Hold!

With a sizable Monday morning gap higher in play for equities, bulls have done an admirable job of wrestling away the short-term initiative bears enjoyed last Wednesday and parts of Thursday. At issue now is whether bulls can retain the initiative here and build on these gains in lieu of us either completely giving them up or instead resorting to further late-summer choppy action. 

Jackson Hole looms later this week, which may very well keep somewhat of a lid on rallies. And the S&P and Nasdaq are gapping up to their respective 50-day moving averages to test them from below, as the small caps test their 200-day moving average from the underside, too. Clearly, those factors may embolden shorts to take a few shots at playing for a rollover this week, which makes the necessity of this morning's rally holding all the more important. 

As I write this I see some red below the surface in various stocks I follow. But overall I am willing to give bulls a little room to run early this week before we get closer to any Jackson Hole headlines by Friday. 

Of interest to me, too, is a name like PINS basing tightly since its recent pop higher. Of the recent IPOs it sure seems like PINS is taking the baton for a late-summer run.