Looking at the chart to the left you can see that the 800 level has been very important support/resistance going back to October and at the same tiem we got up to it last week the indicators below seem to be running out of steam and rolling back over. However, the reason I think we will not see fresh lows and just a retracement is because we are now ABOVE the 20 and 50 day ema's. I think last week was the first weekly close above both averages in the chart. This will provide support for the coming pullback. The 20 day ema stands at 781.
Economic data this week includes:
Tuesday- Consumer Confidence, Case Shiller Home Price Index, Chicago PMI
Wednesday- ADP Employment, Construction Spending, ISM Index, Pending Home Sales, Auto and Truck Sales
Thursday- Jobless Claims, Factory Orders
Friday- Jobs Report, ISM Services
Overall, I want to start out the week neutral and see where this market wants to go. The jobs data this week should be important but remember its all about expectations. As for Monday the pivot is at 814.50 and I would look for a half gap fill in the morning followed by a primary downtrend intraday to short into. Trade safe.