Pre-market update:

• Asian markets traded 0.3% higher.
• European markets are trading 0.6% lower.
  
• US futures are trading 0.4% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): PMI Services Flash (9:45), Pending Home Sales Index (10), Dallas Fed Manufacturing Survey (10:30)

Technical Outlook (SPX):

• Another day of follow through on Friday, making October almost green. Russell actually did go green for the month on Friday. 
• A sharp snap back that we have seen over the last two weeks could easily lead to a quick move back lower yet again. 
• SPX up 6 out of the last 7 days and since 10/15, is  up 144 points – unsustainable and some consolidation will have to kick in here soon if not a retraction. 
• SPX volume was below average fro the first time since since 9/26. 
• VIX moving in much small increments – down 2.5% to 16.11. 
• SPX now short-term overbought. 
• Watch for a possible test of the 50-day moving average at 1966 today. 
• Ebola fears still are on the forefront of trader’s minds. 
• SPX 30 minute chart continues to show consecutive higher-highs and higher-lows, though the trend itself has flattened out some. 
• This market is wild and erratic – if you are playing it with large position sizes, you going to find it very difficult to succeed. 
• 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:

• Did not close out any positions on Friday. 
• Kept the portfolio the same with no new additions. 
• Will consider adding 1-2 new positions today. 
• Remain long AAPL at 101.73, SH at 23.41, RAX at 35.93, TSLA at 234.95.
• 40% long / 60% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: