Bulls Retake The 200 Day

We had a very strong move today in the S&P 500 with price closing back above the 200 & 20 day moving average. This recent oversold cycle worked like a charm, even in the face of terrorist attacks. Here’s a daily look of the $SPX:

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On the day, energy names led the way with $XME & $OIH being two of the top ETFs on the day. Energy names continue to litter my screens, now all we need is help from the commodity. Here’s a 30 day look at the price of oil:

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If we can get some weakness from the dollar, expect the commodity complex to squeeze hard, which will likely fuel this rally further.

I’ll be back tonight with some charts as we head into Thursday.