Pre-market update (updated 8:30am eastern):

• Europe is trading 0.4% higher.
• Asian markets traded in a wide range from -0.2% up to +0.8%.
• US futures are slightly lower ahead of the open. 

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30am), Jobless Claims (8:30am), Quarterly Services Survery (10am), EIA Natural Gas (10:30am)

Technical Outlook (SPX):

• SPX finished yesterday with what can be considered to be a doji-like candle pattern – showing indecision by the markets at this juncture. 
• The 50-day moving average is offering a strong showing of resistance for the SPX over the last 5 trading sessions. 
• It is very possible that we could continue pulling back off of recent highs. You have recent support at the 200-day moving average which could offer some level of buying for the markets. 
• Volume saw a slight uptick yesterday compared to what we’ve seen recently. 
• 8-day EMA continues to provide support for the markets in the short-term. 
• We are retesting the neckline of the triple-top on the SPX daily. Heavy resistance at this level for now. 
• We are off of overbought conditions in the short-term. 
• 30-minute chart looks distributive and has the potential to breakdown further. 
• Ideally for the bulls, if price action can close at or above 1429, the downtrend off of the September highs would be officially done and over with, as a new higher high would be established for the first time. 
• Next level of price resistance rests at 1437. 
• Fiscal Cliff discussions continues to dominate the news. 
• SharePlanner Reversal Indicator shows a strong possibility for a Santa Rally
• SPX currently has recaptured the 10, 20, and 200-day moving averages. 
• VIX is back below 17. 

My Opinions & Trades:

• Sold VRX at $57.81 for a 3.0% gain. 
• Bought ARRY at $3.67
• I’ll be looking to add 1-2 new positions to the portfolio today. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: