Pre-market update:

• Asian markets traded 0.4% higher.
• European markets are trading 0.3% higher.
• US futures are trading 0.6% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): Chicago PMI (9:45), Janet Yellen Speaks (9:55), Dallas Fed Manufacturing Survey (10:30)

Technical Outlook (SPX):

• SPX is gapping higher today, but it is all for naught if it cannot break through 1873 and close above it.
• Otherwise it is facing the same problems as were being experienced last week with not being able to break through the 1873 price level. 
• On the otherside of the fence, the bears have been unable to take advantage of the recent market uncertainty and drive prices lower. Instead, all we have seen, including last week is continued consolidation.
• For the bears to turn this market in their favor, they much drop SPX price below 1839. 
• 30-minute price chart of SPX shows just how choppy this past month has really been. 
• Similar consolidation out of the VIX this month too. 
• Volume was fairly weak on Friday. 
• Consolidation of the market of late is best seen through the weekly chart of SPX
• 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 one new long positions yesterday. 
• Covered MT at $15.96 for a 2% loss on Friday. 
• Will look to add 1-2 new additional position today. 
• Long 10% / Cash 90% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: