Pre-market update:

• Asian markets traded 0.3% higher.
• European markets are trading 0.4% lower.
  
• US futures are trading 0.4% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Employment Situation (8:30), Consumer Credit (3:00) 

Technical Outlook (SPX):

• Key test for SPX today as it settled yesterday just below key resistance at 2064. A sell-off today, particularly with the likely gap up and over the resistance would bode poorly for the bulls heading into next week. 
• This is by far the strongest the market has been since mid-January, but that rally also stalled out at 2064.
• Descending trend-line off of the December highs was broken yesterday with authority. 
• SPX has rallied 82 points off the lows of four days ago. 
• Volume was a bit off yesterday and below what we have seen over the past week. 
• Employment came in above expectations, but one has to be concerned from a market standpoint whether traders will become at all concerned that it could influence the Fed to raise rates sooner or expected. 
• VIX dropped 8% yesterday to close at 16.85. 
• T2108 continues to rally in a big way (% of stocks trading above the 40-day moving average) – currently sitting at 67%.
• 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 positions yesterday. 
• Sold NFLX yesterday at $447.99 for a 0.2% loss. 
• Increased my stop-loss in UPRO to protect profits.
• Will consider adding one possible new position as well as tightening the stop-losses on existing profitable positions. 
• 40% Long / 60% cash. 
• Remain Long: UPRO at 121.81, AAPL at 119.29.
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: