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Trading Plan for July 10, 2012

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July 10, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Pre-market update (updated 9:00am eastern):

European markets are 0.7% higher.

Asian markets sold off an additional -0.4% today. 

US Markets are slightly higher heading into the open. 

Economic reports due out (all times are eastern): Consumer Credit (3pm) 

Technical Outlook (SPX):

SPX attempted to sell-off yet again yesterday, but recovered most of its losses before the close. 

After pulling back for three straight sessions, the market is starting to look ready to try and push higher again. 

Tested the 10-day moving average yesterday and bounced accordingly. 

We've pulled back nicely off of the short-term overbought conditions in the market. 

1374 represents some short-term resistance, and a break & close above that price level would represent another "higher-high" for SPX. 

30-minute chart shows a well-deserved pullback. 

Roughly 1333 represents today's  rising support level that must be held, which is 24 points away from Friday's close. 

In order for a violation to occur price must close below 1333 - intraday breaks carries little significance.

4 out of the last 5, and the last 3 down days as well, have all ended in doji-candles for SPY, showing that the selling has been some what controlled and lacked any real fear from market bulls.

SPRI indicator is showing a market that is beginning to enter bullish extremes. No reversal though. 

An area of concern for the bulls is the fact that the the rally off of the 6/4 lows is forming a bearish wedge. 

Breaking through the 1390's will be difficult as there are plenty of separate resistance levels in that area. 

Below 1306-1308 price level, will nullify the current rally off of the 6/4 lows - would represent a 'lower-low' in the market. 

Despite Friday's sell-off , VIX finished notably in th red. 

My Opinions & Trades:

Charts:

 

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