Pre-market update:

• Asian markets traded 1.0% higher.
• European markets are trading 0.2% higher.
• US futures are trading 0.3% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): Atlanta Fed Business Inflation Expectations (10)

Technical Outlook (SPX):

• For the third straight day and fourth time in the last six days, SPX has struggled to break through the 1873 price level. 
• This level is representing significant problems and is why I didn’t add any new long positions yesterday. 
• This morning SPX is gapping above the price level which is preferred by the bulls, because it can be easier to leave the price level behind and move higher. 
• Watch the first 30 minutes of trading at least to make sure nothing unexpected happens with the gap up and the 1873 price level. 
• Once 1873 is broken, it becomes very likely that new highs will be challenged at 1883. 
• Volume readings fell back to average yesterday. 
• Head and shoulders pattern on the 30-minute chart is likely to be nullified today. 
• VIX headed back towards the 13’s. 
• Bears need to set their aim towards pushing price below 1839. That would drastically alter SPX landscape. 
• March has been stuck in a relatively tight trading range of about 49 points. At this juncture, with all the back and forth that I’ve seen, it needs to do what it can to separate from the pack. 
• Consolidation of the market of late is best seen through the weekly chart of SPX
• 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:

• Did not add any new positions yesterday – I want to see 1873 break first. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new additional position today. 
• Remain short SU at 32.60. 
• Remain long BBY at 25.93, BWLD at 152.07, ANF at 39.75, MA at 78.55, CNO at 18.77.
• Long 50% / Short 10% / Cash 40% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: