Daily Trading Plans

Technical Outlook: SPX broke a key short-term support level yesterday at 2099 that had been previously a bounce area for the market.  SPX also broke the 50-day moving average yesterday which represented another important price level for the bulls to rally off of.  Now SPX seems likely in the short-term to test 2082.  If

Technical Outlook: SPX dealt with another rally that saw 2/3’s of its gains quickly wiped out before the closing bell.  Last 4 days we have dealt with a market that cannot break through key resistance at 2120-2 area. Instead it is met with sharp selling in the afternoon.  There has been a declining resistance

Technical Outlook: Another similar day of trading to what we saw on Monday. SPX remains dormant to slightly weak all day long followed by a mid-day rally and hit head on with an end of day sell-off.  Futures this morning is indicating a move higher, however, over, 1/2 of the gains have been already peeled

Technical Outlook: SPX managed to pop higher in the afternoon only to give back 2/3’s of its gains to close 4 points higher on the day.  Resistance at the 2120-22 level continues to be a problem for bulls on SPX.  Overnight futures have rallied hard off of the overnight lows.  In the very near term

Technical Outlook: Plenty of back and forth on Friday’s intraday price action, but ultimately SPX finished lower, and below the previous day’s lows.  Good chance that the 50-day moving average comes into play today at around 2100.  Ultimately the bears need to push price below Tuesday’s lows at 2099, while the the bulls cannot

Technical Outlook: SPX attempted to continue the selling action seen on Tuesday, but ultimately, the dip-buyers produced enough momentum to erase about 80% of the day’s losses for the market. This keeps price right at resistance at around the 2120 mark. GDP came in at -0.7% today which was slightly better than what was

Technical Outlook: SPX resiliency was on full display yesterday, when the market bounced nearly 1% off following Tuesday’s heavy sell-off.  This nearly negates the entire move that the bears made to start the week, and leaves price action right near SPX all-time highs again.  It comes down to this: Bulls need to smash through

Technical Outlook: Heavy sell-off yesterday completely changed the nature of the market.  SPX broke back down and below key support at 2120, which now becomes resistance again.  The breakout above the 2120 resistance level two weeks ago is now labeled a ‘head-fake’.  The trend-line off of the February lows was broken yesterday, and today the

Technical Outlook: For the third time in four trading sessions, SPX finished lower on the day.  Friday was a light volume day due to the holiday weekend, but the selling in the final half hour of trading was very disturbing for traders as the market fell about 5 points and wiped out the day’s

Technical Outlook: SPY yesterday managed to engulf the previous day’s candle body.  SPX managed again to show strength and a willingness to buy when the 5-day moving average was tested.  Volume on SPY is dramatically weakening this week due the holiday weekend ahead, and I suspect it will be even worse today.  Watch 2107