This week builds up into Thursday’s monumental inflation data, ECB meeting, and Initial Jobless Claims. Portfolio managers and traders want to be long risk assets such as stocks and commodities, but fear inflation that has begun to run hot.Turnaround Mondays have often become expected after strong Fridays. There was certainly a green light on Friday, but has the Nonfarm Payroll enthusiasm already dissipated?It’s Jobs Friday and today’s Nonfarm Payroll report for May will prove pivotal. It comes on the heels of April’s disappointment, and those Federal Reserve officials who are more hawkish have again begun talking about tapering bond purchases. U.S. benchmarks are now pointing lower and working their way through supports ahead of the bell. Despite exuding a bullish tone, we’ve warned that an inability to hold higher prices will encourage a probing lower.If you’re sitting with a Tech-heavy portfolio and not rotating or tracking the sector flows, you could be leaving a lot of money on the table— not just over the last 4 months, but maybe over the next 4 years.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.