Pre-market update (updated 9am eastern):

• European markets are trading flat.
• Asian markets traded -1.0% lower. 
• US futures are trading slightly higher ahead of the bell. 

Economic reports due out (all times are eastern): None

Technical Outlook (SPX):

• Market breakout of the SPX on Friday has pushed price outside of consolidation. 
• At this point, even though it seems completely irrational, the trade is to the long-side until proven otherwise. 
• Market has creeped back into short-term overbought. On mid-to-long-term indicators, we have remained overbought for months now.
• There’s not much in the way overhead of the market not hitting all-time highs from a technical analysis standpoint. 
• A pullback to the 1450-70’s seems possible once in fact the market does determine it is time to pullback. 
• Three straight days of closing near the highs of the consolidation range forecasted the move on Friday. 
• Volume was non-existent on Friday, due to the snow storms hitting the northeast. 
• A close below 1495 is really what the bears need in order to fuel the bearish fire. 
• Volume was slightly off yesterday. 
• On the 30min chart of SPX, we have a slight breakout. 
• The gappiness in both directions at the top of a major trend is not a healthy sign for the market. 
• VIX back at 13’s. 
• Worries about European economies starting to re-emerge. 
• The channel that we are currently trading in looks very similar to the channel that we traded in last year from June through September. 

My Opinions & Trades:

• Added POL at $23.16.  
• Remain Long DVA at $116.72, WOOF at $22.12, GNTX at $19.71.
• Will likely add 1-2  new positions to the portfolio today. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: