Price peaks at 1870 last week only a couple points away from creating a positive month for April. April began at 1872.34. There are 8 trading days remaining in the month. Flying at 40,000 feet, the big picture S/R is 1897, 1891, 1884, 1878, 1874, 1868, 1859, 1848, 1841, 1831, 1828, 1808, 1803, 1800, 1796 and 1791. Flying even higher for the even bigger picture, 1897, 1874, 1848, 1841 and 1803 are the uber-important support and resistance levels. Therefore, watch 1874 like a hawk today. The 1848 number is the strongest S/R level on the entire list and the starting number for the year, thus, very basically, bulls are well in control above 1848 while bears will take over the steering wheel sub 1848.
For Monday starting at 1865, the bulls need to touch the 1870 handle and bingo, an upside acceleration will occur. The bears need to push under 1857 to create a downside acceleration. A move through 1858-1869 is sideways action to begin the week. The 20-day MA is 1858.51 and serves as a major bull-bear line in the sand for early this week. The 50-day MA at 1851.16 is also key moving forward. Volume may be light as traders nurse a percolating stomach full of ham, beer, eggs, peeps, chocolate and jelly beans.
Note Added 9:52 AM: The bulls push price higher to test the strong 1868 overhead resistance, and punch up through. This opens the door to a test of the 1872-1874 area unless the bears can immediately spank price lower under 1868.
Note Added 9:54 AM: SPX 1867.64...1864.67 .... 1867.93... a fight at 1868 S/R begins the week.... 1868.33 ....
Note Added 10:04 AM: Leading Indicators beat at +0.8% providing a market boost. SPX jumps through 1868 resistance, now support and attacks the 1870 handle. If 1870 plus prints, price goes to 1872-1874 for a major decision. Above 1874 and a test of the all-time highs is very likely. Bears have to hold the fort at this critical 1870-1874 level and push price lower.