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 as well as the 50-day moving average.
- No significant technical improvement on the 30 minute chart, particularly when you consider that no higher-high was formed. Will need to get above 2083 to change that.
- VIX dropped 8.5% down to 15.42.
- Follow through is key for the market today. Without it, one has to assume the the rally is a dead cat bounce until proven otherwise.
- Volume was notably less than anything we saw in the past two days.
- Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks.
- The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Trades:
- Sold SPXU yesterday at 36.67 for a 3.9% gain.
- Covered CAG yesterday at 33.78 for a 1.3% gain.
- Covered NTAP yesterday at 37.58 for a 0.8% gain.
- Covered AAL yesterday at 48.35 for a 1.4% loss.
- 100% cash.
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
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