Although it is a rather slow day in the market, you can see the SPY is consolidating nicely just under its prior highs from June. Perhaps we need to go down and fill the gap from Friday morning, that his 30-minute timeframe indicates. However, so far the market has held the majority of its recent gains very well.
Holiday, summer trading is still the theme this week, with plenty of large market players away from their desks. Looking for hot pockets of momentum with short squeezes is likely to be how the remaining traders spend their week.