Economic data this week to watch for includes Tuesday's Pending Home Sales, Wednesday's Wholesale Inventories. Thursday we get Initial Claims and Trade Balance. Friday brings PPI, Retail Sales, Business Inventories, and Sentiment.
Overall I think it is crucial to wait for a close over 900 on the SPX to confirm the bullishness in this current rally. Lots of shorts are still waiting to cover in this market and a close over 900 could trigger just that. The large falling wedge would also be broken out of above that level. Of course we can still pullback a bit into the current pattern and consolidate a bit longer but I think something is building here that you cannot ignore. Again watch 900-915 to confirm strength this week.