Trading Plan for December 30, 2011
Economic Reports Due out (Times are EST): Farm Prices (3pm)
Premarket Update (Updated 9am eastern):
Futures are flat heading into the open.
Asian markets were up about 0.5% on average
Europe is was slightly higher as well at 0.4%
Technical Outlook (S&P):
The S&P is hovering just above the breakout level previous mentioned (above the downward trend off of the 7/7 highs).
The break out of this downward trend hasn't been clean, and we really need to see it move above Tuesday's highs (1269).
The S&P is slowly coming off of overbought conditions in the short-term.
SharePlanner Reversal Indicator is looking bullish
Volume continues to dry out, which is typical for this time of year.
We are also above all the major moving averages, including the 200-day MA. The 10-day, 20-day, and 50-day moving averages are converging together to provide some nice support at around 1243.
30-min chart suggests that we could see a pullback to the 1230's in the coming days - to the rising trend-line formed.
5 min chart has a very nice break-out pattern in play.