• crazy market price action

Technical Outlook:

  • Big move for the S&P 500 (SPX) yesterday, as Monday’s sell-off took price back below the 5, 10 and 20-day moving averages.crazy market price action 
  • Watch the rising trend-line off of the February lows on SPX as a test looms at 2124 area. 
  • SPDRs S&P 500 (SPY) volume saw an increase yesterday, and came in at above average levels. 
  • SPY leaves an unfilled gap from yesterday’s sell-off. 
  • At this point, I would expect at least a retest of the 2120 price level. 
  • Last night’s Presidential debates saw a sharp reversal higher in the overnight futures (at least until the European markets opened). Most will point at the rally and say that it is due to Wall Street believing that Clinton won the debate. However, based on my observations of futures, the rally started almost as soon as the debate started. I believe it was a pre-planned function of the Algos to rally the market regardless. I would not make much of the rally during the debates as being anything more. 
  • There are lots of headlines battling for supremacy right now: Oil & Iran production output, the debates, and Deutsche Bank (DB) stability. 
  • SPX 30 minute chart is exhibiting a nice bearish island reversal pattern. A break below 2140 would likely see a further decline to test support at 2120. 
  • CBOE Market Volatility Index (VIX) saw a significant pop yesterday rising 18% to 14.5. A push over 15 would likely see a move back over 20 again at some point in the near future. 
  • Crude (/CL) is looking to reverse its gains from yesterday with renewed possibility of an eventual move back down towards the August lows. 

My Trades:

  • Sold WDC at $56.96 for a 1.7% profit yesterday. 
  • Sold TTMI at $11.42 for a 0.8% profit yesterday. 
  • Sold MS at $31.48 for a 2.8% loss yesterday. 
  • Sold MGM at $25.28 for a 0.9% loss yesterday.  
  • Added one new long position yesterday. 
  • Added new short positions yesterday. 
  • May add 1-2 new swing-trades to the portfolio today. 
  • Currently 40% Short / 10% Long / 50% Cash
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 9-27-16

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