S&P 500 futures were on the back foot into the very early morning but began to regain ground post 04:00 as they then rose into about 10:00. There has been some selling, mostly in Nasdaq post the morning high but I think it possible that bulls take back control this afternoon. Bulls certainly have work to do but think there is a good chance of test 4442.00 or 4453.25 by the close today. I’m open to bulls pushing for one more high as I am suspicious of the form of the high from last week. However, as I mentioned in my post last night, we need to see bulls push early this week else the weekly exhaustion and possible cycle high may set this week up for a lower high.
Crude is starting to stall though I think it a little early to get aggressively bearish, more a point to lock in profits on long trades.
Bonds poke a new low on the intraday swing early this morning just above the 122^21 target. I think it best to allow for some degree of bounce now. Overhead resistance at 124^24 and 125^22.