Markets started out slow and built as the morning unfolded. S&P resistance is 1413 with the high of the morning at 1413. A close above here and then the recent highs of 1419 comes into play. Support is 1402-1404.
Apple (AAPL) ignited quickly and blew through $604-606 area that should have been resistance if bears had control. First day in a long time I did not touch it.
Some more money rotated into commodities as the Inverted Head and Shoulders in Gold and Silver I started talking about last week seems to be looking a bit more valid. We are building the right shoulder with a few points of reference to add and measure the motion if upside continues.
SLV is rounding up and at a bit of resistance, the next obstacle would be to get and stay above $32.20ish then the moving average above it is $32.53, with a bigger resistance at $33.44.
GLD also has a similar macro pattern and lagged silver this morning a bit, then played catch up. To break the intermediate downtrend since 2/29 a break and close above $164.90 would be constructive, then bigger resistance is at $165.99 then $167.72.
Banks consolidating and a bit out of play, which makes sense after a big first quarter. Casinos and retail need some time. Some small guys perked up like RENN and DANG, but don’t get me too excited.
Disclosure: Scott Redler is long SPY, SLV, ZNGA, DNKN, RENN.