Although the ES made a new all time high on Friday, the broad market participation was not strong. The burst through the overnight high squeezed shorts and left a thin area of trade which may fill in during today's RTH. Despite Friday's lackluster new high, the market continues it's weekly uptrend and bias remains neutral/bullish but with a healthy dose of caution at buying at too aggressive a price. We have not seen a good high put in yet, i.e. a strong selling tail of single prints on the market profile where a fast run up by buyers has been aggressively reversed by sellers just as quickly. The US economic calendar is fairly light until Retail Sales and PPI on Friday.
Overnight the range is currently 2267.75-75.25 versus settlement at 2271.50 on very light volume. Notes and Bonds have rallied pushing the longer end yields lower (10 yr at 2.38% & 30yr at 2.96%).
The zones for today are below.