Last week, we saw SPX rejected 2015 low and bounced aggressively from this key support despite of weak US CPI data. It's easy to understand that traders buy stock when it's lying in oversold zone for a long time (RSI indicator I show on the chart).
This week, market watches carefully on US data to trade US stock market.
Main data:
+ Markit PMI + Consumer Confidence + FED Meeting. + US Durable Good Orders. + US GDP
With abundant of data, I think this is an important week for SPX.
In my opinion, it will be a nice week for stock. The angry bear a least is tamed by strong buy in dip force.
FED likely keeps neutral stance, but US GDP, Consumer Confidence, and Markit PMI would provide catalyst for US equity.
I expect SPX will test the strong resistance near 1990 this week, and also tests the trend line of RSI indicator.