Pre-market update:

• European markets are trading 0.3% higher. 
• Asian markets traded 0.5% higher.
• US futures are trading 0.2% higher. 
  

Economic reports due out (all times are eastern): Jobless Claims (8:30), Philadelphia Fed Survey (10), Leading Indicators (10), EIA Natural Gas Report (10:30), Bernanke Speaks (10:30), 

Technical Outlook (SPX):

• SPX continues the recent tradition of only allowing for a one-day pullback. 
• Expect Bernanke to created some volatility for the markets one hour into the trading session when he starts speaking. 
• It should be noted that over the last four trading sessions the market has consolidated between 1672 and 1684. 
• Rising trend-line off of the 6/24 lows rises to 1667 as support for today .First line of defense today for any pullback in the general market. 
• The attempt to breakout to all-time highs is being met with some resistance at this point. The good thing though is the market isn’t violently selling off after testing highs. Instead it just coils underneath. 
• Volume slightly higher than what had been seen in recent days. 
• Of concern is that there is really no significant key price support levels near current price action. 
• Possible double top being formed on the SPX 30-minute chart. 
• From trough to peak the SPX has risen about 124 points. A 38.2% Fibonnaci pullback would equate to a move back down to 1636.
• This uptrend looks nearly the same as the one we saw on 4/19 and lasted until 5/19. I’m curious if it will lead to a similar extended pullback as a result. 
• The SPX has typically risen in long winded streaks in 2013 where instead of the typical give-and-take that a market experiences, the bulls push higher with little in the way of obstacles. 
• VIX dropped back into the 13’s.
• Careful to note all the gaps that have formed on this uptrend off of the lows of 6/24. More times than not a market will ultimately come back and fill those gaps. 
• 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:

• Added HRB at 30.19 yesterday. 
• Sold QID for a -1% loss yesterday at 20.95. 
• Current Longs: EMN at 73.58, QID at 21.17, CME at 76.53, SJM at 104.63, AAPL at 422.30, BDX at 99.98
• May look to take gains in stocks that are stagnant and replace them with better setups today. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: