S&P 500 Index key levels to Watch this week

If you're trying to figure out the stock market's next moves, watch the S&P 500 Index. Last Friday marked a crucial point, with the index dipping to 5,930. This is the line you don't want to cross. Slipping below means we're below the 50-day moving average again and likely heading further south. Falling past this 5,930 mark breaks the trendline for the second time, and you'll probably see more pressure to dip below the post-FOMC low — that's your second critical level.

Things might get dicey from there, but if the selling picks up speed, I'd start eyeing the 200-day moving average as a target for early January 2025. Here's the bottom line: don't hurry to jump in at the start of January. We need some clarity on where the market's headed first.