There are seven days remaining in September trading so keep an eye on 2003.37 as the month draws to a close. Seasonality-wise, the week after OpEx in September is down 80% of the time so the bears are salivating for some revenge in the week ahead. The new moon hits about 1:15 PM EST on Tuesday afternoon and equities are typically bearish moving through the new moon. So the bears are grabbing for any straws to help claw their way back and stop the unstoppable market upside. Volatility is very important. Bears need VIX above 12.38 to create market weakness, otherwise, they got nothing. Bulls will send equities higher if VIX stays under 12.38.
The 2002-2003 support level is very strong so bulls are fine above this level. The 1988 support is very strong since it forms a confluence with important moving averages. The 1985-1986 support is formidable. This is a strong barricade and even if the bears punch down through 2002-2003 and 1988 the 1985-1986 level will put up a big fight. In general, bulls are fine above 1988. Bears will growl strongly and create market mayhem under 1985.