Pre-market update:

• Asian markets traded 0.8% lower.
• European markets are trading 0.5% lower. 
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Jobless Claims (8:30), Retail Sales (8:30), Import and Export Prices (8:30), Business Inventories (10), Quarterly Services Survey, EIA Natural Gas Report (10:30), 

Technical Outlook (SPX):

• Huge sell-off yesterday puts today’s markets on some questionable footing going forward. 
• If price closes below 1779, there will be a confirmed double top in place. 
• 1777 also used to be a key support level and while its value now is less important, bulls could still bounce price off of it. So keep it in the back of your mind. 
• Also below 1779 you will have a lower-low in place as well as a lower-high too. 
• 30 min SPX is on the verge of confirming and head and shoulders pattern. 
• You could also make the case that we have a head and shoulders pattern too on the SPX daily, but I think the more appropriate technical label is ‘double-top’. 
• SPX is nearing oversold conditions. 
• Six out of the last nine sessions have been bearish, which is surprising that we are down more than we already are. 
• VIX well above 15 now. 
• Markets don’t care about the economy nor earnings. 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:

• Sold BIDU at 175.88 for a 3.7% gain. 
• Sold CBG at 24.98 for a 1.4% gain. 
• Sold ADSK at 45.92 for a 0.4% gain. 
• Sold BC at 45.63 for a 0.8% loss. 
• Sold TWI at 17.08 for a 1.3% loss. 
• Sold TRMB at 32.02 for a 2.4% loss. 
• Current Longs: JAH at 56.50, LVS at 71.92
• Long 20% / Cash 80% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: