Trends are made by insiders liking or disliking the findings in the U.S. Dept. of Commerce's trade report due out to the public the 20th of every month or the first business day after. Everything else is noise.
The move we saw this morning was unanimous positioning to continue the bull at least for another month.
Also, FWIW, the word "implied" anything irks me. Just something to keep in mind. Five and a half words for ya: Fat tails and non-continuous trading.