Technical Outlook (SPX):

  • SPX had an inside trading day after a squandering a perfect bull flag breakout the day prior. 
  • Watch for a short-term break in support at 2102 on the 30 minute chart. 
  • SPX 30 minute chart shows the potential for a double top to confirm today. 
  • Volume picked up yesterday despite SPX remaining inside the trading range. 
  • SPX also failed to hold the 5-day and 10-day trading range and with the morning weakness, could test the 20-day moving average. 
  • VIX rose 6.3% yesterday to 13.86. 
  • Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
  • 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:

Chart for SPX:

SP 500 Market Analysis 3-4-15