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The S&P 500 futures contract bounced hard off of the 1420 level on Monday as support came back into play. The markets saw extraordinarily large amount of buying towards the end of the day, and as such this was certainly reflected in the futures market. Because of this, we have a hammer at the 1420 level, and it looks like are ready to continue the consolidation between here and 1460.
This market should provide short-term opportunities for buyers, and as long as you do not hang onto the market for too long, this should be a nice trade. You should be looking to get about 30 points at this point in time, and as such we continue to play this range until it's broken on one side or the other.