With the Futures Wheel spun up for around 90mins, SP is +2pts so far. It looks like a quiet night lies ahead, there doesn't seem to be anything likely to sway the market one way or the other. So a largely flat Monday open would currently be the best guess.
Sp' daily rainbow chart
The 60min chart which I updated on Friday I hold to, but really, its a real mess from the bearish perspective. The daily, weekly, and monthly cycles are now ALL back to a generally bullish trend. The second (Elder Impulse -'rainbow') chart above is pretty clear. Near term trend is UP, first target would be upper bol' band of 1420, which is of course just 2pts away from the recent 1422 high.
There is key econ-data every day this week, and we end with the big jobs data for April on Friday
So even though Futures are mostly flat, there will likely be some good moves this week. Another lousy jobs number would really knock the market a bit lower, but then...we know the mainstream will be back to touting 'market rallies despite bad jobs data..due to increased hopes of QE3'. Urghh!
Good wishes for Monday..and the trading week ahead!