• s and p 500 12-30-15

Technical Outlook:

  • SPY gave up much of Tuesday’s gains yesterday. 
  • It also slipped back into the gap from the day prior. 
  • A close below 2059, would effectively put SPX in the red for 2015. 
  • If SPX closes below 2050, it would mark the first time in 12 years where SPX finished red during the last 30 trading sessions of the year. 
  • VIX popped hard in the final hour of trading yesterday rising 7.6% to 17.29. 
  • T2108 (% of stocks trading above the 40-day moving average) dropped 12 points to 35%. Not a major move in view of the recent move it has has made upward. 
  • Some volatility may be seen today with the low volume levels and it being the last day of the trading year. 
  • Often times you’ll see some window dressing on the last couple of trading sessions of the year. So far that has not been the case and SPX is looking to open lower today as well.
  • SPX closed just a shade above the 200-day moving average.  
  • Double bottom confirmation was made Tuesday on SPX 30 minute chart by breaking above 2076 level, but it must not give up the 2044 level – if it does a lower low will be formed.
  • SharePlanner Reversal Indicator this week fired off its first bullish reversal signal since August of this year. 
  • Descending trend-line off of the 11/3 highs could offer up some resistance at 2089.
  • Case could be make  that SPX is in a bull-flag pattern that confirms above 2089, following the bounce off of the September lows. 
  • The market is closed tomorrow.
  • On SPY the absolute key level for it rests at $200. A break below this level would send SPY firmly into bear territory. 
  • There is a rising trend-line off of the September lows on SPX that has been tested twice in the past three weeks and held up perfectly. 
  • A lot of talk about the “Golden Cross” taking place on SPX with the 50-day moving average crossing above the 200-day moving average. I don’t put much weight behind this phenomenon. 

My Trades:

  • Did not add any new positions to the portfolio yesterday. 
  • Did not close any positions yesterday. 
  • Not expecting this to be a heavy trading day for me. Active trading for me to resume next week, to start the new year.  I may close out a few positions today though. 
  • Currently 70% Long / 30% Cash
  • Remain long UTX at $94.58, UPRO at $60.63, QLD at $76.77, ADBE at $92.42 and three additional positions. 
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

s and p 500 12-30-15

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