Pre-market update:

• Asian markets traded 0.4% lower. 
• European markets are trading 0.1% lower.
• US futures are trading 0.1% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): ADP Employment Report (8:15), GDP (8:30), Employment Cost Index (8:30), Treasury Refunding Announcement (8:30), Chicago PMI (9:45), EIA Petroleum Status Report (10:30), FOMC Meeting Announcement (2pm), Farm Prices (3)

Technical Outlook (SPX):

• Descending trend-line off of the 4/4 highs seen on the daily and 30-minute SPX charts show a heavy amount of resistance. For today resistance stands at 1879. 
• It is still equally important for the bulls to break 1883. Otherwise, I don’t think it is a great idea to get heavily long before then. 
• Volume dropped off again yesterday. 
• A lot of news coming out today from ADP Employment and GDP in the morning to FOMC Statement in the afternoon. 
• The main focus will be on the FOMC today. Careful trying to trade the action too quickly. There are usually 1-2 shakeout moves before you get the actual move. Don’t get tossed about. 
• Today the bulls have a prime opportunity to continue the push higher and finish above 1883. By doing so, it will crush the any edge the bears might have had coming into the week. 
• Wild intraday and daily price swings like we have seen in the past two months is not indicative of a healthy market, but one that is distributing and ultimately setting up for a downward push. 
• VIX managed to settle yesterday at 13.71. 
• 20, & 50 day moving averages have converged together offering some support. 
• In this market, you have to be aggressive with the gains. Take them quick, and don’t expect them to last. 
• 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 Opinions & Trades:

• Did not add any new positions yesterday as the market provided little to no swing-trading opportunities. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new positions today.
• Remain short MT at $16.03 and CTSH at $48.13. 
• Short 20% / 80% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: