Today’s Trading Plan: Dip Buyers At The Highs

Technical Outlook (SPX):

• SPX has coiled for the past three days at the all-time highs. 
• In the process  it has done a fantastic job of holding on to the 5-day moving average. 
• SPX 30 minute chart shows a nice trading range between 2088 and 2101. A break below or above will go a long way in determining short-term direction for this market. 
• Greece is again in the headlines this morning with no deal yet reached. 
• Technically speaking, SPX daily chart is starting to form a bull flag. 
• A pullback on SPX would not be able to drop below 2065 level without threatening key price support and the integrity of the current uptrend. 
• The previous three trading sessions has seen price pullback intraday – only for the dip-buyers to come back immediately and hold price right at the all-time highs. 
• VIX dropped 1% down to 15.29. 
• No notable changes in volume levels – overall it has been a very low-volume week of trading. 
• Upper channel resistance is now at 2124.
• Russell breakout out perfectly above the box range it has been in for over a year now. 
• Weekly SPX chart shows a well constructed bullish-flag breakout taking place. 
• Monthly looks equally impressive. 
• 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 .
• 60% Long / 40% cash. 
• Remain long HON at 102.48, ADBE at 73.66, MA at 86.29, MSFT at 43.03, BA at 149.84, LULU at 66.74.
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: