The S&P remains in a large triangle formation since early March. With futures ripping in the overnight session, having gapped open Sunday evening, Friday's 1866.73 high should be exceeded at the open. If it isn't, an inter market divergence will set up with bearish implications.
I feel it will be exceeded, however, and that the next target is the small volume shelf at the 1869.75 area that I noticed during Friday's session -- and if that goes, then 1875.92 could be next.
If 1875.92 breaks, it's probably over for the bears.
Elsewhere, Japanese PMI figures were released, and they were the worst since the Tsunami in 2011. Also the worst figures since Abenomics began.
Abenomics is a fail. At some point it will startle our markets. But so far, not today. Not yet anyway.