Pre-market update:
- Asian markets traded flat.
- European markets are trading 0.7% lower.
- US futures are trading 0.5% higher ahead of the market open.
Economic reports due out (all times are eastern): Redbook (8:55), JOLTS (10), Wholesale Trade (10)
Technical Outlook (SPX):
- After recovering nicely and actually going green at one point yesterday, SPX managed to give up the meager gains and spend nearly the entire afternoon selling-off.
- Volume was noticeably light yesterday and much lower than what we have see of late.
- VIX rose 7.3% to 18.55 yesterday.
- SPX futures attempting to rally this morning after ECB is providing Greece with a 6 month extension.
- SPX lost the 5-day moving average but found support at the 50-day MA just below it.
- 30 minute chart of SPX shows a potential rollover happening. However, that could change today with the potential rally that is forming in the pre-market.
- A potential breakout on Friday resulted in another afternoon sell-off that saw price rejected at 2064 for a third time.
- This sets up for a potential reversal yet again keeping price between 1990 and 2064
- 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:
- Sold UPRO yesterday at 129.56 for a 6.4% profit.
- Sold TXT yesterday at 43.19 for a 0.8% loss.
- Sold GOOG yesterday at 526.56 for a 1.5% loss.
- Added one new position yesterday.
- 10% Long / 90% cash.
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
