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Trading Plan for July 3, 2012

July 03, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Pre-market upadate (7am eastern):

European markets are trading 0.4% higher. 

Asian markets traded 1.0% higher. 

US Markets are looking at a flat open. 

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Factory Orders (10am), Market closes at 1pm

Technical Outlook (SPX):

SPX managed to put together a solid 'follow-through' day after a huge rally on Friday. 

SPX has now made new highs on the uptrend that began on 6/4. 

With the market closing at 1pm today, volume should be light, and somewhat erratic. 

We've moved decisively into short-term overbought

Resistance should start coming through if the SPX can eventually get into the 1390's. 

We've broken through and held the 100-day moving average, despite the previous failed attempts . 

Yesterday provided the market with a new  higher-high. 

Strong upward trend in place. 

Volume in general continues to be relatively light during the past month of trading. 

30-minute chart looks like a traditional breakout chart, though overextended in the short-term. 

Below 1306-1308 price level, will nullify the current rally off of the 6/4 lows. 

Would represent a 'lower-low' in the market. 

VIX dropping hard and is now below 17. 

My Opinions & Trades:

Charts: