The S&P 500 fell slightly on Monday as the benchmark struggled to make a run at a record high after a winning week.

The broad equity benchmark dipped about 0.1% to 4,226.52, sitting 0.3% from its intraday record high earlier in May. Materials and industrials were the biggest losing sectors on Monday, weighing on the S&P 500.  

The S&P 500 advanced 0.6% last week to bring its 2021 gains to more than 12%.

Friday’s jobs report showed the unemployment rate dropping to 5.8% from 6.1% and that 559,000 jobs were added in May. The report was seen as strong enough to keep investors’ confidence in the economy, but light enough to keep the Federal Reserve from rushing to change its easy money policies.

Plan A : Short if market failed to support above 4220. Targets are 4194, 4168 and 4142.

Plan B : Long if market supported firm above 4220. Targets are 4238, 4251 and 4269.

E-Mini Nasdaq

Stock futures are little changed in early morning trading Tuesday after the Dow and S&P 500 both started the week lower.

The Nasdaq Composite edged 0.5% higher on Monday, boosted by shares of Biogen. The biopharmaceutical stock surged 38% after the FDA approved its groundbreaking Alzheimer's drug.

May’s consumer price index is set to be released Thursday. Economists are expecting the CPI to rise 4.7% from a year earlier, according to Dow Jones. In April, the CPI increased 4.2% on an annual basis, the fastest rise since 2008.

All eyes are on the next Federal Open Market Committee meeting scheduled for June 15-16 as investors look for what Fed officials will say about inflation and monetary policy. Recent comments by officials suggest the Fed is beginning to prepare markets for tapering its asset purchases.

Plan B : Short if market failed to support above 13681. Targets are 13638, 13600 and 13553.