S&P500 SPX week 32 preview and trading idea

Last week's economic data suggested a strong employment rate and positive expectations for the next month. The quick decline in metals price and oil price shifted inventors' capital back to equity sustaining quite well the S&P500 during the start of the week. The delta variant and the progressive restrictions caused by it in China don't seem to scare US markets. However, in the next 2-3 weeks, we might see a correction similar to the one that happened between the July 13th and July 19th.

For this week, the $4400 level plays an important support role. We expect therefore an accumulation area between the $4400-$4460 levels.

Trading idea: short vertical put spread 4375/4370 (.16 delta ) expiration 13 Feb, credit collected $.50 on a $4.5 collateral.