Pre-market update:

• Asian markets traded 0.5% higher. 
• European markets are trading flat.
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30), Jobless Claims (8:30), Personal Income and Outlays (8:30), Janet Yellen Speaks (8:30), PMI Manufacturing Index (9:45), ISM Manufacturing Index (10), Construction Spending (10), EIA Natural Gas Report (10:30), 

Technical Outlook (SPX):

• Big day of resistance testing for SPX at 1883. Watch for whether the bears reverse market action to the downside like they have in the past. 
• SPX is on a roll by finishing higher 10 out of the past 12 trading sessions. 
• Volume came in strong yesterday with GDP and the FOMC. 
• Price action is lacking real conviction a break out of the 1883 resistance could finally provide this market with some direction that has been lacking the past two months. 
• 20, & 50 day moving averages have converged together offering some support. 
• In this market, you have to be aggressive with the gains. Take them quick, and don’t expect them to last. 
• The Market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

• Did not add any new positions yesterday as the market provided little to no swing-trading opportunities. 
• Did not close out any positions yesterday. 
• Will look to add 1-2 new positions today.
• Remain short MT at $16.03 and CTSH at $48.13. 
• Short 20% / 80% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: