If we rally thru that resistance then the next few months should be a fairly bullish time for the markets. I drew a fibonacci retracement form the move down from early Feb. to early March and the 127.2% extension of that move shows us at 930 and the 161.8% extension shows us at 1002 on the SPX. These are just potential areas where the market could rally to into the summer months in my opinion if the current rally continues. Using fibonacci extensions is a useful way to look for price targets based on the prior move.
Economic data this week is light and includes:
Tuesday- Consumer Credit
Wednesday- Wholesale Inventories
Thursday- Jobless Claims, Trade Balance
For Monday I want to have a bullish bias and look for the 830s to hold as support as the market perhaps makes a trip into the 850s. The pivot is at 835.25 on the ES futures and price is at 841 right now as I type. If this market can grind higher above this area then I would fully expect to see 876 this week. Below the 830 area and I would be looking for a bit more of a pullback into the low 800s. But my bias is higher. Trade safe.