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Trading Plan for July 23, 2012

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July 23, 2012 – Comments (0) | RELATED TICKERS: SPY , DIA , QQQ

Pre-market update (updated 8:30am eastern):

European markets are trading -2.1% lower.. 

Asian markets traded in excess of -2.3% lower. 

US futures are trading -1.5% lower ahead of the market open. 

Economic reports due out (all times are eastern): Chicago Fed National Activity Index (8:30am)

Technical Outlook (SPX):

SPX had a significant sell-off on Friday, with heavy continuation today. 

The current uptrend remains intact above 1340, after that. A 'lower-low' would be put in place at a close below 1325, the latter of which would make this market notably bearish. 

Sell-off comes, after a few days being short-term overbought. 

Volume continues to increase over the past four trading sessions. 

On 7/18 we managed to break through the descending trend-line off of the 4/2 highs (see chart below). 

But not this is starting to look like an incredible 'head-fake'.

Watch the SPRI that I posted this past Sunday and how it shows us near-ready for the reversal signal. 

Also note the price resistance the SPX is up against on the weekly chart. 

The VIX remains under 17. A push back above 20, would increase the bearishness of the market. 

30-minute chart shows a nice channel uptrend being threatened by today's early morning action. 

My Opinions & Trades:

Charts:

 

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