Pre-market update:

• Asian markets traded 0.3% higher.
• European markets are trading 0.2% higher. 
• US futures are trading 0.2% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): GDP (8:30), Corporate Profits (8:30), Atlanta Fed Business Inflation Expectations (10), Kansas City Fed Manufacturing Index (11)

Technical Outlook (SPX):

• A day of consolidation yesterday at the highs of the recent price range and at all-time highs. 
• We have been in a box of consolidation since 11/14. A move above 1813 will represent a break out of that box. 
• Quickly moving towards short-term overbought levels already. 
• Price action on the SPX has formed a nice channel now when looking at it from the context of October to Present. 
• Volume continues to be strong and above average over the last two days. 
• Most amazingly we went from testing and almost breaking the 50-day moving average to new all-time closing highs in a one day period on Wednesday. 
• The double top short-term on the SPX has been nullified and the slight downtrend we were in since 11/29 is now over with. 
• There is absolutely no reason at all to be short this market. 
• VIX bounced back up to 14.15. 
• Markets don’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:

• Closed out UA at $86.04 for a 1.5% gain.. 
• Added one additional position to the portfolio yesterday
• Remain long ICE at $219.62, FLS at 72.25, LVS at 76.59, UA at $84.76, FCS at $12.89, DDD at $81.40, RCL at 44.46 and KEY at 13.12.
• Will look to tighten the stop-loss on select positions. 
• Will look to add 1-2 new positions to the portfolio. 
• Long 80% / Cash 20% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: