Pre-market update:

• Asian markets traded 0.1% lower.
• European markets are trading 0.8% higher.
• US futures are trading 0.2% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30), Jobless Claims (8:30), EIA Natural Gas Report (10:30), Treasury STRIPS (3)

Technical Outlook (SPX):

• Uptrend resumed yesterday and is well below the upper Bollinger Band providing ample room to continue its run. 
• Volume returned to its average levels. 
• SPX is higher eight out of the last ten times. 
• SPX continues to trade heavily in overbought territory. 
• The 30-minute SPX chart shows a breakout above previous consolidation. 
• Despite the rally yesterday, VIX still managed to rise 1.8% to 12.08.
• The dip buyers continues to reverse intraday weakness rather aggressively. 
• As it currently stands, the bears are not showing any true ability to drive this market lower.
• The only moving average that has shown any significant measure of support recently has been the 50-day moving average. That is the only one I would stay focused on at this point. 
• A pullback to 1897-1900 is completely fine, but must hold that level. 
• There does remain a significant gap up to fill from 5/27 on the SPY chart. 
• The short-term support rising off of the 4/28 lows continues to hold up well. 
• 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 Opinions & Trades:

• Closed out AMAT at $21.60 for a 7.8% gain. 
• BIDU was previously closed out at 162.92 for a 2.4% loss. 
• Added two new long positions yesterday. 
• I will look to add 1-2 new long positions today. 
• Remain long AKAM at 54.52, BBY at 27.37, HOT at 80.26, HAL at 63.07, WDC at 87.93, STT at 65.75
• 80% Long / 20% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: