Pre-market update (updated 9am eastern):
- Europe is trading 0.2% higher.
- Asian markets traded mixed from -0.4% up to +2.8%.
- US futures are trading slightly higher ahead of the bell.
Economic reports due out (all times are eastern): Employment Situation (8:30am), Factory Orders (10am), ISM Non-Manufacturing Index (10am), EIA Natural Gas Report (10:30am), EIA Petroleum Status Report (11am)
Technical Outlook (SPX):
- Slight pullback for the markets today, which was really a good thing for the markets to have yesterday, to help bring some order back into this market.
- There is still a huge gap on the SPY chart that ultimately needs to be filled.
- A push above 1474 on the SPX would break the market out to new post recovery highs.
- The Russell Index is actually hitting all time highs.
- The consolidation, in a perfect world, shouldn’t pullback further than 1448, where there is minor support.
- VIX currently stands in the 14’s.
- Created a higher high in the market by breaking the previous one at 1448.
- Volume was slightly lower on the pullback yesterday.
- Trend-line has dramatically flattened off of the November lows.
- SharePlanner Reversal Indicator confirmed a bearish reversal to come.
My Opinions & Trades:
- Bought SREV yesterday at $6.03.
- Remain long BUD at $88.99.
- Will look to add 1-2 new positions to the portfolio today.
- Here is my real-time swing-trading portfolio and past-performance