If we see 7420 & 7500 today we most likely will see a regular correction behaviour with 7070 as next target this week. If we do not manage to hold this region today or even get lower than 7280, a waterfall type of decay like last Autumn is highly probable. Also from COT Data.
There might be a chance that Tom McClellan's Eurodollar Indicator is telling some people something ... QED1! Commercials Positioning with a certain shift fitted perfectly to Stock Marker and FEF Fund Rate lows... But of course it's different this time .