Today’s Trading Plan: Can We Get Two Days in a Row

Technical Outlook (SPX):

• Huge day in the market on Friday, despite quadruple witching. 
• Volume was very strong on Friday, and the last two up-days in SPX has seen above average volume levels, while the last two down-days have been below average.
• Today will be a big opportunity for the market to finish higher two days in a row, something the market has not seen in over a month (2/17-2/18). 
• The lack of day-to-day continuation to the upside, despite being only a couple of points from all-time highs help define just how choppy and unpredictable the market has been. 
• Last 8 days have resulted in a down-up-down-up price pattern. 
• VIX broke a rising uptrend off of the 7/3 lows on Friday when it dropped 7.5% to 13.02. 
• T2108 (% of stocks trading above the 40-day moving average) looks very bullish again and making a push to resistance at around 67%. 
• 30 minute chart of SPX is marked by a strong move higher with higher-highs and lower-lows. Very healthy. 
• Plenty of uncertainty remains in the market short-term. Euro and oil are major players in the market’s direction currently.
• Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
• 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:

• Added two new long positions yesterday.
  
• Did not close out any existing positions. 
• Will look got tighten stop-losses on existing positions. 
• Will look to add 1-2 new positions throughout the day. 
  
• Remain Long: KSS at 75.22, SNDK at 84.52. 
• 40% long. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: