SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 7/31/17

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 7/31/17. 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 2484.04 on 7/27/17 and the all-time closing high is 2477.83 on 7/26/17. 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 2484.04 and closing high is 2477.83. 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 SPX price remains above the 20-day MA above the 50-day MA above the 100 above the 150 above the 200. Ditto with the weekly chart with the 20-wk MA above the 50-wk MA above the 100 above the 150 above the 200. The moving average ribbons are stretched to the upside indicating that price needs a mean reversion lower. The S&P 500 has not touched the 20-week MA, now at 2404, since last November when President Trump was elected. The 20-week MA will need back tested as well as the 50-week MA at 2297 at some point forward.

The Federal Reserve finally acknowledges the lack of inflation last week. This hints that the Fed will not raise rates again this year but the FOMC sticks to its projection of at least one more hike this year. The bond market does not expect a rate hike until March 2018. After this development last Wednesday, 7/26/17, the US dollar fell lower to a 93-handle sending commodities such as oil, copper and gold higher, and commodity and energy stocks higher, which in turn sends the broad indexes to new all-time highs. The central bankers are the market.

As the US dollar index pops, the euro drops. This causes angst across the pond since the stock indexes in Europe will drop if the euro rises. ECB President Draghi will talk down the euro which should create a relief rally in the US dollar. Draghi plans to attend Jackson Hole Economic Forum 8/24/17-8/26/17 and will speak. Draghi’s speech in 26 days will move markets.

For Monday, 7/31/17, the end of the month (EOM), the bulls are going to register another winning month. July began at 2423 so the bulls should be able to remain above here to close out the month. The monthly charts receive new data points after the Monday trade.

The bulls need to push up through 2474-2475 and the door is open to test 2478 resistance the all-time closing high. If 2478 is taken out then price will seek 2484 the all-time high. The S&P 500 printed above 2480 but did not yet close above 2480. Keystone’s 80/20 Rule says 8’s lead to 2’s and 2’s lead to 8’s. If the SPX closes a day or two above 2480, the pathway is open to the 2520-2530 level. Thus, the bears need to make a stand now if they want to create market negativity.

The market bears need to push the SPX under that 2464-2465 support level and price will then seek the 2459-2461 support. If this level fails, an important knock-down drag-out big-time decision is on tap at the 2449-2454 support gauntlet which includes the record highs from June, the 20-day MA at 2452 and the very important short-term market signal the 200 EMA on the 60-minute at 2451. If 2451 fails, the stock market will be in trouble and begin falling like a rock. A move through 2465-2473 is sideways action for Monday, 7/31/17. Generally, the bulls are not worried about any little pull back unless the SPX drops below 2454.

The strongest support/resistance is 2484, 2478, 2475, 2473, 2468, 2464-2465, 2459-2461, 2453-2454, 2449-2450, 2442-2443, 2436, 2431, 2428, 2419, 2415-2416, 2412, 2404, 2400-2401 and 2394-2396.

Note: If the list below displays any blank spaces, view it in a different browser. The data is current up through 7/30/17.

2484.04 Previous Week’s High

2484 (7/27/17 All-Time Intraday High: 2484.04) (7/27/17 Intraday High for 2017: 2484.04)

2483

2482

2481

2480

2478 (7/27/17 All-Time Closing High: 2477.83) (7/27/17 Closing High for 2017: 2477.83)

2477

2476

2475

2474

2473.53 Friday HOD

2473

2472.10 Friday Close – Monday Starts Here

2472

2468

2465

2464.66 Friday LOD

2464

2461

2460

2459.93 Previous Week’s Low

2459

2457

2456

2454 (6/19/17 Intraday High: 2453.82)

2453 (6/19/17 Closing High: 2453.46)

2451.76 (20-day MA)

2450.55 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2450

2449

2446

2443

2442

2439

2436

2435.19 (50-day MA)

2434

2432

2431

2428

2426

2423.31 July Begins Here

2423

2419

2416

2415

2412

2406

2404.24 (20-week MA)

2404

2402.16 (100-day MA)

2401 (3/1/17 Intraday High: 2400.98)

2400

2396 (3/1/17 Closing High: 2395.96)

2394

2390

2389

2387

2382

2380

2378

2375

2373

2370

2369.49 (150-day MA; the Slope is a Keystone Cyclical Signal)

2368

2365

2363

2361

2359

2357

2356

2355

2353

2351

2349

2345

2343

2342

2340

2338

2336

2335

2329

2326.05 (10-month MA)

2322.26 (200-day MA)

2322

2311

2300

2299.98 (12-month MA; a Keystone Cyclical Signal; the cliff)

2299

2298

2297

2296.69 (50-week MA)

2296

2293

2290

2289

2286

2285

2281

2280

2279

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)

2214

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

2212

2211

2210

2209

2207

2206

2205

2202

2200.53 (20-month MA)

2200

2199

2198

2195