Technical Outlook:
- Strong sell-off on S&P 500 (SPX) on Friday that resulted in a break of the 50-day moving average.
- Trend-line off of the all-time highs on SPX offered steep resistance on Thursday that ultimately resulted in Friday’s sell-off.
- Rising trend-line off of the February lows is back in play with a potential test area at 2124.
- SPDRs S&P 500 (SPY) filled the gap on Friday, and looking to move back down towards the September lows.
- SPY volume was slightly lower from the previous day’s trading on Friday and was also below recent averages.
- CBOE Market Volatility Index (VIX) finding support off of the rising support off of the August lows.
- Crude (/CL) saw a steep sell-off on Friday and now looking to retest last week’s lows.
- SPX 30 minute chart appears ready to test the support at 2153 area today and at the market open.
My Trades:
- Did not sell any swing-trade positions on Friday.
- Added one new long position on Friday.
- May add 1-2 new swing-trades to the portfolio today.
- Currently 40% Long / 10% Short / 50% Cash
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
