10am update - opening gains

US equities start the week on a positive note, with the sp'500 battling to break into the 2070s. A daily close above the 10MA of 2072 would bode for a straight up run to new historic highs... otherwise.. this is just the expected bounce. Oil remains weak, -2.5% in the $43s.


sp'daily5b

Summary

To be clear.... the daily 10MA in my view marks the boundary.

If we see a daily close above the 10MA... which will be 2070/68 by tomorrow/Wednesday, then a break <2039 will be off the menu.

As it is... I'm guessing we get stuck today... trundle sideways tomorrow... and then reverse on FOMC day.
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Notable weakness: Oil/gas drillers, RIG -1.6%, SDRL -5.3%

.. see the weekend fair value post for broader perspective, on what remains an utterly destroyed sector.

10.14am.. sp'2072... approaching gap zone... we should get stuck soon... and cool for rest of the day.

Oil remains exceptionally weak, -3.2%.... and that sure isn't helping energy stocks. Conversely, airlines are climbing.