Pre-market update (updated 9am eastern):

  • European markets are trading 0.3% higher.
  • Asian markets traded 1.1% higher.
  • US futures are moderately higher ahead of the bell. 

Economic reports due out (all times are eastern): Jobless Claims (8:30am), EIA Natural Gas Report (10:30am), Kansas City Fed Manufacturing Index (11am)

Technical Outlook (SPX):

  • Quiet days for SPX as it finished unchanged on the day. 
  • Yesterday marked a breathing opportunity after having rallied 40+ points on the SPX off the lows. 
  • 30 minute chart on the SPX shows a good bit of consolidation over the past almost two days of trading. 
  • Gap ups like we are seeing this morning, if it can survive the first hour of trading, will typically remain bullish the rest of the trading session. 
  • 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:

  • Added TSM at $18.37 yesterday
  • VIP has a special dividend of $0.79 per share today. Adjust stops accordingly. 
  • Will be looking to add 1-2 new long positions today. 
  • Remain Long DISCK at $71.12, DISH at $38.10, DFT at $25.55.VIP at $12.22
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 4-25-13

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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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