- Asian markets traded between -0.9% and +1.2%
- European markets are trading 0.2% lower.
- US futures are trading flat ahead of the market open.
Economic reports due out (all times are eastern): MBA Purchase Applications (7), ADP Employment Report (8:15), PMI Services Index (8:58), ISM Non-Manufacturing Index (10), EIA Petroleum Status Report (10:30), Beige Book (2)
Technical Outlook (SPX):
- Yesterday was a monumental day for the market. SPX finished at new all-time highs and wiped out the previous day's losses.
- On the SPY you have a huge gap now t hat needs to be filled at some point - there is also the gap up from 2/7 that has gone unfilled as well.
- Uptick in market volume yesterday. SPY has been above average for 3-days straight.
- The 10-day moving average is an excellent barometer for gauging the health of this market.
- 30-minute chart is once again putting in a series of higher-highs and higher-lows.
- Bearish island reversal yesterday on the VIX was completed. Now at 14.1.
- The biggest technical support level is the strength SPX found from the trend line that started off of the August '13 lows.
- 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: