• SP 500 Market Analysis 6-10-15

Technical Outlook:

  • SPX showed signs of wanting to bounce yesterday, but afternoon selling pressures squashed that opportunity, leaving traders with the second doji candle in the past three trading sessions. 
  • VIX dropped 5.3% to close back down inside of the declining trend-line off of the October highs. 
  • A bounce today could easily take SPX back up to short-term resistance before declining again, at 2099-2100. 
  • Also around that same area is the 50-day moving average and teh 10 day-moving average that could provide additional resistance. 
  • Dead cat bounces in the stock market can last anywhere from 2-3 days. Don’t always expect it to be a one-and-done kind of event. 
  • All eyes remain on 2067 today. If it breaks it would represent a new lower-low for SPX. 
  • 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:

  • Closed out UPRO yesterday at 68.42 for a 0.5% gain (day-trade).
  • Did not add any additional short positions yesterday. 
  • 10% short / 90% cash. 
  • I’ll consider adding 1-2 new short position to the portfolio today. May consider playing to the long side if we get a heavy bounce today. 
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 6-10-15

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