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Pre-market update:

  • Asian markets traded 2.0% higher.
  • European markets are trading 0.6% lower.
  • US futures are trading 0.1% higher ahead of the market open. 


Economic reports due out (all times are eastern): 
Kansas City Fed Manufacturing Index (11)

Technical Outlook (SPX):

  • A second day in a row of immense buying which totals about 89 points in just two days for SPX. 
  • To say the least the Santa Claus rally has begun. 
  • There is a very good chance we see this rally push hard into the end of the year. 
  • SPX reclaimed the 10 and 20-day moving averages yesterday, and has little resistance overhead. 
  • Volume fell off a bit but was still well above average levels. 
  • SPX 30 minute chart shows a market in full breakout mode
  • T2108 (% of stocks trading above 40-day moving average) rose 24% to 46.51% and shows immense room for the market to still run into the the end of year. 
  • VIX dropped 13.6% down to 16.8. 
  • SPX very well could challenge the market for new all time highs in the week to come. 
  • 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 2.0% higher.
  • European markets are trading 0.6% lower.
  • US futures are trading 0.1% higher ahead of the market open. 


Economic reports due out (all times are eastern): 
Kansas City Fed Manufacturing Index (11)

Technical Outlook (SPX):

  • A second day in a row of immense buying which totals about 89 points in just two days for SPX. 
  • To say the least the Santa Claus rally has begun. 
  • There is a very good chance we see this rally push hard into the end of the year. 
  • SPX reclaimed the 10 and 20-day moving averages yesterday, and has little resistance overhead. 
  • Volume fell off a bit but was still well above average levels. 
  • SPX 30 minute chart shows a market in full breakout mode
  • T2108 (% of stocks trading above 40-day moving average) rose 24% to 46.51% and shows immense room for the market to still run into the the end of year. 
  • VIX dropped 13.6% down to 16.8. 
  • SPX very well could challenge the market for new all time highs in the week to come. 
  • 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 flat.
  • European markets are trading 0.9% lower.
  • US futures are trading 0.3% lower ahead of the market open. 


Economic reports due out (all times are eastern): 
MBA Purchase Applications (7), Consumer Price Index (8:30), Current Account (8:30), EIA Petroleum Status Report (10:30), FOMC Meeting Announcement (2), FOMC Forecasts (2), Yellen Speaks (2:30)

Technical Outlook (SPX):

  • SPX cotninued another heavy day of selling for the sixth time in the last 7 trading sessions. 
  • Some support rests at 1953. 
  • Stochastics show extreme oversold conditions. 
  • We are at a point where you can expect a dead cat bounce that can last 2-3 days. 
  • T2108 dropped another 9.6% down to 26.86 yesterday (% of stocks trading above 40-day moving average). 
  • VIX rose 15.4% to 23.57. 
  • SPX 30-minute chart head-faked traders when it broke 2002 and put in a higher high, only to immediately retrace those gains. 
  • USO had an extreme volume reading which can often times mark a significant bottom on a downtrend. 
  • FOMC Statement today, so be prepared for increased volatility, as the markets will look to Yellen for some kind of confirmation of continued dovishness. 
  • 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...

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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 >>

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