Despite Friday's big pre-market move after the NFP, volume was just 1.3m contracts and 3.4bn shares on NYSE. There is a RTH range gap from Thursday's high at 2088.25 to Friday's low at 2102.50.
Value on Friday built above the overnight high and failed to break back below it after the first half hour showing buyers were firmly in control, though they failed to take out the poor high from May 4th.
Longs will want to hold above single prints from Friday or risk liquidation from weak holders and see an attempt to push through and into the gap. Overhead the contract high is in striking distance if the market can hold above Friday's VPOC at 2110.75.
Overnight the market has had a muted reaction to a further rate cut by the PBOC. The range is 2105.25-2110.50 versus settlement at 2108.50 on relatively light volume. There are no major economic data points today but the Eurogroup meeting today regarding Greece's creditor negotiations is the major market focus.