Welcome socialized medicine and the expansion of the welfare state!
I trust everyone had a good weekend. I'm looking forward to some good volatility this week. The Sweet 16 is set and my bracket is busted. I'll do a post for the contestants today.
Economic Calendar - Auctions today and new home sales tomorrow
The Minis retraced 61.8% to 1147 of the move from 1136 to 1165 and held at the 1147 support area as well. They have also completed a 23.6 retrace off the 1084 low. I'm really eyeballing the 1135 level at this time (the 38% retrace off of the 1084 low. My target for the SPX fall, if it should, is 1120 to 1117 at this time.
SPX Daily Chart -Sorry, not going to regurgitate all the overbought indicators below. The warning remains in place that it can move higher. The main things IMO are that RSI14 did crack it's support line Friday, RSI5 is falling, the MACD hist is getting worse and the SPXA50 is above 400 and may have peeked (which usually marks the markets peek).
The waiting game continues. Friday morning was fun (the afternoon sucked as a quad opex went off like a total dud). GOOG may effect the market is they announce something. The HC vote will be in the Senate Tuesday I believe. That may be the day for some better action.
I'll do commod report tomorrow.