As this is typed about 1:30 PM EST, the SPX is up 29 points, +1.5%, to 1981. The VIX is down to 19.41 at the LOD, under 20 and at six-week lows so lower volatility creates bull fuel. Price ran up through the strong 1961 and 1965 resistance. The SPX then overtakes the 200 EMA on the 60-minute chart at 1957 which signals bullish markets for the hours and days ahead. This 1957 level is critical and a huge feather in the bull's cap. Watch to see if price comes down for a back kiss to make sure that up is the direction to go.
The SPX continued higher this morning through 1973 and 1978 strong resistance so watch these levels as support going forward. Note the strong 1985-1988 gauntlet of resistance a major battle ground for bulls and bears. We can call it 1983-1988 and the HOD price is 1982.74 receiving a spank down on the first attempt to bust up through the gauntlet. This 1983-1988 level is key where bears stay in the game and can cause a retreat if they keep price below 1983. Bulls win big above 1988 with 2000+ then on the table. The battle between bulls and bears will rage on between 1983 and 1988.