THE SETUP

We start the week with the VIX trading at about 15% below its 10 day SMA, which is way way oversold and hence I normally don't expect much upward action by the equity market indexes.
The 2 day RSI is also telling us to take profits as it now shows a mid 80 number.

In addition, the SPX is trading about 7 points below its 50 day SMA, which if one looks closely at the chart, one can see the 50 day SMA had provided excellent support for the SPX until the recent market decline. The adage is that prior support becomes overhead resistance on the flip flop.

So now we sit between the 50 and the 200 and the 50 is downwardly sloped hence my guess is that it will act as strong initial resistance if we can climb up to it.