Market participants are jumping into equities in large numbers as the Monday U.S. session is underway. For the first hour of trade, the DJIA is up 200 points and the S&P 500 has rallied 15. It appears as though Friday’s 3.9% unemployment figure is carrying considerable weight in the minds of most active traders. Even with a FED rate hike on the way for early June, the 25,000 level in the DOW is likely to be tested by mid-week.

Today features a wide-open economic calendar. The primary events will be the 3 and 6-month bond auctions at 11:30 AM EST. Investors will be watching yields and pricing very closely after last week’s FOMC meeting.

E-mini S&P 500 Futures

June E-mini S&P 500 futures have broken above topside resistance on the daily time frame. Right now it is game-on for S&P bulls, with price extending Friday’s gains.

Here are the key levels to watch for the remainder of the session:

• Resistance(1): Swing High, 2718.50
• Support(1): Daily SMA, 2665.00
• Support(2): Bollinger MP, 2658.50

Overview: Since the rejection of April’s 78% retracement (2588.75), the E-mini S&Ps have been dominated by bullish sentiment. Subsiding concerns over upcoming FED tightening, coupled with an unexpectedly strong U.S. employment report, have been a breath of fresh air for those long the stock market.

For now, the march north continues. A test of the Swing High (2718.50) is a likely scenario as the trading week progresses.