Pre-market update:

• Asian markets traded 0.3% higher.  
• European markets are trading 0.7% lower.
• US futures are trading 0.1% lower ahead of the market open. 
  

Economic reports due out (all times are eastern): Durable Goods Orders (8:30), Jobless Claims (8:30), Janet Yellen Speaks (10), EIA Natural Gas Report (10:30), Kansas City Fed Manufacturing Index (11)

Technical Outlook (SPX):

• Three straight days that an intraday move above All-time highs has failed to hold into the close. 
• Fifth time out of six sessions where the market has at least tested all time highs and failed. 
• It is obvious that the sell programs and bears in general are marking their territory here at this critical level. 
• The most important part, is that, despite giving up the gains above the 1850 level, it isn’t resulting in a retraction below 1850. Price continues to hover just below the ATH. 
• One thing that is a bit worrisome for bulls is that the failure to close above all time highs keeps the talk of a possible double top relevent. 
• The 10-day moving average continue to hold up nicely as support – now at 1837. 
• Volume was below average and the stochastics are close to coming off of overbought levels. 
• Bearish divergence was found in the VIX yesterday as it popped 5% back up to 14.35. 
• The consistent selling at the all-time highs that we see each afternoon shows that the bears have not completely given up on their prospects to drive this market lower. 
• 30-minute chart since the 2/18 looks messy with no real pattern worth recognizing. 
• Favor is still in the bulls corner, but they should be cautious and treat recent price action as a cause for concern. 
• The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows. 
• Markets don’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 two new long positions yesterday. 
• Closed out SLB yesterday at $92.15 for a 1.7% gain. 
• Remain long NBL at 67.10, GLW at 19.16, DOW at 47.46, PHM at 20.62. 
• Will consider 1-2 new positions based on market conditions.  
• Long 60% / Cash 40% 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: