Today’s Trading Plan: Down-Up-Down-Up

Technical Outlook (SPX):

• A day of consolidation for stocks led to a steady stream of afternoon selling that saw SPX finish in the red for the day. 
• This marks the ninth straight day of a “down-up-down-up” trading pattern. Very difficult to trade, and represents a lack of conviction from the market as a result. 
• SPX needs to establish a new higher-low in the market this morning and keep the uptrend on the 30 minute chart intact. 
• VIX rose 3% to 13.41 yesterday. 
• Ironically, T2108 keeps rising – this time up 2.9% to 59%. 
• Seven straight red bars on SPX to close the day out. Very difficult to do on the 30 minute time frame, and should make it difficult to sustain any kind of selling at the open without a bounce of some kind first. 
• Volume was pathetic on SPY yesterday. The lowest we’ve seen since the Christmas holidays. 
• The lack of day-to-day continuation to the upside, despite being only a couple of points from all-time highs help define just how choppy and unpredictable the market has been. 
• Plenty of uncertainty remains in the market short-term. Euro and oil are major players in the market’s direction currently.
• Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
• 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:

• Added two new long positions yesterday.
  
• Sold SNDK at $85.74 for a 1.4% gain yesterday. 
• Sold ONNN at 12.74 for a 0.6% loss yesterday. 
• Will look to add 1-2 new positions throughout the day. 
• Remain Long: KSS at 75.22, JEC at 44.96.
• 40% long. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: