Week of 7-11

The range this week is setting up to trade between 3704 and 4000, with support at 3738/3781 and resistance at 3945/3972.

Last week was a positive overall move. Monday looks to open negative (according to futures) but the positive momentum from last week is still in play. Look for a negative open, and a possible reversal at the close of Europe on Monday.

Tuesday CPI numbers get released. A positive CPI would likely be greeted as bad news in the markets. A negative (but not too negative). The biggest thing to watch is whether or not it will sway the Fed.

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