Today’s Trading Plan: Rocked By Jobs

Technical Outlook:

• SPX looking at some weakness heading into the open today with the dismal job report that was issued on Friday when the market was closed. 
• SPX futures has managed to recapture nearly half of the losses heading into the open. 
• Short-term trend-line support off of the March lows is holding for SPX currently but will be threatened right away today. 
• Ultimately it is 2040 that is most important and if SPX manages to close below this level, it completely changes the game for the bears going forward. 
• VIX dropped 2.9% down to 14.67. VIX still hardly affected by the volatility of this market lately. 
• SPY volume dropped off on Thursday and was well below average. 
• SPX and the market in general looks very vulnerable on the charts. 
• The trading range continues to get even more narrow, with last week establishing a new lower-high and a higher-low. 
• You still have the lingering potential double top on the 30 minute chart of SPX but overall the price action there is very uncertain and choppy.
• Plenty of uncertainty remains in the market short-term. Euro and oil are major players in the market’s direction currently.
• Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
• 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 add any new positions on Thursday. 
• Did not close out any positions on Thursday. 
• 20% long / 10% short / 70% cash. 
• I’ll wait to see which direction the market takes today and adjust the portfolio accordingly.
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: