SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 2/11/18

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for the trading week of 2/12/18. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R.

The all-time record high print for the S&P 500 is 2872.80 on 1/26/18 and the all-time closing high is 2872.80 on 1/26/18. 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 2018, the intraday high and closing high is 2872.80. The negative market action took out the lows for the year which printed on the first day of trading for 2018 on 1/2/18. For 2018, the intraday low is 2532.69 (12-month MA 2532) on 2/9/18 and the closing low for this year thus far is at 2581.00 on 2/8/18.

Former Federal Reserve Chairman Bernanke implemented QE1 in March 2009 to save the US stock market and protect the wealthy elite class that own large stock portfolios. Nine years later, the global central bankers continue colluding and coordinating their Keynesian monetary policies sending world stock markets to all-time record highs in January 2018. The central bankers are the market.

Retail investors got caught up in the daily stock market news hype and bought equities with both hands into the euphoric joy on 1/26/18. That was the peak of the party. Sucker Joe Sixpack shows up to hold the bag as usual. It has been two weeks of down ever since 1/26/18 with the Dow logging two down days in excess of 1,000 points last week; the biggest drops in stock market history.

The SPX sold off hard due to the rampant complacency and fearlessness in markets as indicated by the low VIX and low CPC and CPCE put/call ratios. Stocks have been spanked down due to the complacency and the spike in the VIX created a catastrophic failure in short-volatility products that exacerbated the selling. The put/call ratios have spiked to levels that now indicate a tradeable bottom developing and nibbling on stocks on the long side can begin.

Pundits proclaim that stocks sold off due to the bump higher in the annual wage number in last Friday’s job report which they say indicates that inflation is rising. The majority of market participants say that inflation is finally appearing and started throwing bonds and notes overboard like crazy (lower note and bond prices higher yields). The 10-year yield is teasing resistance at 2.87%-2.89%. Keystone continues to think that inflation is Godot.

On Wednesday, the CPI (Consumer Price Index) inflation data drops at 8:30 AM EST and this will be an epic market event. Treasury yields will react wildly. The PPI data drops on Thursday morning. Stock market fans and groupies are already sleeping out in front of the CPI inflation tent ahead of the Wednesday morning release. The CPI inflation data on hump day morning will be an epic data point that tells market participants if inflation is the path ahead, or, if disinflation and deflation remain the chosen way forward.

Wednesday is also the day for lover’s Valentine’s Day so don’t forget your honey or you will spend the evening with Fido in the garage. Ash Wednesday is also on tap that starts the Holy season of Lent. Easter is six weeks away. A partial solar eclipse takes place on Thursday and the new moon peaks for the month at 4:05 PM EST on Thursday a few minutes after the closing bell. Stocks are typically weak moving through the new moon each month.

The lunar eclipse occurred on 1/31/18, which was also the peak for the full moon this month. Stocks are typically bullish through the full moon each month. The stock market basically topped out right on the lunar eclipse event. What drama is in store for the partial solar eclipse this week?

Retail Sales are key on Wednesday. Manufacturing data is key on Thursday with the Philly Fed, Empire and Industrial Production releases. On Friday, the key Housing Starts number hits and then Consumer Sentiment one-half hour after the opening bell.

The stock market is closed for the President’s Day holiday on Monday, 2/19/18. Stocks are typically bullish the two days in front of a three-day holiday weekend so equities may be buoyant later in the week into next weekend. It is interesting since new moon weakness will be fighting holiday joy on Thursday and early Friday.

The stock market is trading on emotion currently. Wild swings are occurring in each direction due to the elevated volatility. These intraday and day to day price swings will continue as long as the VIX remains elevated. Price is pivoting at the key moving averages (MA’s) as highlighted in the list below so focus on these levels as key support and resistance.

The S&P 500 begins the week at 2620. The strongest support/resistance for the SPX (S&P 500) is 2660, 2639-2653 resistance gauntlet, 2634-2635, 2625-2630, 2620, 2606, 2601, 2595-2597, 2575-2588 support gauntlet, 2564-2567, 2560, 2551, 2548, 2539-2541, 2532-2535.

On the bull side, the key is moving above 2639-2640 which will create upside joy. Watch the 100-day MA at 2639-2640, 6-month MA at 2643 and 20-week MA at 2652-2653.

