Friday was a 17-point swing in the SPX with bears attacking the 1990-1991 support but unable to stab down through. Therefore, the bulls ran with the ball and close at a new all-time high at 2007. Looking big picture, the 2002-2003 is very strong support that would lead to 1998 if it fails. If 1998 fails, the bears will give another try to break down through the strong 1990-1991 support. The 1885-1991 zone is a formidable support gauntlet. The bulls are on easy street above 1991. A bull-bear fight occur between 1885-1991 and bears win going forward sub 1885. The 1973 will be on tap if 1985 fails.
The SPX is above the 20-day MA above the 50-day above the 100 above the 150 above the 200 so the moving average ribbon is extended or now becoming extended with a mean reversion on tap now or soon (a market top and roll over to the downside). The early August bottom was at 1905 and note that the 10-month MA is now at 1907 so if price revisits those lows and the 10-month fails, the markets will be in serious trouble. For now, the bulls are on easy street injecting Fed heroin into their veins and buying stocks.
The bulls will win big if the Sunday overnight futures are green. If the bears can maintain market negativity into the Monday opening bell, the initial downside support targets are 2005, 2002-2003, 1998 and then 1990-1991.