Pre-market update:

• Asian markets traded 0.1% higher.  
• European markets are trading 0.4% lower.
• US futures are trading 0.1% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): MBA Purchase Applications (7), New Home Sales (10), EIA Petroleum Status Report (10:30)

Technical Outlook (SPX):

• For the fourth time in the last five sessions the bulls have failed to hold on to all-time highs – instead giving back the gains and closing below the important threshold. 
• If we sell-off today, the 10-day moving average comes into play at 1834 as rising support. 
• The consistent selling at the all-time highs that we see each afternoon shows that the bears have not completely given up on their prospects to drive this market lower. 
• Volume was slightly below average yesterday a change from the previous two sessions that were above average. 
• SPX still remains overbought and the VIX dropped down to 13.7. 
• 30-minute chart since the 2/18 looks messy with no real pattern worth recognizing. 
• Favor is still in the bulls corner, but they should be cautious and treat recent price action as a cause for concern. 
• If the bears could hold their ground here and push this market below last week’s lows today, you could see fears of a possible double top on the SPX daily chart emerge. 
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• 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:

• Added two new long positions yesterday. 
• Closed out FFIV yesterday at $110.14 for a -2.3% loss. 
• Remain long SLB at 90.48, NBL at 67.10, GLW at 19.16.
• Will consider 1-2 new positions based on market conditions.  
• Long 50% / Cash 50% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: