Pre-market update (updated 9:00am eastern):

• European markets are trading 0.1% higher.
• Asian markets traded 0.4% higher but in mixed fashion.. 
• US futures are trading slightly lower ahead of the opening bell.. 

Economic reports due out (all times are eastern): International Trade (8:30am), Import and Export Prices (8:30am), Treasury Budget (2pm)

Technical Outlook (SPX):

• SPX broke out of the bull-flag consolidation I mentioned yesterday and closing at 5 year highs. 
• 1451 now becomes a clear support level for the bulls to hold going forward. 
• Yesterday’s close represents a five-year closing high or as I call it, a post-recovery high. 
• Volume continues to remain steady. 
• As a result, we are getting right back into overbought territory short-term. 
• Of late, there have been quite a few market rallies/sell-offs in the last hour of trading, much like yesterday. 
• 30-minute chart shows a nice breakout of previous consolidation. 
• There really isn’t any support found on any of the major moving averages. 
• Notice the channel that we are currently trading in, off of the November lows (see chart below).
• VIX is now trading below 13.50, indicating a general lack of fear in this market. 
• There’s really no significant level of resistance for the market above 1466 until you get to 1501. 
• It will take a significant move, but below 1398, the trend will be bearish. 
• Be aware of upcoming news events and discussions that will permeate the markets: Debt Ceiling Debate, Fiscal Cliff Part II, Employment Recovery. 
• There is still a huge gap on the SPY chart that ultimately needs to be filled. 

My Opinions & Trades:

• No new trades yesterday. 
• Remain Short TEVA at $38.10 and Long VMC at $53.35, EW at $93.15.
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: