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The Japanese bank holiday created a very thin market that allowed automated trade to push the majors to the previous session highs/lows, and in the case of cad and yen, through those areas. The moves, however, were unable to hold ahead of the European futures market activity, and a fully live market from 02:00 EDT may offer a little more resistance than had been seen in Asian trade.

Global markets have pushed equities higher, but again, all on light volume that always holds the fear of dramatic reversals once a full cash market gets underway. The 4 hour momentum reads across all markets are still flat overall, and that signals a reduced number of lots on whatever is taken.