Key support below is 1661, 1649-1650, 1633-1634, 1626-1627 (also the previous week's low), 1623, 1618, 1614 (20-day MA is 1513.54 and rising), 1607 (200 EMA on the 30-minute chart is 1607.02 and rising) and 1597-1600 (where May began). Market signals such as BPSPX, SPXA150R and trader complacency and lack of fear all indicate a significant market top at hand but the central banker money will not permit any downside. The thrust yesterday in the markets was due to the dollar/yen moving above 103+ (BOJ QE is weakening the yen) and the Fed's Kocherlakota basically stating full steam ahead for Fed QE. The four-week upthrust is a near parabolic move higher with the SPX jumping over 120 handles now moving upwards at a pace of 30 handles per week. These are not your Grandfather's markets. The bulls have been smart to ride the central banker bus the whole way higher. Short-sellers are on a milk carton now since no one dares go against the Fed and BOJ.
Wednesday is a key day with Chairman Bernanke speaking and also the FOMC Minutes. Pre-holiday bullishness typically occurs the day or two in front of a three-day holiday weekend (reference Keystone's Pre-Holiday Indicator on the Other Market Signals page) which is Thursday and Friday. A full moon occurs Friday and markets are typically bullish moving through the full moon (reference Keystone's Full Moon Indicator on the Other Market Signals page) so there appears nothing except blue skies ahead for the unstoppable bulls. There are nine trading days remaining in May which started at 1598. "Sell in May and Go Away," the ole Wall Street adage, is overridden by the central bankers actions as well.