• SP 500 Market Analysis 3-15-16

Technical Outlook:

  • Dip buyers remained in control yesterday and rallied the market after the morning sell-off, to hit new intraday highs on the current rally. 
  • Though the rally is still steep, it is starting to flatten out some. 
  • A lot of resistance exists between 2020 and 2040 going forward and will pose difficulties for the market. 
  • Volume was insanely light yesterday – and the lightest volume day of the year so far. In line with volume levels seen during the week of Christmas. 
  • Nonetheless, 200-day moving average is holding strong for SPX. 
  • Island reversal pattern emerging today on SPY 30 minute chart. Could signal a larger pullback. 
  • VIX holding rising support off of the October lows. 
  • Volume will likely be light again today as we are on the eve of the FOMC decision coming out at 2pm tomorrow. 
  • The next price target for SPX will be to close the massive New Year’s gap down and close over 2044, which impressively enough, would put the market in positive territory for the year. 
  • At the aforementioned 2044 level on SPX, there is a significant amount of resistance that was created during February – August time period of 2015. 

My Trades:

  • Did not add any new swing-trades to the portfolio yesterday. 
  • Did not close out any swing-trades yesterday. 
  • Currently 10% Long / 90% Cash
  • Remain long JPM at $59.11
  • Will look to add 1-2 new positions and follow the market’s direction 
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 3-15-16

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