Pre-market update:

• Asian markets traded 1.0% higher.
• European markets are trading 0.3% higher.
  
• US futures are trading 0.1% higher
  

Economic reports due out (all times are eastern): New Home Sales (10)

Technical Outlook (SPX):

• SPX bounced in notable fashion, considering the Nasdaq was halted for half the day. Nonetheless, closed at five-day highs.
• The 50-day moving average is acting as a beast – price action on the SPX has tested it four straight days and not once, has price broken through and closed above the MA.
• Once a break of the 50-day MA occurs at 1659 today, the next major resistance level will be 1686 – the underside of where the SPX orginally collapsed from earlier this month. 
• The 30-minute chart shows price basing and accumulating at current levels. A push above 1660 would be significant for that time frame.
• A perfect evening start formation on the VIX daily chart. Good sign it might be reversing here. Back in the 14’s.
• Volume was extremely even more so due to the Nasdaq halt.
• Key support exists off of the rising support level from November 2012 lows and currently at 1622.
• Dow finished in positive territory for the first time in seven days.
• SURPRISINGLY….This is the longest we have been oversold in 2013.
• I’m still not looking to short this market. Sell-offs in this market environment are quick and hard to capitalize on – better off holding on to the long side and buying on the dips.
• It is arguable that the SPX is simply trying to form its first higher-low off of the 6/24 lows.
• Markets don’t care about the economy. 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:

• Avoided adding any new positions yesterday mainly due to certainty of Nasdaq outage.
  
• Currently 90% long / 10% cash.  
• Current Longs: URS at 49.85, BMRN at 64.50, FLR at 65.99, WYNN at 139.08, XEC at 79.75, FDX 108.18, BPOP at 32.76, CMI at 123.48, AMZN at 287.30.
  
• I’ll look to add 1-2 new positions today but will, in doing so have to subtract from some others I consider non-performers. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: