week’s High

2351.16 Friday HOD

2351.16 Friday Close – Tuesday Starts Here

2350

2349

2347

2343

2340

2339.58 Friday LOD

2339

2338

2336

2335

2332

2328

2326

2322

2321.42 Previous Week’s Low

2321

2319

2316

2312

2311

2308

2303.52 (20-day MA)

2301

2300

2299

2298

2297

2296.28 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2296

2293

2290

2289

2286

2285

2281

2280

2279.14 (50-day MA)

2279

2278.87 February Begins Here

2278 (12/13/16 Intraday High; 2277.53)

2277

2275

2274

2273

2272 (12/13/16 Closing High: 2271.72)

2271

2270

2269

2268

2265

2263

2260

2258 (1/3/17 Closing Low for 2017: 2257.83)

2254

2252

2249

2245 (1/3/17 Intraday Low for 2017: 2245.13)

2241

2239 (12/30/16 Closing Low: 2238.83)

2238.83 Trading for 2017 Begins Here

2238

2234 (12/30/16 Intraday Low: 2233.62)

2224.68 (20-week MA)

2218.76 (100-day MA)

2214

2213 (11/25/16 Intraday and Closing High: 2213.35)

2212

2211

2210

2209

2207

2206

2205

2202.07 (150-day MA; the Slope is a Keystone Cyclical Signal)

2202

2200

2199

2198

2195

2194 (8/15/16 Intraday High: 2193.81)

2191 (12/1/16 Closing Low: 2191.08)

2190.25 (10-month MA)

2190 (8/15/16 Closing High: 2190.15)

2187 (12/1/16 Intraday Low: 2187.44)

2185

2183

2182

2179

2178

2175

2174

2173.12 (200-day MA)

2173

2170

2169

2168.96 (12-month MA; a Keystone Cyclical Signal) (the cliff)

2166

2165

2164

2163

2160

2157

2155.23 (50-week MA)

2155

2152

2151

2150

2146

2140

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

2133 (7/20/15 Intraday High 2132.82)

2131 (5/21/15 Closing High: 2130.82)

2132

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)

2115

2114

2113

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

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

2109

2108

2107

2105

2104.99 (20-month MA)

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

2094.63 (100-week MA)

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

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

2089

2086

2085 (11/4/17 Closing Low: 2085.18)

2084 (11/4/17 Intraday Low: 2083.79)

2083

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)

2074

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

2072

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

2069

2067

2065

2064

2063

2061

2059.54 (150-week MA)

2057

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

2053

2052

2050

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

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

2042

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)

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

1978.88 (200-week MA)

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)

1953.67 (50-month MA)

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