Today's Trading Plan: Nearing Heavy Resistance

Technical Outlook:

Mild rally but quality follow through after the epic rally on Tuesday.
SPX is headed for a showdown with key price resistance at the 1990 level. A break through of that level likely sends price up to around the 2020 level.
Volume was extremely light on SPY and the lightest since 2/18. That goes without saying that volume also came in well below recent averages.
While the rally has been a nice one off of the February lows, you have to keep one eye open for a potential reversal considering the resistance that is overhead and where we have already been so far this year.
On the flip side, even though it flies in the face of what has taken place to-date, you can't rule out the possibility that the lows for the year could already be established (thought I don't share that view point).
VIX continues to drop hard and signifies that volatility is easing in the current trading environment.
T2108 (% of stocks trading above their 40-day moving average) continues to sky rocket to a close of 75.68% - a mark that hasn't been attained since October 2013. Very concerning in that there little room left overhead at this point.
SPX 30 minute chart is undoubtedly getting over-extended since 2/24 and would expect the trend-line to flatten out some if not eventually pullback.
S&P 500 is trying to close out its third consecutive week of gains - the likes of which hasn't been seen since late November/early December.
USO has a showdown with the 50-day moving average today. It rallied yesterday but failed to break through this level.
SPX is now trading above the 5, 10, 20, and 50-day moving averages.
February marked the third month in a row SPX has finished lower on a monthly basis. This hasn't happened since the summer sell-off of 2011.

My Trades:

Added two new long positions to the portfolio yesterday.
Did not close out any positions yesterday.
Currently 20% long / 80% Cash
Will look to add 1-2 new positions and follow the market's direction
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