From a big gap down to new highs: buy the dip!

One heck of a morning. We got quite a gap down, but half an hour into the session, the buy programs fired up. The market went straight up for almost two hours, good for a gain of almost 1% for the major indices.

In the beginning of the afternoon, the S&P500 started printing new highs. The first break higher was a fake one. But then prices kept basing and when the last hour of the session came, so did a new break higher.
Again, the highs couldn't hold. But the close was not far below the highs and a bullish pattern keeps forming on the daily charts.

The only concern at this point, still no new highs for the small caps-index, Russell2000. While other indices are making new highs, this one keeps basing...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Oil wanted to go higher together with stocks, trying to keep the 109-level. But in the last hour of trading, the bottom felt out and we finally get a much needed pullback (oil rallied for most of the last 12 trading days).
The same with metals, they rallied higher with the market, but lost most of the gains in the close.
And for the euro more or less the same story, a pullback which was more than welcome after the big gains from the past two trading days.


Articles for tonight:
Charts of the Morning
The Market Is Starting To Feel The Pressure of High Oil Prices
Blow-off top or the bull market sweet spot in energy prices?
Michael Douglas aka 'Gordon Gekko' on Insider Trading