Pre-market update (updated 9am eastern):

• European markets are trading 0.3% lower. 
• Asian markets traded 0.6% higher.
• US futures are trading at break-even

Economic reports due out (all times are eastern): MBA Purchase Applications (7am), EIA Petroleum Status Report (10:30am), FOMC Meeting Announcement (2pm), FOMC Forecasts (2pm), Chairman Press Conference

Technical Outlook (SPX):

• Huge day for the bulls on SPX, as the broke out of nearly three weeks of consolidation and to the upside after breaking through the stubborn 20-day moving average and pushing above 1648. 
• Possibility that the SPX runs into some price level resistance at 1653. 
• I’d expect that at this point we are going to make at least a run to test 1668 in the near future and possibly new market highs. 
• The upper Bollinger Band could provide some resistance at 1667ish. 
• VIX hasn’t moved all that much to the downside, after considering the extent of the upside move in the last 4 days. Keep an eye on that. 
• Taking out the highs from 6/10 yesterday was imperative for the bulls to instill confidence in this market. 
• Short-term double bottom was confirmed yesterday. 
• 1623 represents the rising trend-line in the markets off of the market’s lows. 
• 30-minute chart represents a series of higher-highs and higher-lows over the past three days. 
• Volume was below average yesterday. 
• Key price support rests at 1601. 
• 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:

• Sold KSS at 52.29 yesterday for a 0.6% gain. 
• Added BWLD at 98.85.
• Added GRA at 83.55.
• May add 1-2 new long positions today. 
• Long HUM at $80.60, APA at $84.95, DSW at 74.40, AMZN at 273.23, TRIP 64.42
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: