Pre-market update:

• Asian markets traded 0.4% higher.
• European markets are trading 0.7% higher.
• US futures are trading 0.5% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): FOMC Meeting Begins (ICSC-Goldman Store Sales (7:45), Consumer Price Index (8:30), Housing Starts (8:30), Redbook (8:55), Treasury International Capital (9) 

Technical Outlook (SPX):

• Critical bounce for the SPX yesterday setting up a morning-star candle formation over the last three trading sessions (bullish). 
• The 1850 breakout level has been recaptured as well as the 20-day moving average. 
• Continued strength, particularly with the FOMC statement coming out tomorrow, could result in new, all-time highs being reached in the market at some point this week. 
• Only problem with yesterday’s rally was the volume was incredibly weak. 
• VIX dropped off dramatically back down to 15.64. 
• 1867 will definitely provide some resistance for SPX 30-minute chart today, and the potential for a possible head and shoulders pattern forming. 
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• The Market doesn’t care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

• Covered X at 24.17 yesterday for a 1% gain. 
• Covered AKAM at 59.80 yesterday for a 1.9% loss. 
• Added two new long positions yesterday. 
• Will look to add 1-2 new additional position today. 
• Remain short AKAM at 59.86, SU at 32.60. 
• Long 20% / Short 20% / Cash 60% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: