Pre-market update:

• Asian markets traded 0.1% higher. 
• European markets are trading -0.2% lower.
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Employment Situation (8:30), Factory Orders (10)

Technical Outlook (SPX):

• Price pushed through 1883 intraday, but like I’ve seen so many times before, it was unable to hold that level into the close. 
• While the short-term, downward trend-line off of the 4/4 highs was broken, 1883 is still the key price level that needs to be broken by the bulls. 
• For me there is little reason to be bullish until this happens. Far too many reversals have occurred here. 
• With that said, the bears need to capitalize on the failure to push through. The longer it allows the bears to sit just below key resistance, the more likely it is that it will eventually be broken very soon. 
• 10-day moving average continues to offer solid support for the bulls. A break of this moving average will be key for the bears. 
• SPY has pushed higher 11 out of the last 13 sessions, while volume continues to taper off. 
• VIX is back down to the lower 13’s where most reversals have occurred since February. 
• 20, & 50 day moving averages have converged together offering some support for SPX.
• In this market, you have to be aggressive with the gains. Take them quick, and don’t expect them to last. 
• 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 Opinions & Trades:

• Added one new short position yesterday to the portfolio. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new positions today.
• Remain short MT at $16.03 and CTSH at $48.13. 
• Short 30% / 70% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: