Economic data due out this week includes:
Tuesday- Building Permits, Housing Starts
Wednesday- FOMC Minutes
Thursday- Jobless Claims, Leading Indicators, Philly Fed
The housing data early this week along with earnings out of HD and LOW should get the juices flowing on the housing bottom argument. Also, remember the following weekend is a long weekend so the volume towards the end of week should get a bit thin overall as some head out for vacation.
For Monday I want to start neutral and let the market establish a trend to guide my trading. I would be expecting a continued pullback. The daily pivot on the ES futures is 885. Any bounce into this area should see sellers step in to make a stand. If we are unable to trade above that 885 mark on the ES then I would think 875 is a sure bet and perhaps a grind back to 850 this week. Like I said earlier I would not be getting too bullish unless the market had a nice move back to 900. Be rigid in your disciplines but flexible in your expectations.