The gravitational pull of the market has flipped and now the bias is to the upside. Volume is tepid, but potential sellers appear to be done. So, slowly, each session builds as buying begets buying.

Monetary policy will be the focus this week, but there are other economic data releases that are just as important.

Consumer Discretionary is the worst performer this session. There are lots of new 52-week lows in the sector in names such as Macy’s (M), Peloton (PTON), Petco (WOOF), Target (TGT), among others.

Energy is the best performer, helping the S&P 500 to move to positive territory this afternoon.

The NAHB housing market index in the US extended losses to 45 in August against the consensus of 50, as mortgage rates persist above 7%.

• Current sales condition declined 6 points to 51
• Sales expectations for the next six months slipped to 49 from 43
• Buyer traffic fell to 30 from 35