The SPX lost the important 20-day MA at 1644.81 opening the door to a test of the 50-day MA support at 1599.64. The 20 may serve as a ceiling and 50 as a floor, for a range of 1600-1645 as the bulls and bears fight it out in the coming days. This is the first week in several that price did not print any new all-time intraday or closing highs. Key S/R is 1649-1650, 1644.81 (20-day MA), 1634, 1630-1631, 1630.15 (200 EMA important bull-bear danger line in the sand), 1626-1627, 1618, 1614, 1599.64 (50-day MA), 1597-1600 support and 1593.
For Monday, starting at 1631, the bears only need to see a smidge of negativity in the futures and the downward acceleration will continue with a test of 1626-1627 in quick order. The bulls need to keep the futures positive overnight Sunday into Monday morning and also trying to retrace Friday's losses after the opening bell. A move through 1631-1658 is sideways action to begin the new week of trading. Watch the support levels closely since these are the logical areas where price will recover. The BOJ and Fed are the stock market. Thus, watch the dollar/yen on Sunday evening. If the dollar/yen moves higher to 100.40 and higher (weaker yen), markets will yell Banzai! and head higher bouncing off the 1630-1631 support. If the dollar/yen moves lower, under 100.40 and lower, the futures should remain red and the week will begin on a negative vibe. China PMI was a touch better than expected today but the HSBC number, as well as other Asia PMI's, and Europe PMI's, all hit before the U.S. open and will impact the futures.