Tomorrow is not only the last day of the month, but also the first trading day after Memorial Day, and a Tuesday. That's a historically bullish triple play. And the futures seem to be agreeing. Right now at 2:30 AM EDT all three (ES, NQ, and YM) are up by about two thirds of a percent, one of the highest overnight readings I've seen in quite some time. And equally important, this move brings ES above the top of a month long descending regression trend channel. That is a bullish setup.
Also, oil continues to move in tandem with the market and it is inching higher, back over $100, in the overnight.
The only dissenter is the VIX which put in a hammer last Friday to close at 15.98. However, I do not attach as much importance to this as I usually might, since last Friday's action was distorted by the upcoming holiday weekend. All said and done, I'm pretty confident we're going higher tomorrow.
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