Debt Ceiling

As of this writing, a deal was struck between the two political parties in Washington to increase the US debt ceiling and the SP500 future is rallying by adding more than 1%, +15.70. If the gains on the future hold up, a strong opening in New York will likely to occur. But don't let the euphoria take your eyes off the key technical levels. For the cash index, it must recapture and hold above 1295.92, and to close above Friday's high of 1304.16. And for the SPY (SP500 ETF), it must hold above 129.63 and close above 130.55 (see charts below.)

SP500:



SPY: