Monday Afternoon 2

SPX Daily

The S&P500 has pulled back a bit and is now approaching the 50day SMA at 1338ish. The bulls have an opportunity to turn the 50day higher for the first time since May IF they can hold it and start another push higher off that level.

On an intraday basis, S&P futures have been drifting around all morning with a negative bias.... but volume is light and is suggesting a 7-10 point range on the day session. The morning session high was 1349.50... which puts a low target area of 1339.50-1342.50. Futures are currently trading with about a 5 point discount, so that would put a low target area of 1344.50-1347.50 on SPX.