Pre-market update (updated 9am eastern):

• European markets are trading mixed and 0.1% higher.
• Asian markets traded mixed and -0.4% lower.
• US futures are trading mixed/flat ahead of the bell. 

Economic reports due out (all times are eastern): Jobless Claims (8:30am), Productivity and Costs (8:30am), EIA Natural Gas Report (10:30am), Consumer Credit (3pm)

Technical Outlook (SPX):

• We saw yesterday for the first time in 4 gap down days where the dip buyers actually came in and brought the market off of its lows. 
• This ended the three-day streak of day-to-day major reversals. 
• We consolidated at the highs yesterday which bodes well for market bulls. 
• Volume remained relatively flat yesterday. 
• I am leaning more in the direction now that this market will likely push out of the recent consolidation to new 5-year highs. 
• Key price level for the bears is at 1494-5. 
• On the 30min chart of SPX the double top that was forming yesterday looks much more messier today. More like consolidation now. 
• The gappiness in both directions at the top of a major trend is not a healthy sign for the market. We need to either close above Tuesday’s highs or close below Tuesday’s lows to better understand the direction this market is wanting to take. 
• Two support levels that I want to watch going forward are the 1468 and 1451 on the SPX. We aren’t quite there yet, but that is really the nearest support levels of significance. 
• VIX back into the 13’s. 
• Worries about European economies starting to re-emerge. 
• The channel that we are currently trading in looks very similar to the channel that we traded in last year from June through September. 

My Opinions & Trades:

• Closed SWHC yesterday at $8.94 for a 3.2% gain. 
• Stopped out of UAL yesterday at $24.73 for a -2.6% loss. 
• Added WOOF at $22.12. 
• Remain Short GLW at $12.04, Long DVA at $116.72
• Will likely add 1-2  new positions to the portfolio today. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: