10am update - starting the week positive

Despite a large amount of bearish weekend chatter, US equities are battling to build significant gains to begin the week. First upside target is the gap zone of sp'2104/02, secondary is resistance of 2111. Metals are weak, Gold -$8. Oil is -0.5%, but as ever.. prone to turning positive.


sp'60min

GLD,weekly3

Summary

*price structure for Gold/Silver remains a large H/S formation.. highly suggestive of Gold $1000 threshold this summer.
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So... all the usual 'omg.. blood bath Monday' talk comes to nothing.

The PBOC put a stop to that.. and China.. along with US markets look set to break new highs.
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notable strength: IBM +2.4%.. ahead of earnings at the close.


10.01am.. and Oil turns positive (even earlier than I thought viable).

Higher oil... higher energy stocks... will help the broader market into May... if not June.