The main thing that I'm watching in equities this week...

The most important thing that I am watching this week in the equities market is the SPYs and how they handle the $280 level.  As expected, they ran into resistance at that level after the recent rally.  They also hit resistance there in February, March, and mid-June.  Each time they sold off.  There is a difference now however, and that is that the SPYs are not overbought.  Each of those other three times they were overbought.

Generally, when markets hit important support or resistance levels and they are oversold or overbought, they tend to revert.  When they hit these important levels without being overbought or oversold they tend to consolidate before continuing their recent trends.  This could be a Bullish Dynamic in this situation.