Pre-market update (updated 9am eastern):

• European markets are trading 0.3% higher. 
• Asian markets traded 0.1% lower.
• US futures are trading slightly higher

Economic reports due out (all times are eastern): FOMC Meeting Begins, ICSC-Goldman Store Sales (7:45am), Consumer Price Index (8:30am), Housing Starts (8:30am), Redbook (8:55am)

Technical Outlook (SPX):

• The saga continues as the SPX was unable to remain above the 20-day moving average for the fourth time this month. 
• Half of yesterday’s gains were lost, and overall the market remains inside of consolidation. 
• Above 1648 is needed for the bulls to breakout. Below 1608 will result in a bearish shift for this market. 
• 1621 represents the rising trend-line in the markets off of the market’s lows. 
• 30-minute chart represents a series of higher-highs and higher-lows over the past three days. 
• Tests of the 20-day moving average has resulted in sharp price reversals on all four previous attempts. 
• Volume was average. 
• The highs from 6/10 must be taken out which would result in ruining the prospects the bears had for a new ‘lower-high’.
• It would also confirm a short-term double bottom as well. 
• One could easily make the argument that we have been stuck in consolidation since 6/8 between 1608 and 1644.
• The 50-day moving average continues to offer a great deal of support. It has been a long time since we’ve seen support and resistance levels come into play on the traditional moving averages. 
• Once again, the key level for the SPX to trade above is 1648, or Monday’s highs. Unless it can do this, any upward move is utterly meaningless. 
• Same is true to the downside, unless it can break last Thursday’s lows, there is nothing here to get excited about here. 
• 30-minute SPX chart shows a strong pullback and the need for a bounce at current price levels. 
• VIX settled at 16.8.
• Key price support rests at 1601. 
• Markets don’t care about the economy. 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:

• Booked gains in RKT at $107.07 from $101.24 for a 5.8% gain. 
• Added TRIP to the long side yesterday at $64.42.
• May add 1-2 new long positions today. 
• Long HUM at $80.60, APA at $84.95, KSS at 51.99, DSW at 74.40, AMZN at 273.23.
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: