If you look at my two favorite stock index charts below you can easily see that while the SP 500 is caught (or coiling if you prefer) within a trading range in the futures from about 2150 to 2170, while the big cap tech Nasdaq 100 has continued to go parabolic, with an interesting 'island top' potential formation being set today.
In other words, something has got to give here, and it is not clear whether the move will be up or down, but without central bank interference 'down' seems more probable.
And speaking of central banks, the Bank of England will be mulling over a rate cut in the latter part of this week.
The big tickle for US economic data will be the Non-Farm Payrolls report for July which comes out on Friday.
Have a pleasant evening.
