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This morning’s futures charts are a picture-perfect image of what the bulls want to see. We have the /NQ gliding effortlessly up to lifetime highs.
 

We have the same situation with the /ES:
 

The small caps, the /RTY, isn’t at lifetime highs, but its glide path is just as smooth and interrupted.
 

All the while, volatility is getting demolished so much that it is getting within range of going sub-teens.
 

Indeed, over the past seven years, the VIX is near the lowest bounds of its historical range.
 

Thus, with only freakish exceptions like CAVA from last night, it seems that everything is muscling higher.

This morning will be a time of serious re-examination. Huge rallies, particularly those which push markets into lifetime highs, have a momentum of their own, so it’s no surprise yesterday’s push has bled right through into today. I’ll be doing posts throughout the day with some fresh perspective.

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