Pre-market update:

• Asian markets traded 0.6% lower.
• European markets are trading -0.5% lower.
  
• US futures are trading 0.2% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): Empire State Manufacturing, Treasury International Capital (9), Industrial Production (9:15), Housing Market Index (10)

Technical Outlook (SPX):

• Light bounce on Friday following three straight days of selling. 
• The overall pullback has been of little concern at this point as no damage has taken place to the over all uptrend. 
• Another 20 points would need to be peeled off of this market before threatening any significant trend-lines. 
• Iraq has become a headline threat for the market, but in my opinion, there doesn’t seem to be a lot of evidence that suggests Baghdad will fall to the ISIS. I think the events in Iraq has been more of an excuse for the markets to take profits than anything else. 
• Well off of overbought levels on SPX.
• Possible base forming on the 30-minute SPX chart. 
• The rally that started on 4/14 needs to hold rising support at 1906.
• 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 one additional long position on Friday. 
• Sold KORS at $93.84 for a 1.4% loss. 
• I will look to add 1-2 new long positions today. 
• Remain long AKAM at 54.52, HAL at 63.07, IR at 60.11, FB at 63.05, RVBD at 20.29.
• 60% Long / 40% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: