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Bounce looks underway, but not likely to be straight up

S&P futures showing sharp 1% gains on the heels of last week’s 5% decline, but last Friday’s surge into and after the finish has now followed through.  While an oversold rally could happen this week, it’s likely not going to be straight up given the sharp downward momentum now, so a trading environment still makes sense and heightened volatility.  Europe rebounding with commodity and Banks leading, while Asia mixed as Japan is closed.  Yields largely higher around the globe today, with Bund, Gilt, US yields higher while the Dollar has stalled out a bit over last couple  days.  Pullbacks UNDER 90 would allow for retest of 88 and likely coincide with a bigger bounce in the metals.  WTI crude higher by 1.8% even with OPEC upgrading supply forecasts.  Grains starting to show more upward progress.    For today, S&P has resistance right at 2645-8 which has held for the last few hours..   Above 2655 would allow for further bounce to 2661, but should be strong resistance near 2700-  UNDER 2618 drops down to PIVOT at 2595 and then first meaningful trading support near 2553.   Friday’s lows 2530 will be very important to hold over next couple days on any pullback.   For today.  Trend negative but bounce likely this week,. And futures quite stretched this am and well over Fair value

Premkt gainers in AMBR, CSRA, CDLX, HGSH, EMAN, ICON, COLL, TEUM, ELY, RIOT, NXTD, CRSP, DRYS, PIRS, RNN, ROKU.  On downside-  LJPC, SPNS, AXON, DY, LL, SMI, WKHS.  Let me know if you have questions