spxThe S&P 500 finds itself at a critical juncture right here. It’s sitting right at the convergence of 3 important levels: The 50-dma (1679.53), the uptrend that began in mid-November, and the May highs (past resistance is future support). Of course, all of this is within the context of an “ending diagonal.” Clearly, this is a very important level traders are watching carefully.