Pre-market update:

• Asian markets traded 0.5% higher.
• European markets are trading 0.5% lower.
• US futures are trading 0.3% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Personal Income and Outlays (8:30), Consumer Sentiment (9:55), Farm (3)

Technical Outlook (SPX):

• SPX sold off a slight bit yesterday as the dip buyers came back in and supported the market from pushing notably lower. 
• Hammer on the daily chart and at the bottom-end of the month long range suggests a bounce here. 
• Ultimately SPX needed to break t hrough 1839 yesterday and it came close but instead the market remains at the low end of the consolidated range. 
• At this point I am somewhat leaning towards a bounce in the market to retest 1873 again. 
• The bears need to do away with today’s bullishness and try to push the price back below 1839 in order to change the market’s sentiment. 
• Volume continues to come in strong on the down-days and weak on the up-days. 
• Russell has formed a near-perfect double top pattern and the Nasdaq is distributing heavily already. 
• Until 1873 is broken and held into the close, there is little reason to get overly bullish on this market. 
• 30- minute chart on SPX is still very choppy but still sports a double top pattern and within the second top, a head and shoulders pattern. 
• March has been stuck in a relatively tight trading range of about 49 points. At this juncture, with all the back and forth that I’ve seen, it needs to do what it can to separate from the pack. 
• Consolidation of the market of late is best seen through the weekly chart of SPX
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• The Market doesn’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:

• Covered MU at $22.21 for a 6.6% gain yesterday. 
• Covered IR at $54.75 for a 5.7% gain yesterday. 
• Covered ACAS at $14.28 for a 2.5% gain yesterday.
• Covered VMC at 65.00 for a 0.4% gain yesterday. . 
• Added one new short position yesterday. 
• Will look to add 1-2 new additional position today. 
• Short 10% / Cash 90% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: