Crude Bears Lost Oil to the Summer Wind

After a deep plunge and a few stutter-steps, crude oil is off the races today with a "gap and go" from the open. In addition, the Dollar/Yen currency cross quickly recaptured 120 from yesterday, adding some force to the rally in equities as the Yen backs off. 

Still, much technical damage has been sustained on the major averages and indeed for many charts. I view 1980 on the S&P as being the first major battleground to watch now on a closing basis and the rest of this week. 

I will flesh out that topic as well a some trade setups in my usual Midday Video for Members, filming now.