Pre-market update:

• Asian markets traded 1.7% lower.
• European markets are trading 1.0% lower.
• US futures are trading 0.2% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): Jobless Claims (8:30), Philadelphia Fed Survey (10), Existing Home Sales (10), Leading Indicators (10), EIA Natural Gas Report (10:30)

Technical Outlook (SPX):

• FOMC Statement pushed the market lower  yesterday and back below the 10-day moving average. 
• Very little support is being found among the 10-day MA, so it is becoming less significant at this juncture. 
• Bears need to set their aim towards pushing price below 1839. That would drastically alter SPX landscape. 
• March has been stuck in a relatively tight trading range of about 49 points. At this juncture, with all the back and forth that I’ve seen, it needs to do what it can to separate from the pack. For the bulls that means a push above 1883. 
• Consolidation of the market of late is best seen through the weekly chart of SPX
• SPY saw its most volume since 2/3. That coming on the heels of some very weak volume the previous two days. 
• Watch for some short-term resistance at 1870. 
• SPX 30-min chart is forming a head and shoulders pattern. 
• 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 position yesterday. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new additional position today. 
• Remain short SU at 32.60. 
• Remain long BBY at 25.93, BWLD at 152.07, ANF at 39.75, MA at 78.55.0
• Long 50% / Short 10% / Cash 40% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: