Slow Summer Monday

So Friday the 1690.25 gap got closed and the market managed a weekly close above 1687.18. That was good news.

The other news (I won't call it bad) is that the rally from June 24th is so large that even a normal retracement could mean 1646. If the market found support there, it certainly could find the mojo to crack up into the August options expiration or beyond. Pure conjecture at this point.

Taking it one step at a time, I still still the market may be searching for a new high above 1700, but the only thing I'm reasonably certain about is that it should happen this week (if at all).

This week is a huge week for news and Fed events, etc. The best I can do is realize the market may want to probe lower to find support, or see how much above 1700 it can get. The wave pattern off the 1698.78 high is a real crafty one. Technically, that could've been the top.

It's a slow summer Monday. Somehow I don't think it's going to be decided today.