I imagine that the bulk of trading opportunity takes place in the first 90 minutes today as Monday is a holiday in the US and traders leave early to take advantage of the last long weekend of the summer. Note: Added SPX chart
The S&P 500 appears to be taking the rally into the end of the week path. It can either a part of a corrective move up that will take the market lower into the first week or two of next month or a larger drawn out triangle.
The S&P futures are down from North Korean jitters overnight. It is probably best to maintain a bearish bias today. If the 10am news doesn’t bounce the market, we have a chance to fall into the primary target zone of 2400 SPX +/-10 points by the end of the week.
The main event this week is the NFP on Friday followed by consumer confidence Tuesday. Today however is pretty light on the economic calendar front which probably means a relatively small range today with a slight up bias in the S&P 500.
Central bankers are at the fore today with Yellen speaking at 10:00 and Draghi at 15:00. The S&P 500 futures are bouncing out of support overnight. Expecting a range bound day until they hear what transpires at Jackson Hole.