Daily Trading Plans

Technical Outlook: Another cataclysmic day of trading for the market as it dropped below 1900 and closed at 1867. A 235 point drop from the close on the prior Monday on the S&P 500.  SPY saw its highest volume levels yesterday in years. It was 4 times its typical average.  The VIX registered

Technical Outlook: SPX is seeing a disaster sell-off taking place right now.  Every support level we have been watching of late has been shattered. Support at the 1900 level also looks to be challenged here at the open.  Consider this, SPX is looking at going under 1900 today, when at the close last Monday it

Technical Outlook: SPX had a wild and turbulent ride yesterday watching price drop 26 points, only to rally to break even on a leaked Fed minutes, followed by another drop of 17 points into the close.  Today SPY is looking at its 8th straight gap down in the market.  There has been plenty of

Technical Outlook: SPX pulled back yesterday to the triangle breakout area, but held the 20 and 50-day moving averages.  The bears have had opportunities-galore over the past few weeks to drive this market lower. A push into the mid-2070’s and below the 200-day would greatly change the landscape of this market in the bear’s

Technical Outlook: SPX broke and closed above the triangle I outlined in the chart below. Ideally, I would like to see price move beyond last week’s highs of 2105.  Walmart reported discouraging earnings this morning which has weighed on futures some as a result.  A break above 2115 today would greatly increase the odds

Technical Outlook: SPX rallied nicely off the rising trend-line from the July lows on Friday.  Candle on the SPX daily chart formed a nice bullish engulfing candle pattern.  Despite some early morning weakness, and some not-so-great economic reports, SPX needs to rally above 2100 to break out of the triangle pattern.  With Friday’s rally,

Technical Outlook: SPX had a marginal rally yesterday unfolding until the final hour of trading wiped out all the day's progress and finish lower on the day.  Essentially SPX is stuck in a triangle pattern with the bottom forming off of the July lows and the descending resistance starting from the July highs. Since then

Technical Outlook: Huge turnaround yesterday as SPX managed to rally 34 points off of the lows of the day and actually finish in positive territory.  The problem with a day like yesterday is that the only people who win from it are those who had no positions in either direction coming into the day, or

Technical Outlook: For a second straight trading session, the markets will gap down due to the Chinese devaluing their currency.  Stocks like Apple (AAPL) who do a large amount of business in China will be most affected by this.  SPX also is looking at a gap down and below the 200-day moving average, which

Technical Outlook: Strong bounce yesterday that allowed SPX to recapture all of the major moving averages (5, 10, 20, 50).  However, China chose to devalue its currency last night and it has had a major ripple effect throughout global markets, as a large majority of yesterday’s market gains will be wiped out at the