We propose a theory of how situational activation of values evokes positive and negative feelings. In conjunction we present a re-conceptualization of Schwartz’ et al. (J Personal Soc Psychol 103:663–688, 2012. https://doi.org/10.1037/a029393) value set including additional values. In our new value set, we posit contrastive values having opposite values and central values having no opposite values. As a consequence, balanced access to salient opposite contrastive values and maximal access to central values evoke the strongest positive and weakest negative feelings. Study 1 shows, as hypothesized, that contrastive values form a circumplex structure with central values located inside its periphery. Study 2 supports theoretically derived hypotheses of how positive and negative feelings are evoked by different degrees of access to values, salience of opposite values, and centrality of values.