What Happened
- Equity futures held near flat into the Sunday open.
- Rates and FX were quiet as markets awaited the week’s data releases.
- Oil was stable with no new supply headlines.
What It Means
- The lack of movement underscores how data-dependent this week will be.
- Positioning looks light, which can amplify reactions to surprises.
- A steady oil price keeps the inflation narrative muted.
What I Think
- I am keeping risk light until the labor and services data hit.
- A big data surprise could quickly reverse the opening-week bid.
- For now, the tone remains constructive.
Market Terms
- Data-dependent - Markets waiting on incoming economic releases.
- Positioning light - Low exposure that can magnify reactions.
- Sunday open - The first futures trading session of the week.