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Pre-market update:

  • European markets are trading 0.3% higher. 
  • Asian markets traded 0.2% lower.
  • US futures are trading 0.2% higher. 

Economic reports due out (all times are eastern): Retail Sales (8:30), Empire State Manufacturing Survey (8:30), Business Inventories (10)

Technical Outlook (SPX):

  • SPX is trading at a level now that makes it nearly impossible to advance higher. We are up seven straight days - eight would  be simply amazing, nine would be unheard of. 
  • I expect a pullback of some kind, small or large, to occur today, but no later than tomorrow. History demands it. 
  • SPX continues to trade against the upper Bollinger Band as welll - a place that can often times lead to heavy resistance
  • Steep  upward trend-line off of the SPX 6/24 lows has rising support at 1649. SPX has rallied 120 points since then. and up 11 out of the last 13 days. 
  • A new higher high was formed Thursday in a most convincing manner, and officially ended the downtrend off of the 5/22  highs. 
  • Volume has been relatively light throughout the rally. 
  • VIX remains under 14. 
  • Careful to note all the gaps that have formed on this uptrend off of the lows of 6/24. More times than not a market will ultimately come back and fill those gaps. 
  • 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. 

My Opinions & Trades:

Chart for SPX:

SP 500 Market Analysis 7-15-13

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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 with a wife of seven years as well as one lively son. More >>

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