The indicators are not yet overbought and still look positive imo. I think the next test for this market will be at that 800 level and if we get over that 50 ema and start to see that 20 ema curl up then we could be looking quite bullish. We will see what happens but I think starting the week off with a bullish bias is appropriate.
Economic data this week includes:
Monday- Empire Manufacturing, Net Long Term TIC flows, Capacity Utilization, Industrial Production
Tuesday- Building Permits, Housing Starts, PPI
Wednesday- CPI, Current Acct. Balance, FOMC rate decision
Thursday- Jobless Claims, Leading Indicators, Philly Fed
As for Monday, like I said, I want to be a buyer of pullbacks as long as the 20ema on the 15min is uptrending and we are trading above the daily pivot. That pivot is at 749.25 and should dictate the trend of the day from the get go. Trade safe.