Technical Outlook (SPX):

Early morning action suggests a sell-off to begin the day. However, large gap downs are often times unsustainable for the market, and simply leads to a buy-the-dip opportunity for the bulls.
The trend-line off of the 6/24 lows has lost some of its steepness, but overall, it will still be difficult the rate of price increase on the SPX that we have seen since.
10-day moving average continues to maintain support for the market, though today will be a strong challenge for it.
Watch the action in the SPX in the first hour. Often times the "V" shaped bounce in the first hour, if it occurs, represents the day's lows.
1700 continues to be a thorn in the side of the bulls.
30-minute chart on the SPX is forming an inverse head and shoulders pattern quite nicely.
If we see any significant amount of selling today, you will want to watch the 1671-2 level as a significant short-term support level. Break below it, and you likely have a much heavier sell-off at hand.
Pay no attention right now that the market is over-extended. Such conditions rarely matters with the Fed's involvement in the markets.
VIX dropped with the market's rise and is at 12.97.
This uptrend looks nearly the same as the one we saw on 4/19 and lasted until 5/19. I'm curious if it will lead to a similar extended pullback as a result.
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:

Added ASML at 89.63
Current Longs: RCI at 40.65, SOHU at 67.91, WU at 17.45, MENT at 20.55, HRB at 30.19, SJM at 104.63, BDX at 99.98, GOOG at 887.47
May look to take gains in stocks that are stagnant and replace them with better setups today.
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Today’s Trading Plan: Searching for a Higher-Low