Pre-market update:

• Asian markets traded 0.1% higher.
• European markets are trading 0.6% higher.
• US futures are trading 0.5% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Empire State Manufacturing Survey (8:30), Industrial Production (9:15), Housing Market Index (10)

Technical Outlook (SPX):

• SPX fell for the 4th time in the last five days. 
• SPX futures are bouncing and it will be key for them to reclaim the 1850 breakout level of the SPX. 
• If SPX fails to hold the gains it is sporting in the pre-market and turns red, the 50-day moving average becomes a critical level for the bulls to hold at 1828. 
• A major upside rally will see significant shorrt-term resistance at 1867. 
• SPX 30-minute chart appears to be forming a head and shoulders pattern. Today would be the start of the right shoulder. 
• VIX spiked in a major way on Fridayh rising to 17.82. 
• SPX is down year-to-date. Both January and March has resulted in bearish months. 
• SPX headed towards short-term oversold conditions. 
• 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:

• Added one new short position on Friday. 
• Did not close out any positions on Friday. 
• Will look to add 1-2 new additional position today. 
• Remain short AKAM at 59.86, BC at 44.68, X at 24.42.
• Short 40% / Cash 60% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: