Today’s Trading Plan: SPX Uneasy

Technical Outlook (SPX):

• SPX broke the down-up-down-up pattern yesterday by finishing lower two consecutive days. 
• It has been over a month since the last time SPX finished higher two straight days. 
• SPX lost the 5 day moving average yesterday. 
• VIX rose a moderate 1.5% to 13.62. 
• SPX 30 minute chart has a rising trend line off of the 3/13 lows that remains in tact, but had price action from yesterday’s session close right on the trend line. That means the pattern needs an immediate bounce from it today. 
• Also, on the same time frame, bears have an opportunity to create a lower-low on the chart by pushing price below 2085. 
• Volume continues to come in very weak the last two days – less than half of what we had seen in SPY on previous days. 
• The lack of day-to-day continuation to the upside, despite being only a couple of points from all-time highs help define just how choppy and unpredictable the market has been. 
• Plenty of uncertainty remains in the market short-term. Euro and oil are major players in the market’s direction currently.
• 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:

• Did not add any new positions yesterday.
  
• Did not sell any positions yesterday. 
• Will look to add 1-2 new positions throughout the day. 
• Remain Long: KSS at 75.22, JEC at 44.96, ALSN at 32.39, UFS at 46.19.
• 40% long. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: