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Trading Plan for February 3, 2012

Recs

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February 03, 2012 – Comments (0) | RELATED TICKERS: SPY

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. 

My Opinions:

My Portfolio:

Chart

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