Pre-market update:- Asian markets traded 0.6% higher.
- European markets are trading 0.7% higher.
- US futures are trading 0.2% higher ahead of the market open.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Redbook (8:55), S&P Case-Shiller HPI (9), Consumer Confidence (10), State Street Investor Confidence Index (10)
Technical Outlook (SPX):
- SPX sell-off was bought up by the dip buyers yesterday and managed to hold the 10-day and 20-day moving averages.
- Ideal doji hammer candle bodes well for the market's going forward.
- Also, the dip buyers came in right at the current-trend line (see below), and rallied the market over 11 points off the lows.
- Volume was about average.
- Large spike in the VIX yesterday saw the index eventually drop 1% overall on the day to 12.56.
- SPX remains contained within the monthly range.
- Concerns continue to mount about the divergences seen in the S&P 500 and the Russell indices.
- The notion that we could push through 2000 on SPX, is being met with selling jitters.
- The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Trades:
- Added two new positions yesterday.
- Closed out EXPD at 44.88 for a 0.8% loss.
- Will look to add 1-2 new long positions today.
- Remain long BKD at $35.28, EBAY at 51.75, MS at 32.88, MRO at 40.16
- 60% Long / 40% Cash
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
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Chart for SPX:
