Saturday, September 20, 2014

SPX S/R Support, Resistance, Moving Averages and Other Important Levels for Trading the Week of 9/22/14

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 9/22/14. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. The SPX all-time intraday high is 2019.26 on 9/19/14 and the SPX all-time closing high is 2011.17 on 9/18/14. The bulls are relentless and merciless against the bears. The non-stop stock market upside is fueled by perpetual central banker easy money. ECB President Draghi announces a European-style QE program two weeks ago and promises far more QE in 2015, the Fed is dovish last week with Chair Yellen promising ZIRP Forever, the PBOC pumps the Chinese banks and economy with stimulus late last week and of course BOJ Governor Kuroda works overtime each day printing yen. The weak yen sends the dollar/yen pair above 109 and creates continued highs in Japan and US stock markets.

For Monday with the SPX starting at 2010, the bulls need to move above 2019 to create an upside acceleration that will quickly tag 2022. The bears need to push under the 2007 support to accelerate the downside. A move through 2008-2018 is sideways action to begin the new week of trading.

There are seven days remaining in September trading so keep an eye on 2003.37 as the month draws to a close. Seasonality-wise, the week after OpEx in September is down 80% of the time so the bears are salivating for some revenge in the week ahead. The new moon hits about 1:15 PM EST on Tuesday afternoon and equities are typically bearish moving through the new moon. So the bears are grabbing for any straws to help claw their way back and stop the unstoppable market upside. Volatility is very important. Bears need VIX above 12.38 to create market weakness, otherwise, they got nothing. Bulls will send equities higher if VIX stays under 12.38.


The 2002-2003 support level is very strong so bulls are fine above this level. The 1988 support is very strong since it forms a confluence with important moving averages. The 1985-1986 support is formidable. This is a strong barricade and even if the bears punch down through 2002-2003 and 1988 the 1985-1986 level will put up a big fight. In general, bulls are fine above 1988. Bears will growl strongly and create market mayhem under 1985.

2019 (9/19/14 All-Time Intraday High: 2019.26) (9/19/14 Intraday High for 2014: 2019.26)
2019.26 Previous Week’s High
2019.26 Friday HOD
2013
2012
2011 (9/18/14 All-Time Closing High: 2011.36) (9/18/14 Closing High for 2014: 2011.36) (9/4/14 Intraday High: 2011.17)
2010.40 Friday Close – Monday Starts Here
2010
2009
2007 (9/5/14 Closing High: 2007.71)
2006.59 Friday LOD
2006
2005 (8/26/14 Intraday High: 2005.04)
2004
2003 (8/29/14 Closing High: 2003.37)
2003.37 September Begins Here
2002
1999
1998
1997
1995
1993
1991 (7/24/14 Intraday Top: 1991.39)
1988.50 (20-day MA)
1988.30 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
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)
1982
1980
1978.48 Previous Week’s Low
1978
1976
1975.43 (50-day MA)
1973
1970
1968 (6/24/14 Intraday Top: 1968.17)
1964
1963 (6/20/14 Closing High: 1962.87)
1961
1960
1959
1958
1956 (6/9/14 Intraday Top: 1955.55)
1955.33 (20-week MA)
1951 (6/9/14 Closing High: 1951.27)
1950.42 (100-day MA)
1949
1947
1942
1940
1937
1936
1931
1929
1928
1925
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1923
1920.26 (150-day MA; the Slope is a Keystone Cyclical Signal)
1920
1917
1912
1910
1907.49 (10-month MA; a major market warning signal)
1907
1902 (5/13/14 Intraday Top: 1902.17)
1901
1897 (5/13/14 Closing High: 1897.45) (4/4/14 Intraday Top: 1897.28)
1894
1893.01 (200-day MA; not tested for 22 months extremely odd behavior)
1891 (4/2/14 Closing High: 1890.90)
1889
1886.44 (12-month MA; a Keystone Cyclical Signal) (the cliff)
1886
1885
1884 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)
1882
1880
1879
1878 (3/7/14 Closing High: 1878.04)
1877
1874
1872.91 (50-week MA)
1872
1871
1868
1867
1865
1862
1859
1855
1853
1852
1851 (1/15/14 Intraday Top: 1850.84)
1849 (12/31/13 Intraday High Top for 2013: 1849.44)
1848.36 Trading for 2014 Begins Here
1848 (1/15/14 Closing High: 1848.38) (12/31/13 Closing High for 2013: 1848.36)
1846
1845
1843
1842
1841

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