Technical Analysis:

• Another day for the S&P 500 (SPX) where it manages to close with a doji candle pattern. The market, as has been the case all year long, shows some willingness early on to sell-off, only for the dip buyers to bail it out before the end of the day. 
• Volume on SPDRs S&P 500 (SPY) fell for a third consecutive day and below recent average levels. 
• If SPX breaks out to the upside here following this 3-day holding pattern, the breakout should probably be respected, though I wouldn't expect a move like what we saw out of it early last week. 
• The only issue that remains is the massive move way outside the daily bands on Russell 2000 (IWM) and Dow Jones Industrial (DIA) where price is extremely stretched and overbought. 
• Speaking of IWM, the volume there over the last four days has been monumental with massive amounts of buying taking place. 
• Don't chase in this market - it isn't the time to suddenly decide you want to buy the financials. 
• Three straight days of the CBOE Market Volatility Index (VIX ) wanting to bounce but getting squashed each time before the market closes. Notice the very large candle shadows above the candle bodies. 
• 30-minute chart of SPX shows a healthy triangle pattern that may breakout to the upside today. 
• There is a clear rotation taking place in this market where money is flowing from tech and utilities and into defense, banks, and infrastructure. 
• Poor breadth continues to dominate this market over the last three trading sessions. 

My Trades:

• Did not close out any positions yesterday. 
• Added one new position to the portfolio yesterday. 
• Will look to add 1-2 new swing trades to the portfolio today. 
• Currently 20% Short / 80% Cash

Chart for SPX: