Daily Trading Plans

Technical Outlook (SPX): SPX held 2065 yesterday despite an intraday dip below, and managed to rally in a significant manner following the FOMC Statement yesterday.  Despite “Patient” being dropped from the statement, the Fed went out of its way to still frame the statement as overly dovish.  SPX regained the 20-day moving average yesterday.  One

Technical Outlook (SPX): SPX tested 2065 yesterday and held on to its support perfectly before bouncing and eliminating over half the day’s losses.  Choppy and difficult market for trading. Nonetheless, after the strength of the two previous market rallies, the direction still appears to be pointing upward.  Any action out of the market today

Technical Outlook (SPX): Key break yesterday as SPX pushed through 2065. A pivotal price resistance level.  Despite the large rally, the VIX was largely unimpressed, only moving 2.4% down to 15.6%.  SPX looks to show some profit taking at the open this morning. The key is whether it can hold on to 2065

Technical Outlook (SPX): SPX once again was not able to break through the 2065 resistance level.  After selling off hard on Friday, SPX saw 1/2 of its gains quickly evaporate into the final hour of trading.  VIX popped 3.7% on Friday to 16.00. Considering the fact that SPX has been down three straight

Technical Outlook (SPX): Heavy bounce yesterday that sent price right back inside of the Bollinger Band.  SPX finished right at an old resistance level at 2065. It’ll be interesting to see whether this price level becomes a problem again for SPX to break through.  Yesterday’s bounce took price back above the 5-day moving average

Technical Outlook (SPX): Mild bounce attempt yesterday, saw the bears step in and send the market lower in the final hour of trading.  VIX is currently sitting at 16.87 and did not give up any ground yesterday, rising 1.1%.  As shown below, I am looking for a test of the lower channel in

Technical Outlook (SPX): Massive breakdown in the markets yesterday that saw SPX decline by over 1.7%.  Key support at 2065 was violated yesterday.  As it stands now, SPX is now in negative territory for the year.  SPX sliced right through the 50-day moving average after trying to bounce off of it early on in

Technical Outlook (SPX): SPX managed to bounce off of support the past two days at 2065. This morning that support looks to be violated with a nasty gap down to open the session.  Yesterday’s mini-bounce shows nothing more, at this point, then a bear flag on the 30-minute chart that will be confirmed

Technical Outlook (SPX): Heavy sell-off on Friday – the largest we’ve seen in well over a month.  SPX broke key support 2088 and now is aiming for the next layer of support at 2065. If 2065 breaks, there is a very good opportunity for the bears to push this market below 2000 again. 

Technical Outlook (SPX): Very small rally that saw the bulls unable to push price back into the price range between 2103 and 2117.  Massive, and I do mean massive, head and shoulders pattern forming on the 30 minute SPX chart dating back to mid-February.  Some support seems to be found on the daily chart