The site will be unavailable in 1 minute for scheduled maintenance.

Use access key #2 to skip to page content.

SharePlanner (< 20)

Trading Plan for February 17, 2012

Recs

1

February 17, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): Consumer Price Index (8:30am), Leading Indicators (10am)

Premarket Update (Updated 6:30am eastern):

US Futures are slightly green heading into the open. 

Asian markets closed 1.3% higher.

European markets are trading 0.5% up to 1.4% higher. 

Technical Outlook (S&P):

The bears had every opportunity to drive the market lower, but additional Greek  news and economics reports sent the S&P skyrocketing 20 points off of its lows non-stop (only 1 legitimate red candle yesterday! on the 30 min chart!)

We now have a bullish engulfing candle pattern on the S&P from the past two days.

The S&P broke out to new recent highs and the next level of meaningful resistance would be at 1370. 

S&P managed to regain the 10-day moving average as has been the case the entire year when the index fell below the MA. 

Volume was on part with recent readings. 

30-min chart shows the beginning of a breakout on the index. But the key for the breakout will be for there to be continuation today. 

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. 

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

Here Are My Market Opinions:

0 Comments – Post Your Own

Featured Broker Partners


Advertisement