Pre-market update:

• Asian markets traded 0.7% higher. 
• European markets are trading 0.7% higher.
  
• US futures are trading 0.4% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): None

Technical Outlook (SPX):

• For the second straight day, SPX has formed a hammer candle – very bullish and indicative that dip buying is still alive in this market. 
• The dip buying has also been in conjunction with holding the upward trend-line off of the 6/12 lows. 
• SPX still trading below the 10-day moving average and needs to reclaim it. 
• Friday maintained what we have seen for quite a while now – where the green day volume is much less than red day volume. 
• VIX dropped 4.1% down to 12.08. 
• SPX is a place on its 30-minute chart where a bounce seems inevitable. 
• To really start causing concerns for the market, SPX first needs to break 1944, which would represent a short-term lower-low.  
• As per the previous time SPX tested the 20-day MA, price rallied higher off of the moving average. 
• SPX well off of overbought conditions. 
• SPX hasn’t seen a move of more than 1% in either direction since April. 
• 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:

• Sold AAPL on Friday at $95.03 for a 3.9% gain. 
• Sold TSLA on Friday at 218.12 for a 0.6% loss. 
• Added one additional position on Friday. 
• Will look to add 1-2 new positions today. 
• Remain long GOOG at $580.51, BKD at $33.79, AXL at $19.73, WDC at $94.87, PAY at $35.34.
• 60% Long / 40% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: