Trading Plan for February 13, 2012
Economic Reports Due out (Times are EST): None
Premarket Update (Updated 8:30am eastern):
US Futures are up strong on Approval of Greece austerity measures
Asian markets were up about 0.4%
European markets are up about 0.8% right now.
Technical Outlook (S&P):
The S&P saw some significant selling on Friday, but the buying in the last hour of trading put a damper on things to say the least.
The 5-minute & 30-minute chart on the S&P forms a text book double bottom.
Today's pre-market strength could create a bullish island reversal pattern, where you have over a two-day period a strong gap-down followed by a strong gap-up.
Volume was strong on Friday, the highest level of the month.
We are coming off of short-term overbought conditions.
The SharePlanner Reversal Indicator finally gave us a reversal signal both on the daily and weekly indicators.
The S&P closed in negative territory for the first time in five weeks.
Trend-line support is at 1300 off of the 11/28 lows.