Today, the SPX pokes up through Friday's high at 1878 so price pops immediately to 1881 thus far. The 1882 level offers mild resistance with the strong overhead resistance level at 1884. There are nine trading days including today remaining in May and May began at 1884. A move up through 1884 will then target 1891.
The bears need to push under the strong 1878 support level to set up a test of the important 1874 support gauntlet. Bad things will happen to equities if the SPX loses 1874. The 200 EMA on the 60-minute chart at 1873.54 (in real-time as this is typed) is a critical bull-bear level that will usher in lasting negativity if it fails.
The 20-day MA is 1879.38 and 50-day MA is 1867.88 as the new week of trading is underway. Immediately you realize that the fight today is at the 20-day. Bulls win above 1879-1880. Bears win below 1879-1880. Bulls win big above 1884. Bears win big below 1874. Use the 20-day and 50-day MA bracket as an upper and lower range as well to gauge market direction moving forward; 1879 on top and 1868 on the bottom. The SPX is currently printing 1878.77 with price banging and testing the ceiling door at 1879.38; will it open, or not? The VIX and the SPX are both up today so one of them is wrong.
Note Added 10:39 AM: The SPX HOD is 1881.66 so the mild 1882 resistance is holding thus far. The important and strong 1884 R is so close that the presumption is that price has to at least take a look and touch today to see if it has the juice to move up through, or not. The SPX is printing 1879.97 with the 20-day MA at 1879.48; the fight at the 20-day MA continues.