The bulls keep running

Although we made new highs in S&P and Nasdaq, today was mainly consolidation. The morning dip was bought once more. Same old story from the last couple of weeks.
The trend is still in play and no use in fading it just yet!

The S&P went higher early on, almost touched the premarket high and then dropped rather fast. But I already indicated that the dip was bought as usual. And the bounce brought price back near the high of day (and for tech even to new highs).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals were resting today, taking a breather after yesterday's action.
Oil on the other hand surged to the magical number 100 and then pulled back to find support on 98. There it bounced back to 99 (round numbers every time, technically it worked great today)
The euro mainly traded sideways. Early in the day it even went higher for a while.


Trades
When oil - crude light - bounced on 98, I went long USO (oil-ETF), in 37.81, out just under 38 (crude light was near 99). I left a small part on, just in case we ran higher. That didn't happen, so I went out the last part at 38, not willing to hold any overnight risk.


Articles for tonight:
Energy, Utilities and the S&P500 - Hint, They Are Related
The Elusive Correction Is Taking Place Under the Surface
Where Are We in the Market Cycle?
Is It Time to Play Some Defense?
Has China Bottomed?