Global equity markets rallied on Monday to lift a gauge of world stock indexes to a fresh peak, while the euro briefly jumped to a five-month peak against the U.S. dollar as the first round of an election in France went to the market's preferred contender.
U.S. stocks have struggled since the timeline for the Trump administration's pro-growth agenda came into question, but investors appear confident that next week's deadline that could shut down the federal government will not become another market hurdle.
The S&P 500 futures are trading beneath several key trendlines, and volume trends look neutral to bearish. To me there is no major indication of a big reversal higher, however, we may be stuck in a range for the near-term. The 2320 area is key support, and the next major level is the breakout point from the beginning of this year at approximately 2290.