Monday -- Playing The Price Is Right

S&P E-mini Futures:
Currently up up up.

News:
Spain's Ibex 35 is down hard today after an anti-austerity party won power. This is similar to What occurred in Greece, and likely assures Spain's economy goes nowhere as well.

Anti-austerity just means spend more. It does nothing to incentivize capital.

FX:
EUR strength notable among a lackluster FX action.

Treasuries:
Higher on lighter volume. Not good.

Energy:
WTI crude still under pressure, yet term structure still hinting possible bottom soon. NG rallying yet more work to do.

Metals:
Gold, silver, and copper slightly green.

S&P Outlook:
The index fell much more than expected Friday. Time to play Price Is Right.

Door #1:

Door #2:

Door #3:

The point is that the market still seems to be giving signs that it wants higher highs. How it gets there is obviously up for debate. Meanwhile, it gets harder and harder to view the decline since May as a developing impulse of a nascent bear market.

Of current note is a gap at 2041.89 and a volume shelf at the 2054 area. Below is a gap at 1951.36.