• SP 500 Market Analysis 7-24-15

Technical Outlook:

  • Third straight day of selling that saw price close below the 50-day moving average. 
  • Pullbacks in this market have had a very difficult time lasting longer than 3-4 days over the course of this year. There is a very good chance at this point that we see a bounce out of the market here. 
  • SPY volume has been below average last three days but steadily increased each day. 
  • VIX yet again dropped below the 12 level which automatically triggered another reversal in the market that saw price rapidly decline from the highs of the day. 
  • VIX currently sitting at 12.64 after rising 4.3%. 
  • T2108 (% of stocks trading below the 40-day moving average) showing a lot of weakness as it continues to turn lower, dropping 14.7% to 32%. 
  • The pullback hasn’t shown a lot of panic at all to this point, with low volume and behaving somewhat haphazardly. 
  • My biggest ongoing concern with the market right now is the inability to establish new, clear-cut all-time highs that leads to an expansion of price as well. Instead SPX gets bogged down in the 2120-2130’s range and reverses course each time. 


My Trades:

  • Did not add any new long positions yesterday. 
  • Did not close out any positions yesterday. 
  • 30% Long / 70% cash. 
  • Remain long: COST at 144.57, JAH at 55.74, AAPL at 124.35.
  • If the market shows a willingness to start moving higher again today, I’ll add 1-2 new positions.
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 7-24-15

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