Tailwinds are certainly coming from new inflows to start the month, stronger-than-expected Manufacturing PMI from both China and the Eurozone, as well as an improving Covid-19 situation in India.What type of month-end flows will we see? How does this setup for June? Plus, the data gauntlet also includes the Fed’s preferred inflation indicator, the Core PCE Index, tomorrow.As of yesterday’s close, the S&P gained 3.2% from last week’s low, and the Nasdaq 5.4%. Although market participants have become accustomed to such swings, these are extraordinary gains, and the market must digest them; yesterday was exactly that.Monday was strong and exactly what this market needed to set a course for record highs. The S&P cleared a wall of resistance and, along with the Nasdaq and Dow, they’re all at 2-week highs.U.S. benchmarks are pointing higher ahead of Monday’s opening bell, but our rare major 4-star ceiling won Friday’s battle and again overshadows today’s early strength.The bulls have, once again, so far, proven to be resilient, this time through a pre-FOMC Minute’s air pocket. The committee noted the economy was still far from their goals, but has become open to discussing a taper of bond purchases as early as their next meeting. U.S. benchmarks are sharply lower, and we can’t say we’re surprised. Ultimately, the rebound that began late last week was contained by strong overhead resistance amid unenthusiastic volume. We’re certainly not overall bearish, although we’ve noted selling opportunities as of late.The U.S. Dollar has legged to the lowest level since the February 25th reversal, powering commodities and risk assets once again. This would be the lowest close since the first trading week of the year for the U.S. Dollar Index. U.S. benchmarks pared some of Friday’s enthusiasm ahead of Monday’s opening bell. Last night, a deluge of economic data from China was in line with expectations, but generally underwhelmed, signaling the sharp pandemic rebound has dissipated.The real inflation that everyone’s been yelling about has finally impacted a closely-watched economic indicator: CPI. With the Fed right again and again, why should we doubt their belief that such inflation will be transitory?