• SP 500 Market Analysis 6-11-15

Technical Outlook:

  • SPX saw a monster bounce that saw price break through key resistance at 2100 and up to 2105. 
  • Declining resistance at 2112, and if price break that, you have 2120’s for SPX to contend with. 
  • RUT looks ready to challenge its all-time highs again. after breaking out of 3 weeks of consolidation. 
  • Nasdaq still stuck in consolidation. 
  • While the bulls have reversed the trend of the market for the past couple of weeks, it definitely has put it in doubt. Finding follow through to the upside will be absolutely key for the bulls. 
  • VIX dropped 8.6% back down to the rising support off of the July lows from last year. This has often led to sell-off over the past six months. 
  • T2108 saw a significant rally with 25% increase in the number of stocks trading above their 40-day moving average. 
  • SPX 30 minute chart has done little to change its current downward path. Until it breaks above 2122, the price action will only represent a lower-low for the markets. 
  • 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:

  • Did not add any new positions yesterday. 
  • Did not close out any positions yesterday. 
  • 10% short / 90% cash. 
  • Remain short XYL at 36.16.
  • I’ll consider adding 1-2 new short position to the portfolio today. May consider playing to the long side if we get a heavy bounce today. 
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 6-11-15

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