U.S. benchmarks trekked lower last night and found strong major 3-star support. Price action has ping-ponged around ahead of the U.S. session.U.S. equity benchmarks shook off a brief bat with reinvigorated volatility yesterday morning. After a blowout MoM May Retail Sales read, price action in the S&P 500 surged to its high of the session (YoY was -6.1%)Better economic data bolstered risk sentiment and offset fears the virus is reemerging.Corn futures caught a bid in the back half of last week’s trade but remain mostly range-bound while Soybean futures had their highest close since late March.U.S. equity benchmarks opened sharply lower Sunday night and the weakness continued into Europe’s open after a slew of weaker than expected economic data from China. Yesterday, U.S. benchmarks experienced their worst day since March, allowing some air to come out of the balloon. The USDA’s WASDE report comes out today.Risk-assets are keying off a reality that has been clouded by trillions upon trillions of added liquidity. The Federal Reserve’s balance sheet has now surpassed $7 trillion. Despite the Nasdaq-100 achieving a fresh record and the S&P 500 gaining nearly 50% over this time, we foresee the Fed holding ground as the aftermath of Covid-19 plays out.Something is wrong when the buying is so blind that even the bankrupt companies nearly triple in a single session.