S&P 500 climbs at the open in third day of gains

S&P 500 up 11 points shortly after the open

A wave of risk appetite and commodity buying is helping to underpin the US stock market at the open. The S&P 500 is up 11 points to 2069 after posting small gains on Friday and Monday.

Technically, the gains have keyed off the 55-day moving and the April low. Both were tested early on Friday and then the market turned higher.

The market likes the idea of easy money forever but earnings and global growth aren't exactly tailwinds. It's tough to see a big move higher with the market at a fairly rich PE.

There could be a bit of a head and shoulders pattern setting up as a right shoulder begins to form but it's far too early to say. There isn't much near-term resistance standing in the way of short-term gains.