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Trading Plan for February 16, 2012

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February 16, 2012 – Comments (0) | RELATED TICKERS: SPY , AAPL

Economic Reports Due out (Times are EST): Housing Starts (8:30am), Jobless Claims (8:30am), Producer Price Index (8:30am), Bernanke Speaks (9am), Bloomberg Consumer Comfort Index (9:45am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am)

Premarket Update (Updated 6:30am eastern):

US Futures are seeing moderate weakness ahead of the bell. 

Asian markets closed -0.3% lower.

European markets are trading down about -1%. 

Technical Outlook (S&P):

To put the year in perspective for the bears, today's 7.3 point sell-off in the S&P was the 3rd worse decline of the year. For the Dow, it was the worse day of the year, and almost the first triple-digit loss of the year and we did open up at new highs and failed to keep them. 

S&P saw price drop and close below the 10-day moving average. The 20-day moving average is around 1333. 

Early morning weakness, would open the market below its near-term trend-line. 

Slight increase in volume over the past few days. 

The problem with Apple (AAPL) price action yesterday, should it continue, could bring heavy selling pressures to the broader market, considering it has become the bullish poster-child for the market. 

1351 on the S&P has been a huge price barrior. Breaking it, as we should see a new leg higher in the market. 

 Nasty bearish engulfing pattern on the SPY.

Price level 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 continues to mirror a distribution pattern. 

The SharePlanner Reversal Indicator finally gave us a reversal signal both on the daily and weekly indicators. 

My Opinions:

Chart:

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