The S&P 500 closed at a record high Monday after Congress approved an infrastructure spending package.

The broad index gained 0.09% to close above 4,700 for the first time at 4,701.70. 

The passage of the infrastructure stimulus, an improving Covid situation in the U.S., and a better-than-expected labor market reading boosted investor confidence in the economic recovery. The October jobs report came in Friday better than economists expected as U.S. payrolls added 531,000 jobs last month, according to the Labor Department.

The Federal Reserve is eyeing both inflation and jobs data to guide its timeline on normalizing monetary policy.

Key inflation data will be reported this week, with the producer price index reading coming on Tuesday, followed by the consumer price index on Wednesday.

Economists surveyed by Dow Jones are expecting producer prices to have risen 0.6% month over month in October. The consumer price index is also expected to show a 0.6% jump compared to the prior month.

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Plan A : Attempt short if oil price fails to breach and stay firm above 82.1. Targets are 81.5 and 80.9.

Plan B : Consider long if oil price trades firmly above 80.9 and rebound. Targets are 81.5 and 82.1.