Pre-market update:

• Asian markets traded in a broad range from -1.0% up to +0.2%
• European markets are trading 0.7% higher.
• US futures are trading 0.5% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Durable Goods Orders (8:30), Jobless Claims (8:30), EIA Natural Gas Report (10:30), Kansas City Fed Manufacturing Index (11)

Technical Outlook (SPX):

• Price action tested support yesterday at 1873 and held. 
• The bearishness yesterday was nothing for the bulls to be concerned with at this point. With the Apple (AAPL) and Facebook (FB) earnings beat, it looks more like a relief point before attempting to move higher yet again. 
• Volume was extremely weak yesterday, and similar to the low levels that we saw on Monday. 
• A break and close above 1890 on SPX would represent a new all-time closing high. This is definitely in play for today. 
• 1883 has posed as resistance over the last two months, SPX will be opening up right at this level today. 
• Watch the VIX today – it is pushing some significant extremes when compared to recent action. An unwillingness to push lower this morning may signify that SPX gap up won’t hold. 
• The Market doesn’t care about the economy nor earnings (except for today apparently with Apple and Facebook). 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 position yesterday. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new positions today.
• Remain long JOY at 61.31. 
• Remain short HPQ at 31.99, BAC at 16.08. 
• Long 10% / Short 30% / 60% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: