Much like last week, this week's event calendar is limited in terms of top tier data and events, but nonetheless carries the potential for technical momentum.  The underlying reasons are a bit different, however.  Last week, the risk was that rates had been super flat and narrow for 2+ weeks.   The longer and narrower those sideways streaks become, the more likely a breakout becomes (obviously), and those breakouts tend to have more momentum than normal.

This week's set-up is somewhat similar to the highs in rates seen at the end of April.  In both cases, we'd just spiked to the highest rates seen in a long time and then saw one really solid day of improvement.  In the late-April case, it was that day of improvement that preceded the sideways drift.  

In this week's case, today would be the first day of a sideways drift (if that happens to be what's in the cards).

In terms of timing and the calendar, it's a decent enough possibility.  The lineup of data and events is far from intense, with Friday's Durable Goods being the only top-tier report.  That said, Treasury auctions on Tue-Thu have a chance to show traders' hands to some extent.  Friday afternoon brings an early close for Memorial Day weekend, and markets will be fully-closed on Monday.