The S&P 500 rallied on Friday after news hit the street that a debt ceiling resolution had passed. The next move is for President Biden to sign it into law which is expected to come before the US defaults. The S&P 500 gained more than 1.5% at the high of the session and is on track to break a critical resistance level. That level is the 4,300 level which has capped the market for more than a year.

There isn't much news expected in the coming week. The economic calendar is nearly void of releases and the few earnings reports will not move the market. Because the FOMC meets next week, the market could enter a consolidation while it waits for the new update. The Fed isn't expected to hike rates but it is expected to remain hawkish and indicate the need for rates to remain high.