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Equities firm ahead of Yellen's Speech- S&P futures 2 ticks away from April highs

Early morning comments Pre-Open Monday-     Mild gains in US futures while most of Europe, Asia also positive-  TY yields higher, and Crude up by 2% closing in on $50 again while US Dollar has stabilized after last Friday erased half of May's gains in one session-   Equity ETFs saw their first week of inflows in 8 weeks last week, while Equity mutual funds still witnessed further outflows to the tune of 4.2 billion which has now seen outflows in 18 of its last 22 weeks .  Overall, last 6 days unchanged for equities as prices have consolidated near former highs but only 2 ticks away from April highs.. and Nasdaq comp, RTY, have already broken out above these levels, while last week saw both Healthcare, Utilities breakout as well-   Bullish bias still favored, thinking move back above 2105 happens to allow for a push up to challenge and exceed alltime highs near 2130 in SPX cash.  Consolidating up near former highs remains something that's more positive than negative, particularly as Advance/Decline continuing to seek higher ground-  Premkt movers:  POSITIVE:  VBLT, ONTY, ARRY, EXEL, YNDX, CNHI, while on the downside- DNAI, ADP, OCUL, HERO, ABBV, WPX-

S&P has moved nowhere in 6 trading days, yet remains within a couple ticks of April highs, and breaking out to new high territory-  Over 2105 on a close will be key for futures while 2111 important for SPX cash

Utilities were the main point of focus late last week, as Friday saw the XLU move above April, as well as last January 2015 highs, constituting a breakout of a large CUP and HANDLE pattern technically speaking.  this has bullish implications for the group and suggests that additional upside is likely to near 54

Last week's inflows were a welcome surprise for Equity ETFs after 8 straight weeks of outflows

NFP data has always been particularly volatile but last Friday's miss was thought to be particularly important given its proximity to next week's FOMC meeting.  The miss below 100k in Jobs took Fed fund futures to levels that suggested June was nearly completely irrelevant to expect any hike.  Today's Yellen talk, therefore, has much more relevance, given her choice of language and what it might have in store for July(Chart courtesy of DailyShot)