Keystone's 80/20 rule says 8's lead to 2's so the breach of 1980+ opened the door to 2020+ but price topped out at 1991 a couple weeks ago and rolled over. The high last week was 1985 so for the next five days, 1985-1986 is formidable overhead resistance. Price has fallen through the 20 and 50-day MA's. The 200 EMA on the 60-minute is 1962 and failed last week igniting substantial market downside. A back kiss of the 200 EMA will occur at some point forward probably on the recovery rally move.
The month of Augst begins at 1931 so jot that number down and watch it as the month draws to an end. Interestingly, the month of August has five Sunday's and five Saturday's which does not happen often. For Monday, with the SPX starting at the 1924-1925 support, the 1931 resistance is in play and 1937 R. If 1937 gives way, price will run to 1942 then decide if a further run higher is warranted to test the important 1949-1954 (50-day MA at 1953.61) resistance zone.
The bears need any amount of weakness, to push under the 1924-1925 support and price will seek a test of Friday's low at 1916 again. The 20-week MA at 1911.94 and 100-day MA at 1910.97, along with horizontal support, create a support gauntlet at 1910-1912. If this fails, price will seek 1902. The 150-day MA teams up with horizontal support to create strong support at 1884. The support cluster at 1848-1858 is key since if that fails, the SPX will go negative on the year. The 12-month MA at 1852.52 is extremely important since if that level fails, equities can remain weak for months and probably a year or two locking in a substantial cyclical bear pattern.
If the 20-week MA at 1911.94 fails, a move to the 50-week MA at 1829.90 is on the table and the 50-week has not been touched in over 2 years highly unusual market behavior (a reversion to the mean is desperately needed). Key S/R is 1991, 1988, 1985-1986, 1976, 1973, 1968, 1963, 1960-1961, 1949-1950, 1924, 1912, 1902, 1897, 1891, 1884, 1878, 1872-1874, 1848, 1841, 1831, 1828, 1808, 1803 and 1800.