Pre-market update (updated 9am eastern):

  • European markets are trading 1.8% higher.
  • Asian markets traded in a wide range from -1.1% up to +1.0%
  • US futures are moderately higher ahead of the bell. 

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), PMI Manufacturing Index Flash (8:58am), FHFA House Price Index (9am), New Home Sales (10am), Richmond Fed Manufacturing Index (10am)

Technical Outlook (SPX):

  • Strong move by the markets yesterday adding on to Friday's bounce.
  • Today's market rallied parabolically 13 points off of its  morning lows. 
  • Mini-downtrend off of recent SPX highs was broken yesterday. 
  • A push above 1574 would show that price is not simply a dead-cat bounce but looking to establish new highs yet again. 
  • Volume fell off some yesterday. 
  • Uptrend off of the November lows have been recaptured by the bulls. 
  • 10 and 20-day moving average sits right above price action on the SPX. 
  • With this mornings gap up, bears need to be very careful that they secure their profits and not allow the bounce to wipe away recent gains.
  • 1538 is the KEY level for me today. We break 1538 and there is no support until we get under 1500. 
  • VIX settled in at 14.39.
  • Markets don't care about the economy. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 
  • Both channels (July October 2012) and the price channel we are currently in are very similar in nature. 
  • We haven't seen a market pullback in excess of 4% since October/November time-frame. 

My Opinions & Trades:

  • Added DFT yesterday at $25.55.
  • Sold BWLD at $92.90 for a 5.6% gain. 
  • Sold TRLA at $32.07 for a -3.0% loss. 
  • Will be looking to add 1-2 new long positions today. 
  • Remain Long DISCK at $71.12, TSCO at $105.55, DISH at $38.10
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 4-23-13

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small-ryan-malloryRyan (@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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