Pre-market update:

• Asian markets traded 1.7% lower.
• European markets are trading 0.7% lower.
• US futures are trading 0.2% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): PPI-FD (8:30), Consumer Sentiment (9:55am)

Technical Outlook (SPX):

• Huge sell-off yesterday that took price below the 1850 breakout level the SPX has held since 3/4. 
• SPX broke the 10 day and 20 day moving averages. We haven’t seen price below these two MA’s since 2/6. 
• Next area for the SPX to test is 1824 where there are some mild levels of support. 
• A bounce today is very possible in light of the large sell-off from yesterday, but it don’t expect that the selling and finished going into next week. 
• Also, the 50-day moving average is now in play at 1828 today. 
• SPX is down year-to-date. Both January and March has resulted in bearish months. 
• Volume was average yesterday. There is also the gap up from 2/7 that has gone unfilled. 
• The gap from 3/4 was filled yesterday. 
• SPX headed towards short-term oversold conditions. 
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• The Market doesn’t care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

• Added three short positions yesterday. 
• Closed out AA for a 2.8% loss.  
• Will look to add 1-2 new additional position today. 
• Short 30% / Cash 70% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: