Pre-market update (updated 8:30am eastern):
- European markets are trading flat.
- Asian markets finished flat/mixed.
- US futures are trading slightly lower ahead of the bell.
Economic reports due out (all times are eastern): Consumer Credit (3pm)
Technical Outlook (SPX):
- SPX continues to throttle higher, making new recovery highs, and the highest in four-years.
- Test at 1440 resistance is in play today. While there isn’t a lot of resistance overhead, this is a minor resistance level worth noting.
- The 10-day moving average is back above the 20-day moving average.
- The two day move that we’ve seen in the markets, and in particular SPX, is a bit extreme, and doubtful we see much more upside until some profit-taking occurs.
- 2 Trading Sessions = 34 points on SPX
- When you get a huge breakout like what you saw on Thursday and Friday last week, the momentum tends to last no more than 3 days. At that point, you’re inevitably going to see a pullback – this is normal, and not necessarily a ‘bad-thing’.
- Volume over the past week of trading has been better than the levels we’d been accustomed to over the past few weeks prior.
- Short-term, the SPX is getting near the overbought levels again.
- FOMC Statement occurs on an unusual Thursday at 12:30pm est (typically Tuesday or Wednesday).
- Long-term uptrend support off of the 6/4 lows now shows support at 1394.
- 30-min chart shows a strong breakout underway.
- VIX dropped hard and is back below 15.
- One area of concern is the 3 large gaps off of the 6/4 lows that remain unfilled, including 6/6, 7/26, 8/3
- If another sell-off were to ensue, watch for a break and close below 1396 for a new lower-low in the market.
My Opinions & Trades:
- No trades taken on Friday.
- Looking to add 1-2 new positions today.
- Strongly considering taking gains in AMZN today with price outside of upper Bollinger-Band
- Current stop-losses have been adjusted across the board.
- Stop-loss in AMZN moved up to $249.00.
- ALXN stop-loss moved up to $107.50
- CROX stop-loss moved up to $17.70
- Stop-loss for FBHS at $25.50.
- Remain long CROX at $17.39, V at $127.18, FBHS at $24.54, ALXN at $102.53, and AMZN at $233.90.
- Track my portfolio RealTime here.
Charts:


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