• SP 500 Market Analysis 4-14-15

Technical Outlook:

  • SPX had a mild sell-off yesterday, which in terms of range, matched what we have seen during the rally off of the April lows. 
  • However, there is some declining resistance off of the 3/2/15 highs that seems to be causing the bulls some fits, despite trading above it on Friday and temporarily trading above the resistance yesterday. 
  • Volume was stronger than Friday, but overall it was weak. 
  • At this stage, it isn’t a time to say the rally is over. There would need to be some follow through on the downside today, to get that conversation started. 
  • VIX was through the roof yesterday, bouncing off of long-term support and rallying 10.8% to 13.94. 
  • On SPX 30 min chart you still have a strong uptrend intact with higher-highs and higher-lows being formed and nothing else. 
  • This is strongest/most bullish market that we’ve seen since early February. 
  • Double bottom on the 30 minute chart was confirmed on Friday. 
  • SPX double bottom close to confirming on the daily – needs to get above 2108. 
  • Bears are quickly losing their grip on this market – needs to get price back below 2040 whcih is a good ways a way now. 
  • The convergence of the 5, 10, 20, and 50-day moving averages is a perfect example of how non-directional this market has been over the course of this year until last week. 
  • Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade – as are the oil stocks. 
  • 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 Trades:

  • Did not add any new positions yesterday.
  • Did not close out any positions yesterday. 
  • 50% long / 50% cash. 
  • I’ll consider adding 1-2 new long positions today dependent on the strength of today’s price action. 
  • Remain long: UPRO at 132.12, AAPL at 126.81, ETN at 68.88, FB at 83.32, BEAV at 63.36.
  • Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

SP 500 Market Analysis 4-14-15

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