Pre-market update:

• Asian markets traded 0.2% higher.
• European markets are trading 0.5% higher.
• US futures are trading 0.5% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Employment Situation (8:30), Treasury STRIPS (3)

Technical Outlook (SPX):

• Strong gap up in play as a result of the employment report that should allow for a test of 1900 today on SPX. 
• When 1700 and 1800 were reached, it led to a very minor correction immediately thereafter. 
• Volume was in line with previous day of trading. 
• These kinds of market conditions are very favorable to large price expansions in a 2-3 week time period. Careful with shorting anything at thus juncture until the SPX chart favors it. 
• Yesterday’s minor bit of selling was not a concern for me. I consider it a relief point in the existing rally. 
• SPX is back in overbought territory for the first time since 3/10. 
• If faced with a pullback, bulls need to hold 1873 price level which is where the breakout took place at. 
• Weekly chart on SPX shows a clear breakout, which strengthens the direction and edge of this market. 
• April tends to be one of the friendliest month for the bulls. 
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• The Market doesn’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:

• Sold CY yesterday at $10.50 for a 1.7% gain. 
• Did not add any additional positions yesterday.
• Will look to add 1-2 new additional position today. 
• Remain long WTI from 16.99, STX from $56.20, TMUS from $32.92, DD at $67.80, AXLL at $45.38, Joy at 58.68.
• Long 60% / Cash 40% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: