• SP 500 Market Analysis 4-29-15

Technical Outlook:

  • Following the GDP report, SPX is looking at a gap down to begin the day. 
  • Bulls need, in the near-term hold the lows of yesterday at 2094 with 2089 representing a break of the rising trend-line off of the October lows. 
  • SPX has finished higher 4 out of the last 5 days but has not shown strong collective surge among equities during that time. Also, the notion of shorting stocks has been futile to date and lacking any true edge. 
  • Volume steadily increased yesterday from what we have seen over the past two days, but still below average. 
  • FOMC meeting is today, and will likely be a non-event, possibly tailored to be more dovish than the one before. 
  • Nonetheless, even the most non-controversial FOMC statements tend to elicit some response from the market. 
  • For the sake of SPX maintaining the current breakout, it is important to stay above 2111. 
  • VIX dropped another 5.4% down to 12.41. 
  • 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:

  • Added two new positions yesterday. 
  • Did not close out any positions yesterday
  • 40% long / 60% cash. 
  • I’ll consider adding 1-2 new positions today dependent on the strength of today’s price action. 
  • Remain long: CRM at 67.92, CAT at 85.26
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 4-29-15

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