• SP 500 Market Analysis 10-9-14

Pre-market update:

  • Asian markets traded 0.2% lower.
  • European markets are trading 0.3% lower.
  • US futures are trading 0.1% lower ahead of the market open. 


Economic reports due out (all times are eastern): Jobless Claims (8:30), Wholesale Trade (10), EIA Natural Gas Report (10:30)

Technical Outlook (SPX):

  • That was an amazing bounce yesterday where SPX rallied 43 points off of its lows of the day. 
  • The 30-minute chart shows the potential for a double bottom pattern, but needs to confirm it at 1978. 
  • 1978 is really the key level for this market. If SPX recaptures it, then it creates a higher-high for the market to work off of. 
  • Otherwise, we still remain trading in a defined downtrend. 
  • VIX dropped 12.2% down to 15.11. 
  • 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:

  • Did not close out any positions yesterday. 
  • Added one additional short position yesterday. 
  • Remain long CMG from $668.00, BAC at 17.22, SH at 23.38
  • Remain short BKD at 32.61.
  • 20% long / 30% short / 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 10-9-14

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