Technical Outlook (SPX):
- SPX had a huge sell-off yesterday taking it down 30 points and to the rising trend line off of the 2/2 lows.
- 50-day, 20-day and 10-day moving averages were all broken with little contest yesterday.
- Volume on SPY was fairly strongly yesterday.
- VIX rose 13.4% to 15.44
- T2108 indicates that the selling may just now be getting started in this market as 46% of stocks still remain above their 40-day moving average.
- It has been over 20 years since we have not seen two straight days where the market finished higher.
- 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 yesterday.
- Sold ALSN at 32.07 for a 1.1% loss.
- Sold UFS at 45.71 for a 1% loss.
- Remain Long: KSS at 75.22, JEC at 44.96
- 20% long.
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
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