Oil hit a new record, but then retreated from it's all time highs. Part of the reason for the new high is Saudi Arabia announced a production increase, but the dollar's drop after a the G8 failed to announced a policy of intervention didn't help. Home builder sentiment hit a new low. In the US, the Empire State survey showed another quarter of contraction.
On the SPY's chart, there are two important points to note.
-- Prices were in a rally since about 1PM CST on Friday.
-- Prices broke that day+ rally right near the close.
The QQQQs opened a touch higher and then consolidated until right around 10 EST when they made a big move higher on decent volume. Then they formed a reverse head and shoulders formation until right after lunch when they again moved higher. The average formed a pennant formation in the last hour or so of trading.
The IWMs opened a bit higher, and then like the QQQQs moved sharply higher right around 10 AM CST. Then notice they moved higher and consolidated gains after their move. Also note the upward trend that started in the afternoon on Friday is still intact.