Trading Plan for February 3, 2012
Economic Reports Due out (Times are EST): Employment Situation (8:30am), Factory Orders (10am), ISM Non-Manufacturing Index (10am)
Premarket Update (Updated 8:40am eastern):
U.S. Futures are up strong, on a better than expected GDP report.
Asian markets were mixed/flat.
European markets are up in excess of 1%
Technical Outlook (S&P):
Today is about the close. If the S&P closes above 1333, it would represent a break of long-term resistance and the downward trend-line.
Volume dropped off yesterday.
Potential for an exahaustion gap up today.
Some minor support at 1286, but the next notable level of support comes from the up-trend off of the November lows, and currently lies at 1278.
Whether this market can sustain itself to the upside is anyone's guess long-term. But Short-term, there needs to be a pullback.
The S&P is looking to close higher for the 5 consecutive week.