Pre-market update:

  • Asian markets traded 0.2% lower. 
  • European markets are trading flat.  
  • US futures are trading flat ahead of the bell.  

Economic reports due out (all times are eastern):
Producer Price INdex (8:30), Retail Sales (8:30), Consumer Sentiment (9:55), Business Inventories

Technical Outlook (SPX):

  • SPX experienced its first sell-off in eight days yesterday, which quite honestly was expected. 
  • Volume continues to be much, much stronger over the last two weeks than what we've seen over the last few months. Yesterday's volume during the sell-off was much less than the volume during the seven up-days that proceeded it. 
  • Using a Fibonacci retracement, 38.2% retracement would be 1666 on the SPX but one that I would like to see the market avoid, as it would mean the SPX would have to drop below the imporant 1670 price support level. 
  • Fun tidbit: 62% of the time on the S&P 500 has finished in the green on Friday the 13th. 
  • I'm still bullish on this market. Syria is becoming less of a threat for for the markets, particularly now that is seems improbable the United States with stage an attack on the country. 
  • Why anyone wouldn't expect these types of bounces from the market at this point is beyond me. As long as the fed is involved in this market, you should expect the market to continuously bounce higher. 
  • SPX back firmly in overbought status short-term. 
  • VIX back in the 14's. 
  • Markets don't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

  • Added one additional long position yesterday to the portfolio
  • Currently 60% long / 10% Short / 30% cash.  
  • Current Longs: SLB at 82.34, URS at 50.65, JCI at 41.66, OSK at 46.91, EXXI at 27.54. 
  • Current Shorts: MON at 101.47.
  • Will look to add 1-2 additional positions to the portfolio today. 
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 9-13-13


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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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