Pre-market update:

• Asian markets traded 1.3% lower.
• European markets are trading 1.7% lower.
  
• US futures are trading 0.7% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Redbook (8:55), JOLTS (10), Wholesale Trade (10), 

Technical Outlook (SPX):

• SPX looking at a major gap down to start the day. On the forefront is the crashing market in Greece – yes, Greece is once again resurfacing as a threat to US markets. 
• Chinese market was also extremely weak, dropping 5%. 
• 20-day moving average will be broken as soon as the market opens. 
• 2050 support level mentioned in previous trading plans will be taken out at the open as well. 
• Next key support level is 2030 – if broken, we could be looking at a similar market to what we saw in September and early October. 
• By breaking 2050, SPX essentially has created a short-term double top in the market. 
• Large gap downs are tricky to trade because they stoke the emotions of traders, and often times there is limited downside that remains for the remainder of the trading session. 
• VIX spiked 20.2% yesterday to 14.21. 
• Double top on SPX 30-minute chart looks to confirm at the market open.
• 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 add any new positions yesterday. 
• Stopped out of MSFT at 47.79 for a 2.3% loss. 
• Will consider adding 1-2 new positions today. 
• Remain long GLW at 21.20, CBS at 55.02, TEVA at 57.40, IBM at 163.94, HOG 70.15.
• 50% long / 50% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: