Look for more all-time highs in the S&P
The bulls continue to dominate this market.
Equities enjoyed strong trading into the close on Friday, as the market reached new all-time highs. However, heading into the Monday morning open, we have seen a very small range in the S&P futures.
This week is light on U.S. data, and traders will look to ride the momentum from Friday's bad-news-is-good-news payrolls number. The unemployment rate dropped, but fewer jobs were created than was expected, and this will help investors feel more comfortable that the Fed will maintain its backstop.
Although a tapering of quantitative easing is certainly coming, Friday's disappointing number makes it less likely that it will come in September.
(Read more: July jobs data more gravity than 'escape velocity')
So what levels am I watching right now?
In the S&P futures, the next upside resistance comes in at 1,711, with the major upside target of 1,757. The early Monday low has been 1,701.25, and bulls can look to buy a slight new low below 1,700.
(Read more: Stocks are looking effervescent, Shiller warns)
A close back below 1,695.50 will be disappointing, but truly, only a close back below 1,681 will show signs of failure that will lead to further weakness. A close anywhere above 1,703 to 1,705 will keep the bulls in charge.
So as long as we stay above 1,681 in the S&P futures, you can expect to see the bulls take this market to more all-time highs in the days ahead.