Today’s Trading Plan: Giving Up Little Ground

Technical Outlook (SPX):

• SPX cooled off yesterday, albeit barely, finishing slightly lower for only the second time in six trading sessions. 
• 5-day moving average continues to represent a short-term rising support level, that SPX has held
• Volume continues to be particularly weak across the board, especially with SPY. 
• However, we’ve seen this numerous times in the past without it leading to any negative effects for the market. 
• SPX 30 minute chart shows a good bit of consolidation over the past two trading sessions between 2088 and 2100. 
• Greece continues to pose headline risk to the market, however, I expect that an agreement/extension will eventually be reached short-term. 
• VIX dropped 2.2% down to 15.45. 
• Interesting on the T2108 (% of stocks trading above their 40-day moving average) the percentage remains unchanged since 2/3. 
• Upper channel resistance is now at 2122.
• Russell breakout out perfectly above the box range it has been in for over a year now. 
• Weekly SPX chart shows a well constructed bullish-flag breakout taking place. 
• Monthly looks equally impressive. 
• Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
• 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 one new position yesterday. 
• Will look to add 1-2 new positions on market strength today. 
• 60% Long / 40% cash. 
• Remain long HON at 102.48, ADBE at 73.66, MA at 86.29, MSFT at 43.03, BA at 149.84.
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: