Pre-market update:

• Asian markets traded 0.2% higher.
• European markets are trading 0.3% higher.
  
• US futures are trading 0.2% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): MBA Purchase Applications (7), EIA Petroleum Status Report (10:30)

Technical Outlook (SPX):

• SPX continues to show the desire to test all-time highs, falling only 2 points short of the record closing. 
• SPX 2000 is within the realm of possibility now as well. Any significant rally will take us past this mark. 
• Bullish kicker formed on SPX over the past two days, which bodes well for additional price gains for the market. 
• Volume was slightly better than the weak showing we saw on on Monday. 
• Very little in the way of planned news events which, if there is no negative impact surprises, it should bode well for stocks going forward. 
• VIX dropped another 4.4% to settle in at 12.24. 
• Everything looks solid and in place for this market to continue pushing higher in the days ahead. 
• If the bears are going to take control of the market they need to push price below the trend-line at 1961 (see chart below).
• SPX continues to trade in a month long range for July. A break above all-time highs would change this. 
• Very real chance that we may be entering into an extended period of consolidation between the 1950’s and 1980’s. 
• 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:

• Added three new positions yesterday. 
• Closed out LVLT at 45.39 for a 0.2% loss. 
• Closed out AFL at 63.49 for a 0.3% loss. 
• Will look to add 1-2 new long positions today. 
• Remain long KATE at $38.10, BKD at $35.28, IPG at 19.54, EBAY at 51.75.
• 70% Long / 30% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: