Pre-market update:

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

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Retail Sales (8:30), Empire STate Manufacturing Survey (8:30), Import and Export Prices (8:30), Redbook (8:55), Business Inventories (10), Janet Yellen Speaks (10)

Technical Outlook (SPX):

• Respectable bounce for SPX yesterday after forming hammer candles the two previous trading sessions. 
• Bounce also occurred off of the short-term trend-line as shown below. 
• 10-day moving average was reclaimed by SPX. 
• 30-minute chart of SPX shows a choppy uptrend in play. 
• Volume was slightly off yesterday. 
• VIX dropped back below 12 again to 11.82. 
• This market still leans bullish, but needs to break out to new all-time highs at some point this week if it wants to keep the momentum on its side. 
• The dip buying has also been in conjunction with holding the upward trend-line off of the 6/12 lows. 
• To really start causing concerns for the market, SPX first needs to break 1944, which would represent a short-term lower-low.  
• SPX off of overbought conditions. 
• SPX hasn’t seen a move of more than 1% in either direction since April. 
• 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 new position to the portfolio yesterday. 
• Sold PAY yesterday for a 0.3% loss. 
• Will look to add 1-2 new positions today. 
• Remain long GOOG at $580.51, BKD at $33.79, AXL at $19.73, WDC at $94.87, KATE at $38.10.
• 60% Long / 40% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: