Pre-market update (updated 9am eastern):

• Europe is trading 0.4% higher.
• Asian markets traded mixed, but overall +0.5% higher. 
• US futures are slightly higher.  

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Current Account (8:30am), Redbook (8:55am), Housing Market Index (10am)

Technical Outlook (SPX):

• Huge day for the SPX yesterday, putting an end to the recent sell-off, establishing a higher-low, and closing above 1429 on the day. 
• There is some longer-term resistance with the triple-top neckline possibly acting as resistance. 
• Overall, volume remained steady in comparison to what we’ve seen of late. 
• The trend-line we had been riding higher previously has lessened its steepness with the new higher-low in place. 
• Strong possibility going forward that the market rallies to close out the year. 
• Fiscal Cliff talks are improving, and will likely provide an underlying catalyst for the market. 
  • A deal is more likely than not at this point. 
• SPX reclaimed all significant moving averages. 
• Weekly chart on the SPX looks extremely concerning, and paints a much bearish picture than the daily chart, with a major bearish shooting star. 
• If the bears want to accelerate the selling, then price needs to get below 1406 and close below that level. 
• There’s an inverse head and shoulders pattern formed on SPX daily chart that is confirmed at 1422. 
• VIX is back in the 16’s..

My Opinions & Trades:

• Bought ADS at $144.99.
• Remain long EW at $91.01, LULU at $73.01, BSBR at $7.03, CMG at $278.00, PHG at $26.84.
• Stop-losses updated in EW, LULU, BSBR, CMG and PHG. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: