• SP 500 Market Analysis 2-26-15

Technical Outlook (SPX):

  • Despite some intraday struggles, SPX managed yet again to hold on to the 5-day moving average. 
  • SPX very close to the upper band but has yet to formally test it – today it is at 2127. 
  • Volume remains very light of late. 
  • VIX rose 1.1% to 13.84. 
  • T2108 (% of stocks trading above the 40-day moving average) continues to come in flat at 64.9%, which is a relatively low number considering we are trading at or near all-time highs. 
  • SPX 30-min chart shows price stuck in another range. Uptrend still in tact though. 
  • The current trend-line for the SPX shows that the trend itself is maturing and now giving us the big pops that we saw early on n the rally. 
  • SPX is continuing with the theme of slight weakness at the market open, followed by selling thereafter, and a bottom in the first hour of trading that results in a rally off the lows. 
  • Oil broke to the downside and out of the recent range. Be careful about any long positions connected to oil. 
  • T2108 (% of stocks trading above the 40-day MA) shows that the recent consolidation may see an upside break which would be healthy for the market. 
  • A pullback on SPX would not be able to drop below 2065 level without threatening key price support and the integrity of the current uptrend. 
  • Russell breakout out perfectly above the box range it has been in for over a year now. 
  • 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:

  • Closed out SWKS yesterday at 87.46 for a 5% gain. 
  • Closed out BA yesterday at 153.41 for a 2.4% gain. 
  • Closed out IBM yesterday at 162.91 for a 1% loss. 
  • Added one new position yesterday. 
  • 40% Long / 60% cash. 
  • Will look to add another new long position today. 
  • Remain long MA at 86.29, DD at 77.19, MS at 36.70
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 2-26-15

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