Pre-market update (updated 9am eastern):

• European markets are trading 0.4% higher.
• Asian markets traded mixed and in a broad range from -1.8% up to +0.7%. 
• US futures are trading slightly higher ahead of the bell. 

Economic reports due out (all times are eastern): International Trade (8:30am), Wholesale Trade (10am)

Technical Outlook (SPX):

• Huge rally off of the morning lows yesterday, brought the SPX back to near break even yesterday. 
• The last two days we’ve seen the dip buyers come back into this market.
• This suggests this market, once it breaks out of the consolidation it is currently trading in, will be to the upside. 
• Market quickly heading back into oversold territory yet again. 
• A close below 1495 is really what the bears need in order to fuel the bearish fire. 
• A break above Wednesday’s highs will likely lead to additional short-covering. 
• We consolidated for a third straight day at/near the recent highs. 
• Volume was slightly off yesterday. 
• I am leaning more in the direction now that this market will likely push out of the recent consolidation to new 5-year highs. 
• On the 30min chart of SPX the double top that was forming before looks much more messier today. More like consolidation now. 
• The gappiness in both directions at the top of a major trend is not a healthy sign for the market. 
• VIX back into the 13’s. 
• Worries about European economies starting to re-emerge. 
• The channel that we are currently trading in looks very similar to the channel that we traded in last year from June through September. 

My Opinions & Trades:

• Stopped out of GLW yesterday at 12.27 for a -1.9% loss. 
• Added GNTX at $19.71.  
• Remain Long DVA at $116.72, WOOF at $22.12
• Will likely add 1-2  new positions to the portfolio today. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: