The bulls prevailed on Wall Street, Monday, with stocks advancing to their highest level in 5 weeks.
Looking at fundamentals, industrials climbed after China released upbeat data about factory orders and financials gained after new global banking rules allowed for extended deadlines.
But perhaps most important, the S&P 500 closed above its 200-day moving average for the first time since early August, a bullish sign for investors who closely follow technical indicators.
How should you position now?
Instant Insights with the Fast Money traders
It feels like the market wants to levitate to 1131 – 1135, says Guy Adami. What happens at that point will be very telling. I still bias toward being bearish.
I'm aware that there's chatter in the market suggesting seasonal weakness happened earlythis year, Adami adds, but there’s still half a month to go.