S&P futures traded higher during Sunday's globex session.
After pulling back to 2048 at Sunday's Globex open, S&P futures re-tested Friday's high at or near 2058-2060, auctioning up initially to 2062.
The re-test of Friday's high and the modest range extension was followed by a pull-back to what had been the prior resistance at 2058-2057.
The pull-back held support and S&P futures traded up to 2068-2070, the down-side acceleration point of last Wednesday's decline.
Thus, coming into Monday's session, the S&P is likely to open with a "gap" above Friday's close.
Sunday's globex high is 37 points above Wednesday's low and 28 points above Friday's low at 2044.
The question is, will the minor pull-back to prior resistance hold and buying interest continue to auction the S&P above the overnight globex high.
Technically, the market development that followed last week's 74 point sell-off has spent a sufficient amount of time, approximately 3 days, for buyers to have established new positions.
Additionally, there have been a sufficient number of rotational sequences within the near term 3 day trading range.
The rotational sequences are: