Pre-market update:

• Asian markets traded 0.2% higher.
• European markets traded 1.1% higher. 
• US futures are trading 0.1% higher. 
  

Economic reports due out (all times are eastern): ICSC-Goldman Same Store Sales (7:45), Redbook (8:55), FHFA House Price Index (9), Richmond Fed Manufacturing Index (10), 

Technical Outlook (SPX):

• SPX continues the slow steady trickle higher. 
• Key support for the index on a short-term basis is at 1671. Break that level, and we’ll likely see a more extended pullback. 
• 1686 represents the rising trend-line off of the 6/24 lows. 
• Slow and steady rise into 1700 – the key is that the SPX doesn’t violently sell-off as it nears 1700. Consolidation underneath the 1700 level is completely fine for the SPX. 
• Plenty of room overhead before the SPX runs into any heavy resistance from the upper Bollinger Band. This has been an issue in recent past. 
• 10-day moving average follows the rising trend-line mentioned above near perfectly, which should offer additional support. 
• 1700 will be much talked about and should see some resistance as is traditionally the case prior to finally crossing the major threshold. 
• Pay no attention right now that the market is over-extended. Such conditions rarely matters with the Fed’s involvement in the markets. 
• VIX dropped to 12.29. 
• This uptrend looks nearly the same as the one we saw on 4/19 and lasted until 5/19. I’m curious if it will lead to a similar extended pullback as a result. 
• Markets don’t care about the economy. 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 MENT at 20.55 yesterday. 
• Added WU at 17.45. 
• Sold VIP at 10.23 for a -2.3% loss.
  
• Current Longs: CL at 58.84, HRB at 30.19, SJM at 104.63, BDX at 99.98, GOOG at 887.47
• May look to take gains in stocks that are stagnant and replace them with better setups today. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: