Pre-market update:

• Asian markets traded 0.6% higher.
• European markets are trading -0.8% lower.
  
• US futures are trading 0.1% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): PPI-FD (8:30), Consumer Sentiment (9:55)

Technical Outlook (SPX):

• A fourth straight day of selling today would mark the first time that has occurred since 12/13/13. A phenomenon that has yet to happen in 2014. 
• Yesterday’s pullback was a bit more than anyone was expecting, but did find minor support at 1925. 
• The 10-day moving average which has often times been the MA that dip buyers choose to buy stock at, failed to come through yesterday. At this point, the only moving average that has any importance for me is the 50-day. 
• SPX has come off of overbought conditions. 
• Volume saw an uptick during the selling and was even more notable on SPY. 
• VIX continues to pop higher after pushing up 8.3% yesterday to 12.56.
• 30-minute chart of $SPX is oversold and looks prime for a bounce here. 
• The rally that started on 4/14 needs to hold rising support at 1906.
• 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 additional long position yesterday. 
• Did not close out any positions yesterday. 
• I will look to add 1-2 new long positions today. 
• Remain long AKAM at 54.52, HAL at 63.07, IR at 60.11, FB at 63.05, KORS at 95.19.
• 60% Long / 40% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: