Minor gains in S&P as prices have snapped back from yestrday's test of key support. Seeing mild gains also in Europe, while Asia finished largely mixed. Trend has been largely neutral now for 2 weeks, but odds still favor strength UNTIL/UNLESS 2351 can be violated. Degree of breadth slowdown and momentum though is a concern, and we'll need a sharp move back up above 2376 which would jump start rally back to 2400 and above- Key developments overnight include Crude and metals bouncing this am.. as US stockpiles dropping and has resulted in WTI moving back OVER last 2 days highs. IF this holds, it would produce further gains in the days ahead, so this is meaningful this am, and positive- yields largely unchanged and only fractional gains in USD, but both will be eyed closely for some evidence of trend change and/or continuation of recent moves. Yield curve on 2s/10s has dropped back into recent range, so a move back over 124 bps necessary to help this breakout extend- For now, bullish stance favored, with stops 2351 and upside resistance 2376- premkt gainers: ARNA, PIP, CVRS, GOGL, MSCI, OCLR, FNSR.while on downside: SNAP, ESRX, PLX, NPTN, NMM, RUBI, FTD, TTOO- Let me know if I can answer questions.