There was some selling off the open but SPX held above the low from Friday afternoon and bounced back into the top of the range. With bears flubbing their shot at a break lower today, we probably see SPX ease up into 4559 or 4565 by late afternoon. Could we end up with a new swing high this week? I don’t think it is a sure thing, but it might happen, depends on the tech earnings and the FOMC. Just as likely to fade from a little higher but stay above 4530 till after Tuesday or Wednesday afternoon. I suspect easier trading later in the week.
The most interesting thing I think is that the Euro pushed down this morning to make a new low under that of last Friday setting up a possible impulse down from the high on July 18th. I think this bodes ill for the equity indices in the future. Short-term, possible that Euro extends lower and pushes for 1.1070 but again, form for an impulse can be complete now.