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Trading Plan for August 7, 2012

Recs

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August 07, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , DIA

Pre-market update (updated 7:00am eastern):

European markets are 0.5% higher. 

Asian markets traded 0.8% higher. 

US futures are trading slightly higher. 

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Bernanke speaks (2:30pm), Consumer Credit (3pm)

Technical Outlook (SPX):

Choppy trading session, but it was still enough to push us back above the the downtrend off of the 4/2 highs. 

If you look at the 4 previous higher-highs in the market since the 6/4 bottom, then one could conclude that we've reached another temporary top, and are prime for another pullback. 

Market quickly approaching short-term overbought status. 

Volume extremely light yesterday. 

We could be setting up for a run to 1422 which would mark new recovery highs for the market. 

One area of concern are the 3 large gaps off of the 6/4 lows that remain unfilled, including 6/6, 7/26, 8/3

The lows from 8/2 was a 61.8% Fibonacci retracement and 26 points off of the previous highs.

At this point, uptrend support rests at 1349.

SPX trading above all significant moving averages (10,20,50,200).

VIX remains under 16.

If another sell-off were to ensue, watch for a break and close below 1354 for a new lower-low in the market.  

Downside reversal signal still remains intact on the SharePlanner Reversal Indicator

My Opinions & Trades:

Charts:

 

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