Pre-market update:

• Asian markets traded 0.4% higher.
• European markets are trading 1.6% higher.
  
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Employment Situation (8:30), International Trade (8:30), Factory Orders (10), Consumer Credit (3)

Technical Outlook (SPX):

• SPX saw an early morning sell-off quickly get bought up by the bulls after trading at and around the 10-day moving average. That has traditionally been where the bulls have bought the dip for nearly two months now. 
• 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 picked up quite a big yesterday from what was seen over the last 2 days. 
• The 5-day and 10-day moving averages have converged together creating, what should be, a very strong price level of support today. 
• Breaking 2049 would also result in a break of the 20-day moving average as well. 
• SPX 30 minute chart is becoming rather choppy at the highs. 
• VIX dropped 0.7% down to 12.38. 
• 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:

• Sold SBUX yesterday at $81.18 for a 3.5% gain.  
• Added two new positions yesterday. 
• Will consider adding 1-2 new positions today. 
• Remain long SBUX at 78.47, GLW at 21.20, CBS at 55.02, TEVA at 57.40.
• 50% long / 50% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: