Quick Note: No changes in our bigger picture view - we view this move off June lows (3637) as a counter trend rally unfolding - such rallies are quite difficult to map as they can take many forms. For the near term, watch the recent range (see SPX 10 minute chart) for short term direction. Should the SPX want to test higher levels, expect strong resistance between 3950-4020 (gap area) that encompasses the 50 day MA. Key support level for the SPX this week will be around 3800 area (+/- 20 points). The CPI report on Wednesday headlines the news next week.
Please take a moment to look at the trade ideas.