A 2% up day in equities, and charts are breaking out all over the place. Rallying crude oil passes the slumping US Dollar on the north side of $80. Treasury bonds actually sell off, just a little. The bulls are staging a party, and though it’s not well attended (volume distinctly summer-ish), the punch is flowing.
The risk rally we noted last month has gotten a bit ahead of itself, but lets see where it goes. We can expect a pullback later this week; take note of volume on up and down days, and near term support around the 1100 mark on the SPX.