Pre-market update:

• Asian markets traded 0.1% higher.
• European markets are trading 0.3% higher.
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30), International Trade (8:30), Jobless Claims (8:30), PMI Services Index (9:45), ISM Non-Manufacturing Index (10), EIA Natural Gas Report (10:30)

Technical Outlook (SPX):

• Follow through yesterday to confirm the breakout on Tuesday on SPX. 
• Volume continues to taper each of the last three days of trading. 
• After periods of consolidation, when the breakout to the upside finally does happen, the rally can last for many days before finally giving up some of those gains or pulling back. 
• SPX is back in overbought territory for the first time since 3/10. 
• If faced with a pullback, bulls need to hold 1873 price level which is where the breakout took place at. 
• Weekly chart on SPX shows a clear breakout, which strengthens the direction and edge of this market. 
• With the recent breakout the 30-minute chart of SPX now has a confirmed double bottom in place. 
• April tends to be one of the friendliest month for the bulls. 
• VIX remained even at 13.09.
• 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 one 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, DD at $67.80, AXLL at $45.38, CY at $10.32.
• Long 70% / Cash 30% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: