Technical Outlook (SPX):

SPX bounced in notable fashion, considering the Nasdaq was halted for half the day. Nonetheless, closed at five-day highs.
The 50-day moving average is acting as a beast – price action on the SPX has tested it four straight days and not once, has price broken through and closed above the MA.
Once a break of the 50-day MA occurs at 1659 today, the next major resistance level will be 1686 – the underside of where the SPX orginally collapsed from earlier this month.
The 30-minute chart shows price basing and accumulating at current levels. A push above 1660 would be significant for that time frame.
A perfect evening start formation on the VIX daily chart. Good sign it might be reversing here. Back in the 14’s.
Volume was extremely even more so due to the Nasdaq halt.
Key support exists off of the rising support level from November 2012 lows and currently at 1622.
Dow finished in positive territory for the first time in seven days.
SURPRISINGLY….This is the longest we have been oversold in 2013.
I’m still not looking to short this market. Sell-offs in this market environment are quick and hard to capitalize on – better off holding on to the long side and buying on the dips.
It is arguable that the SPX is simply trying to form its first higher-low off of the 6/24 lows.
Markets don’t care about the economy. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up.

My Opinions & Trades:

Avoided adding any new positions yesterday mainly due to certainty of Nasdaq outage.
Currently 90% long / 10% cash.
Current Longs: URS at 49.85, BMRN at 64.50, FLR at 65.99, WYNN at 139.08, XEC at 79.75, FDX 108.18, BPOP at 32.76, CMI at 123.48, AMZN at 287.30.
I’ll look to add 1-2 new positions today but will, in doing so have to subtract from some others I consider non-performers.
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Today’s Trading Plan: Challenging the 50