Monday, February 8, 2016

SPX Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 2/8/16

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 2/8/16. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R. 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 so the 1867 level is critically important during 2016. The SPX bounced off this area in January and now has rolled over and will test the 1867-ish support again this morning.

For Monday, 2/8/16, with the SPX starting at 1880, the bulls need to push above 1913 to regain their mojo, a formidable task. The bears need to push the SPX under 1873 to accelerate the downside and this appears on tap with S&P futures down -30Trouble with Italian and other European banks and the collapse in oil prices send stocks lower. Last Friday’s Monthly Jobs Report places the potential for the second Fed rate hike coming sooner rather than later which spooks equity markets. The ECB plans on firing another money bazooka on 3/10/16 but this is one month away.

For the market bears, there is an air-pocket from 1872 down to 1848. The 1867-1868 support is strong (last August and January lows) which may try to make a stand but if the 1867-1872 fails, a move down to the 1848 support is coming. If 1848 fails, 1841 is next and if that fails another huge air-pocket down to 1808 is likely. Looking at the futures, the SPX may want to tag 1848 from the get-go and that will be a critical bounce of die decision.

The market bulls need the SPX to overtake the 1884 resistance since this will send price to 1897 and a move up through 1897 will send price to 1924. This is interesting since rallies in bear markets can be sharp and strong and these three key resistance levels are a 40-point move. The bears, however, remain in control so the 1878, 1874, 1872 and 1848 support levels are key as the week begins.

Looking at the near-term picture the strongest S/R is 1961, 1951, 1942-1943, 1924, 1897, 1884, 1878, 1874, 1872, 1848, 1841, 1808, 1803 and 1800. Note the air pockets between 1872 and 1848 and between 1841 and 1808.

The new moon peaks eight minutes after the opening bell a very odd metaphysical occurrence. Stocks are typically weak moving into and through the new moon each month and that occurred in spades on Friday into the peak new moon less than one hour away.

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

2135 (5/20/15 All-Time Intraday High: 2134.72)
2133 (7/20/15 Intraday High 2132.82)
2131 (5/21/15 All-Time 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)
2114
2110
2109
2104
2103
2102
2100
2099
2097
2094 (12/29/14 Intraday High: 2093.55)
2093
2091 (12/29/14 Closing High: 2090.57)
2089
2086
2084
2081
2080
2079 (12/5/14 Intraday High: 2079.47)
2076 (11/28/14 Intraday High: 2075.76)
2075 (12/5/14 Closing High: 2075.37)
2073 (11/26/14 Closing High: 2072.83)
2071 (11/21/14 Intraday High: 2071.46)
2069
2067
2065
2063
2061
2058
2056 (11/18/14 Intraday High: 2056.08)
2053
2052.98 (200 EMA on 60-Minute Chart a Keystone Market Turn Signal)
2050
2046.17 (50-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
2040.81 (200-day MA)
2040
2038
2034
2032
2030
2028.66 (12-month MA; a Keystone Cyclical Signal) (the cliff)
2024.71 (20-month MA)
2023
2022
2019.59 (150-day MA; the Slope is a Keystone Cyclical Signal)
2019.06 (10-month MA)
2019 (9/19/14 Intraday High: 2019.26)
2017
2011 (9/18/14 Closing High: 2011.36) (9/4/14 Intraday High: 2011.17)
2008.69 (100-week MA)
2007 (9/5/14 Closing High: 2007.71)
2006.71 (100-day MA)
2006.54 (20-week MA)
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)
1990.84 (50-day MA)
1988 (7/24/14 Closing High: 1987.98)
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
1976
1973
1970
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
1947.20 Previous Week’s High
1943
1942
1940.24 February Begins Here
1937
1936
1931
1928
1924 (5/30/14 Intraday Top: 1924.03) (5/13/14 Closing High: 1923.57)
1920
1917
1914
1913.07 Friday HOD
1912
1910.34 (150-week MA)
1910
1906
1902.05 (20-day MA)
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 (3/21/14 Intraday Top: 1883.97) (3/7/14 Intraday Top: 1883.57)
1882
1880.05 Friday Close – Monday Starts Here
1879
1878 (3/7/14 Closing High: 1878.04)
1877
1874
1873
1872.65 Friday LOD
1872.23 Previous Week’s Low
1872
1870
1868 (8/25/15 Closing Low: 1867.61)
1867 (8/24/15 Intraday Low: 1867.01)
1865
1862
1859
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
1828
1827
1824
1814 (11/29/13 Intraday Top: 1813.55)
1812 (12/9/13 Intraday Top: 1811.52)
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
1793
1791
1788
1787.69 (200-week MA)
1785
1783
1782
1781
1777
1775 (10/30/13 Intraday Top: 1775.22)
1772 (10/29/13 Closing Top: 1771.95)
1770
1768
1764.84 (50-month MA)
1763
1762
1759
1756
1752
1748
1747
1745
1740
1737
1733 (10/17/13 and 1018/13 Gap-Up: 1733.15-1736.72)
1730 (9/19/13 Intraday Top: 1729.86)
1726 (9/18/13 Closing Top: 1725.52)
1722
1720
1711
1710 (8/2/13 Intraday Top: 1709.67)
1709
1708
1706
1703
1700
1698
1697

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