Bond markets are looking for their 6th straight victory today.  Each of the past 5 days have seen yields end the day lower than they opened.  While that's not quite as strong a showing as ending the day lower than the previous day's close, it still makes for green candlesticks on the chart.  This speaks to positive momentum during domestic hours.

If you're cautious, the following chart makes it look like the rally is about to run out of steam the same way it did in early February.  If the market continues to favor the range-bound approach, the cautious mindset is probably a very good idea.  If bonds are ready to break the range, however, there's plenty of room for rally to run based on technical levels that are not yet "overbought" (the lower horizontal lines on the 2 lower sections of the chart).

There are only a few economic reports today and neither are "big-ticket," per se.  New Home Sales is expected in at 570k at 10am, up from 535k.  The final reading of Consumer Sentiment is also out at 10am and traders will be looking primarily for changes in inflation expectations.  That said, the "final" reading tends to be less of a market mover than the "preliminary" reading.