The Fed's easy money is powerful and does not permit markets to correct. The SPX is above the 200-day MA, now at 1637.46, for one-year's time, an unprecedented occurrence. Price always checks back to the 200-day, from above or below, every few months time, at a minimum, but not in these markets. The Fed stimulus is too powerful. For Monday, the bulls only need a smidge of green in the overnight futures and the upside party will continue with an 1800 print for the first time in history and a run towards 1810. The bears must push under the strong support at 1791 to accelerate the downside selling. A move through 1792-1798 is sideways action for Monday.
Strong support below is 1791 and 1775 with very strong support at 1772. The 1756-1763 area is a confluence of support and serves as an important gauntlet moving forward. Bulls will not be concerned about any market pull back as long as they stay above the 1745-1763 zone. Everything is coming up roses for the bulls. If the BOJ weakens the yen further, the market melt-up will continue. Bears need to hold under 1800, otherwise, price will start to seek the 1820's.