Pre-market update:

• Asian markets traded 1.9% lower.
• European markets are trading 2.2% lower.
  
• US futures are trading 1.3 lower ahead of the market open. 
  

Economic reports due out (all times are eastern): Jobless Claims (8:30), Industrial Production (9:15) Philadelphia Fed Survey (10), Housing Market Index (10), EIA Natural Gas Report (10:30), EIA Petroleum Status Report (11)

Technical Outlook (SPX):

• Huge hammer yesterday, probably one of the biggest ones I have ever seen. Its lows will market key support for the market today. 
• Ebola and European financial fears continue to fan the bearish flames of this market. 
• Earnings are hammering company’s stock prices – case in point Netflix (NFLX). 
• SPX still hasn’t managed to provide the bounce that would seem likely at the current levels. Nonetheless, no bounce has materialized whatsoever. 
• Futures are setting up for a significant gap lower. 
• Volume continues to rapidly increase each day – well above the average for all the indices. Yesterday’s was the highest that we’ve seen in a very, very long-time. 
• SPX 30-minute chart still unable to create a higher-high in this market. 
• VIX index climbed, at one point over 30 yesterday only to settle in at 26.25. 
• Despite the market movements, T2108 (% stocks trading above 40-day moving average) remained unchanged yet again. 
• 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:

• Closed out SH at 24.47 for a 4.7% gain. 
• Added one new position yesterday.  
• Will consider adding 1-2 new positions today. 
• 10% long / 90% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: