The SPX prints a new all-time intraday high at 1924.03 and new all-time closing high at 1923.57. The Dow ended the day a hair away from printing new all-time highs. TRAN is printing new all-time highs.
For Monday, the bulls only need a smidge of green in the overnight S&P futures, which will send the SPX above 1924, and the upside orgy will continue to 1930. The bears need to push under 1917 to create a downside acceleration. A move through 1918-1923 is sideways action to begin the week. A new month begins (June begins at 1923.57 so write this number down for reference over the next four weeks) and markets are typically positive during the first days of a new month. China PMI released a few hours ago is better than expected which may create a boost to equities. The European PMI's will hit in the morning as well as the ISM Mfg Index in the States.
Key support below is 1924, 1920, 1912, 1901-1902, 1897 and 1891. Flying at 40,000 feet above it all, the big picture support is 1924, 1897, 1884, 1878, 1848 and 1841. A back kiss of the 1912 support level, an important break-out area, and the 20-day MA at 1890.07, and rising, is expected moving forward. Price is violating the upper standard deviation banks on the SPX daily chart for five consecutive days which typically forecasts a move back to the middle band which is the 20-day MA.
The bulls have near-term momo on their side so even after any pull back over the next day or two, price should come back up to test current levels again as the next several days play out where the charts should then set up for more substantive downside. With Draghi set to bring the tablets down from on high on Thursday morning and announce the ECB stimulus program, markets may simply idle sideways for the first-half of the week. If equities sell off they will probably recover into Wednesday afternoon as traders await for King Draghi, one of the central bankster interventionists, to dictate how global markets move.