• SP 500 Market Analysis 2-14-14

Pre-market update:

  • Asian markets traded in a wide range between -1.5% and +0.9%. 
  • European markets are trading 0.3% higher.
  • US futures are trading flat ahead of the market open. 


Economic reports due out (all times are eastern): Import and Export Prices (8:30), Industrial Production (9:15), Consumer Sentiment (9:55)

Technical Outlook (SPX):

  • SPX continues to march higher after buying the dip off of 1809 support yesterday. 
  • Yesterday’s aggressive buy off of the opening lows suggests that the bulls are very much in control of this market and are not done yet with pushing this market higher. 
  • Next key level of resistance for the bulls becomes the all time highs. 
  • 30-minute chart shows a very steep trend-line in place off of the 2/5 lows. 
  • VIX continues to weaken down to 14.14 and likely headed for 12. 
  • Volume was slightly below average and similar to what we saw the three previous days of trading. 
  • Stochastics are overbought yet again. 
  • The biggest technical stronghold is the strength SPX found from the trend line that started off of the August ’13 lows. 
  • Markets don’t care about the economy nor earnings. 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:

Chart for SPX:

SP 500 Market Analysis 2-14-14

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