The SPX needs to back test the 20-day MA at 1918.07, and rising, and each day that passes this need increases. This is also the center band of the standard deviation bands which needs touched since price has violated the upper band. The 1923 is very strong support so if that fails a test of the 20-day MA is guaranteed. In a day or two the 20-day will be at the strong 1923 support which would set up an important bounce or die price test from this confluence.
The 8 MA is below the 34 MA on the SPX 30-minute chart signaling bearish markets for the hours ahead, however, the 8 MA is 1934.46, the 34 MA is 1936.39 and price is 1936.16, so the bulls may be able to create a positive 8/34 cross, and, if so, the bears will fold like a cheap suit. The bears must maintain the negative 8/34 cross on the 30-minute and this will be tested tomorrow morning. Bulls will win if price remains at 1936 moving higher. Bears will win if price drops below 1934 and moves lower.
The SPX is above the 200 EMA on the 60-minute at 1909.97 signaling bullish markets for the hours and days ahead. This multi-day indicator shows the bulls remaining in control. The market bears need to push price under 1910 to signal sustainable and extended downside selling. In general, bulls are fine above 1910.
For the SPX for Monday starting at 1936, the bulls only need one point higher, to push up through 1937 and price will quickly accelerate to the moderate resistance levels at 1940 and 1942. A push through 1942 sends price higher to test the strong 1949 resistance. Watch to see if the S&P futures are positive overnight, if so, the bears are in trouble.
The bears need to push the SPX under 1928 to accelerate the downside. There is a confluence of support at 1923-1929. If price loses 1928, the test of the critical 1923-1924 support occurs next. The 20-day MA will likely be up towards this 1923 level at that time as well. The bounce or die decision from 1923-1924 will be extremely important. Failure at 1923-1924 will send price to 1910-1912 for another critical support test that determines the sustainable and extended path forward for markets. This is why bulls remain fine above 1910-1912. Below 1910-1912 is where the bears take firm hold of the markets. Failure at the 200 EMA at 1910 will quickly send price into the 1800's. A move through 1929-1936 is sideways action to begin the week.
Markets may idle sideways until the FOMC Rate Decision, Forecasts and Press Conference on Wednesday starting 2 PM EST. Fed Chair Yellen will take Q&A after she reads the tablets brought down from on high telling the markets how to trade. The Fed, BOJ and other central bankers are the market. Housing Starts on Tuesday morning are very key. Equities may create a major market pivot point on Wednesday afternoon which creates a multi-day and multi-week path forward.