Bonds almost tagged their June 2012 Highs y'day and have gapped lower today. The Dollar Index is down as well. S&Ps - Overnite the inventory is all Long but the range was contained by 1357 area - also last week's High and a key Reference. If market doesn't care about the O/N inventory and we are to continue to the upside Value should be higher and price should be accepted above 1357. If we were to sell off - the first sign of change would be finding acceptance below 1351 area. The Prominent POC at 1348.75 is a big magnet below. The next downside reference is the O/N Low at 1346.
I would wait for the market to set up before taking a trade this morning given we have a lot of news this morning.
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