Pre-market update:

• Asian markets traded 0.7% higher.
• European markets are trading 0.1% higher.
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): MBA Purchase Applications (7), ADP Employment Report (8:15), Factory Orders (10), EIA Petroleum Status Report (10:30)

Technical Outlook (SPX):

• After nine tries in the past eleven trading sessions, SPX was finally able to break out and close above the resistance at 1873 and on to new all -time highs. 
• This nullifies any edge that the bears might have been working with. At this point the clear advantage is in the bull’s favor. 
• I expect further price expansion in the coming days. 
• Weekly chart on SPX shows a clear breakout, which strengthens the direction and edge of this market. 
• With today’s breakout the 30-minute chart of SPX now has a confirmed double bottom in place. 
• Volume was at average levels on SPX.  
• Despite the solid move out of the S&P 500, the Nasdaq and Russell continues to lag. 
• April tends to be one of the friendliest month for the bulls. 
• VIX also broke down today and hit 13.10. 
• 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:

• Added three new long positions yesterday. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new additional position today. 
• Remain long WTI from 16.99, STX from $56.20, TMUS from $32.92. .
• Long 60% / Cash 40% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: