S&P 500 futures stay on plan as bulls begin buy early this morning giving us a gap up in day session charts. There was a modest correction in the first hour of the day session before buyers stepped in to drive prices higher. The S&P 500 should now be in a low degree third up with targets of 4417.75 or 4428.75 in futures. I wouldn’t be surprised to see some slowing near the prior highs but caution against being in a hurry to fade the advance. I suspect the market holds up into Monday afternoon where it will stall out and pause to see what the CPI number is on Tuesday morning.
Bonds are up a bit, but I can’t rule out a test of support at 112^08 before another leg of advance.
Crude is up against a wave (IV) at 76.70. Will see if we get a minor new low early next week prior to a more substantive bounce.