Banner

Pre-market update:

  • Asian markets traded 0.3% higher.
  • European markets are trading 0.9% lower.
  • US futures are trading 0.2% lower ahead of the market open. 


Economic reports due out (all times are eastern):
GDP (8:30), Jobless Claims (8:30), Janet Yellen Speaks (9), EIA Natural Gas Report (10:30)

Technical Outlook (SPX):

  • We are starting to see more of a willingness from this market to "book the gains" as SPX has now seen 3 of the last 6 trading sessions finish in the red. 
  • I don't consider it to be a huge red flag, just that the euphoria we experienced immediately off of the 10/15 lows, won't be as common place in the days moving forward. 
  • The 5-day moving average has been an excellent rising support level for SPX as it is likely to be around the 1976-8 range today. 
  • Volume has ticked higher over the last two days. Yesterday is no surprise with the FOMC Statement. 
  • Speaking of which, the Fed's announcement provided some market action yesterday but not the erratic or panic-like nature it is known for creating. 
  • VIX finished higher by 5.3% to 15.15.
  • SPX 30-minute chart remains very healthy with SPX continuing with its series of higher-highs and higher-lows. 
  • 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:

Read more...

Pre-market update:

  • Asian markets traded 1.4% higher.
  • European markets are trading 0.2% higher.
  • US futures are trading 0.2% lower ahead of the market open. 


Economic reports due out (all times are eastern):
MBA Purchase Applications (7), EIA Petroleum Status Report (10:30), FOMC Statement (2)

Technical Outlook (SPX):

  • SPX continues with one of its most amazing bounces/short squeezes by now rallying 165 points from the 10/15 lows.
  • Strong rally yesterday with a noticeable uptick in the daily volume. 
  • Most importantly, the 50-day moving average was recaptured. 
  • Broke through two significant resistance price levels - 1976-8 and 1984. 
  • SPX well oversold at this point. While only 12.9% of stocks were trading above their 40-day moving average on 10/15, now 55.3% are. 
  • Yesterday was a breakout of consolidation for the SPX 30-minute chart. 
  • Today is the FOMC Statement - I would expect for a lot of volatility to be associated with this event as the market has gone through a tumultuous period over the last two months and traders will be looking for any additional role or stimulus that the Fed might be willing to provide. 
  • VIX dropped 10.3% down to 14.52. 
  • 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:

Read more...

Pre-market update:

  • Asian markets traded 0.4% higher.
  • European markets are trading 0.7% higher.
  • US futures are trading 0.3% higher ahead of the market open. 


Economic reports due out (all times are eastern):
ICSC-Goldman Store Sales (7:45), Durable Goods Orders (8:30), Redbook (8:55), S&P Case-Shiller HPI (9), Consumer Confidence (10), Richmond Fed Manufacturing Index (10), State Street Investor Confidence Index (10)

Technical Outlook (SPX):

  • SPX looks to gap up and push through the 50-day moving average this morning which would be a significant move for the index. 
  • Yesterday's minor sell-off, occurred right below minor resistance. But despite the down day, the dip-buyers showed that they are back and looking to buy the dips. 
  • VIX only dropped 0.4% to 16.04. 
  • Next key level of resistance for SPX should hover around 1984. 
  • Volume continues to drop off and back to levels that we saw prior to the sell-off. 
  • SPX now short-term overbought
  • SPX 30 minute chart continues to show consecutive higher-highs and higher-lows, though the trend itself has flattened out some. 
  • 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:

Read more...

More Articles...

Page 1 of 327

<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>


press bottom

                       

ryan1Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>

Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!

twitterfacebookbuttonsrss feedyoutubeemail

enter-the-shareplanner-splash-zone-trading room

part-time trader 300x250


Splash Zone Banner for Day-Trading banner

SharePlanner Academy

SharePlanner Investment System