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Trading Plan for February 15, 2012

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February 15, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), Empire State Manufacturing Survey (8:30am), Treasury International Capital (9am), Industrial Production (9:15am), Housing Market Index (10am), EIA Petroleum Status Report (10:30am), FOMC Minutes (2pm)

Premarket Update (Updated 9am eastern):

US Futures are moderately higher heading into the open. 

Asian markets saw over 2% in gains.

European markets were  up roughly 0.8% on average. 

Technical Outlook (S&P):

Despite a steady and consistent sell off for most of the day, the market in the last 30 minutes wiped out the entire day's weakness on Greece Rumors. 

Essentially all that happened yesterday was that the gap-up from the previous day was filled. The S&P bounced off of the 10-day moving average and rallied  higher. 

With the early morning weakness, the S&P is set to open at new recent highs, and potentially stage a rally to the Bin Laden 5/2/11 highs. 

If today's early morning weakness holds, watch support at the 10-day moving average which should be around 1347

After that, price support lies at 1326 and then again at 1300. A break of the latter in coming days would drastically change market behavior/outlook. 

30-min chart over the past few days, is starting to look 'toppy'.

Volume picked back up, but was still weak, as has been the case for the entire year. 

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. 

My Opinions:

Chart:

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