Pre-market update:

• Asian markets traded 0.1% higher.
• European markets are trading 0.8% lower.
  
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): None

Technical Outlook (SPX):

• Some weakness creeping into the pre-market to start the week off. 
  
• Once the market opens, SPX will need to try and hold short-term support at 2065. 
• 5-day and 10-day moving averages are both at 2068, and should offer a place for dip buyers to stabilize the markets at. 
• December, since 2008, has been a very bullish month, closing higher each time. As a result, it is very difficult to get short ahead of any notable break down on the charts. 
• SPX 30 minute chart still showing consecutive higher-highs and higher-lows. 
• VIX dropped 4.5% to 11.82.
• Stocks in general have taken a hit in the month of December so far; looking at the charts, they are not as strong as they were during the market rally in November. 
• Volume maintained the previous day’s volume level, but still below average overall.
• Breaking 2049 would also result in a break of the 20-day moving average as well. 
• 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 Friday. 
• Did not close out any positions on Friday.
• Will consider adding 1-2 new positions today. 
• Remain long GLW at 21.20, CBS at 55.02, TEVA at 57.40, IBM at 163.94, MSFT at 48.95.
• 60% long / 40% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: