Pre-market update (updated 9am eastern):

  • European markets are trading 0.4% higher.
  • Asian markets traded 1.9% higher.
  • US futures are slightly higher ahead of the bell. 

Economic reports due out (all times are eastern): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), EIA Petroleum Status Report (10:30am)

Technical Outlook (SPX):

  • The bounce continued on Tuesday, putting in its best performance of the past three sessions. 
  • The SPX has rallied over 42 points off the lows established on Thursday last week. 
  • Fake tweet by the AP about an explosion at the White House and injury to the President saw the SPX drop a quick 10+ points in a matter of minutes, then rebound completely after it became known it was fake. 
  • While we could be due for a pullback, the possibility that we rally yet again today is very real. Rallies after a respectable sell-off tends to establish new highs and squeeze the bears more and more each time. 
  • 1538 remains the key level for the bears to push this market below, while SPX managed to break the short-term resistance of 1574 yesterday that likely clears the way for a retest of all-time highs. 
  • SPX well above its 10 & 20-day moving averages now. 
  • VIX settled in under 14. 
  • 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:

Chart for SPX:

SP 500 Market Analysis 4-24-13

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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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