S&P 500 02/26/2014

We had lots of Call activity from yesterday, yet we still did not break the .57-60 range, and closed below the Andrews Pitchfork. We currently have more Put activity than the Calls and we are seeing mixed signals. Volatility is here and the $VXX went up as high as 43.89 and slowly went downwards after that. We are still looking for momentum to the upside of 185.57-.60 to 186.15 and higher. Tomorrow we have few reports that can trigger an upside or a downside position

Thu Feb 27		Release	Impact	For	Actual	Expected	Prior
8:30 AM		Initial Claims		02/22	-	335K	336K
8:30 AM		Continuing Claims		02/15	-	2975K	2981K
8:30 AM		Durable Orders		Jan	-	-1.1%	-4.2%
8:30 AM		Durable Goods –ex transportation		Jan	-	-0.3%	-1.3%

This week is the last week of February and if the Market heads lower this week, we will see a decline in March as well. If we see a break from 186.15 and continuation to the upside, we can see this go high till April or June. Our target is 190 and we continue to evaluate our position. Continue to watch the 185.57-.60 area tomorrow for a possible break towards up or break down.