Economic data this week includes:
Tuesday- Trade Balance
Wednesday- Retail Sales, Business Inventories
Thursday- Jobless Claims, PPI
Friday- CPI, Empire Manufacturing, Net Long Term Tic Flows, Michigan Sentiment, Capacity Utilization, Industrial Production
Three sectors have rallied us since March; Banks, tech, and energy. If these sectors continue to work then we should continue higher. We need 2 of 3 of these sectors to push us higher if the rally is to continue. So far so good, but pullbacks are healthy in bull markets so I wouldn't mind to see one soon. Whether it comes this week or not, you need to be expecting it at least because this feels like we are at a baseball game and the seventh inning stretch completed a few innings ago.
For Monday, I want to start with a bullish bias and stay long biased as long as the ES futures stay over the daily pivot which happens to be at 910.50. Below that and we could start to see more selling pressure so intraday bias would turn more negative imo. If we hold that pivot and grind higher I think this market could easily challenge that 200 day ema up at 950 this week. Trade safe.