On the bear side, the key is to push down through 2606 and 2601 which sets up the test of that important and strong 2575-2588 support gauntlet. The 150-day MA is 2581. If the 2575-2588 fails, watch the 10-month MA at 2564. If this fails, markets are in very serious trouble and will be sucked lower. If 2564 fails, the 200-day MA support at 2539 is next. If 2539 fails, a test of the extremely critical 12-month MA at 2532 is on tap. This is Keystone’s “cliff edge.” If SPX 2532 fails, stocks will remain weak for many months and likely the next year or two. If 2532 fails, as they say in Brooklyn, “It’s ovah.”

If you find this key stock market technical information (that is not available elsewhere) useful, flip the sofa cushions over, rummage through the kitchen junk drawer and search under the car mats for loose change. Send that booty in to support and continue The Keystone Speculator, Keybot the Quant and Keystone the Scribe blog sites.

Note: If the list below displays any blank spaces, view it in the Google Chrome browser. If you experience any difficulties viewing the blog sites or in disabling Adblock, you have to view the sites in Google Chrome. The data is current up through 2/11/18.

3020

3000

2890

2880

2873 (1/26/8 All-Time Intraday High: 2872.80) (1/26/18 Intraday High for 2018: 2872.80) (1/26/18 All-Time Closing High: 2872.80) (1/26/18 Closing High for 2018: 2872.80)

2874

2871

2867

2854

2853

2851

2849

2848

2846

2845

2842

2839

2838

2836

2835

2833

2832

2831

2825

2824

2823.81 February Begins Here

2822

2818

2816

2813

2810

2809

2808

2807

2806

2803

2802

2799

2798

2793

2788

2786

2785

2778

2776

2775.27 (20-day MA)

2770

2769

2768

2763.39 Previous Week’s High

2763

2760

2759

2759

2753

2751

2749

2748

2749

2748

2746

2743

2740.27 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)

2738

2736

2731

2729

2728

2724

2719.13 (50-day MA)

2719

2714

2713

2700

2698

2696

2696

2695 (12/18/17 Intraday High: 2694.97)

2693

2688

2686

2683

2682

2681

2679

2676

2674 (12/29/17 Intraday Low; 2673.61)

2672

2670

2668

2666

2665 (12/4/17 Intraday High: 2665.19)

2664

2663

2662

2661

2660

2659

2658

2657

2653 (12/13/17 Intraday Low: 2652.85)

2652.51 (20-week MA)

2652

2651

2649

2648

2646

2645

2644

2643.20 (6-month MA)

2642

2641

2640

2639.50 (100-day MA)

2639

2638.67 Friday HOD

2637

2635

2634

2630

2629

2628

2627

2626

2625

2620

2619.55 Friday Close – Monday Starts Here

2606

2605 (12/1/17 Intraday Spike Low: 2605.52)

2601

2600

2599

2597 (11/7/17 Intraday High: 2597.02)

2595

2591

2588

2585

2584

2581 (2/8/18 Closing Low for 2018: 2581.00)

2580.92 (150-day MA; the Slope is a Keystone Cyclical Signal)

2580

2579

2578

2575

2573

2569

2567

2566

2564

2563.63 (10-month MA)

2560

2555

2551

2549

2548

2545

2544 (10/25/17 Intraday Low: 2544.00)

2541

2540

2539.26 (200-day MA)

2538

2535

2534

2532.69 Friday LOD

2532.69 Previous Week’s Low

2532 (2/9/18 Intraday Low for 2018: 2532.69)

2531.94 (12-month MA; a Keystone Cyclical Signal; the cliff)

2530

2529

2521

2520

2519

2512.36 (50-week MA)

2512

2510

2508

2507

2503

2500

2497

2496

2491 (8/8/17 Intraday High: 2490.87)

2488 (9/25/17 Intraday Low: 2488.03)

2484 (7/27/17 Intraday High: 2484.04)

2483

2482

2481 (8/7/17 Closing High: 2480.91)

2480

2478 (7/27/17 Closing High: 2477.83)

2477

2476

2475

2472

2469

2468

2465

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

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

2450

2448

2445

2443

2442

2441

2439

2438

2436

2434

2431

2429

2428

2426

2423

2422

2419

2417 (8/21/17 Intraday Low: 2417.35)

2416

2415

2412

2406

2405.12 (20-month MA)

2404

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

2400

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

2394

2390

2389

2387

2382