• SP 500 Market Analysis 4-24-15

Technical Outlook:

  • SPX broke above key resistance yesterday at 2111 and in the process established new all-time intraday highs. 
  • However, a wave a profit taking in the last 45 minutes of trading saw more than 1/2 of the day’s profits get wiped out. Nonetheless, yesterday marked a big move for SPX and finally getting out of its range. 
  • Nasdaq established new all-time highs for the first time in 15 years. 
  • VIX dropped 1% and below key support to 12.48. 
  • Next task for bulls is to establish new all-time closing highs. 
  • T2108 (% of stocks trading above the 40-day moving average) still is range bound as it hovers in the low 60’s. 
  • Volume on SPY yesterday was strong. 
  • Price pattern on SPY over the last three months is a bit of a inverse head and shoulders pattern. 
  • SPX 30 minute chart shows a breakout above key resistance unfolding. 
  • 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 IMAX yesterday at 37.67 for a 2.7% gain. 
  • Added two new long positions yesterday. 
  • 50% long / 50% cash. 
  • I’ll consider adding 1-2 new positions today dependent on the strength of today’s price action. 
  • Remain long: AAPL at 126.81, ETN at 68.88 CRM at 67.92
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 4-24-15

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