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Trading Plan for June 13, 2012

Recs

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June 13, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), Producer Price Index (8:30am), Retail Sales (8:30am), Business Inventories (10am), EIA Petroleum Status Report (10:30am)

Pre-market Update (Updated 8:30am eastern):

US futures are slightly lower ahead of the open. 

European markets are trading 0.2% lower. 

Asian markets traded on average 0.6% higher. 

Technical Outlook (SPX):

Strong recovery for the S&P yesterday from the previous day's sell-off. Last 3 trading sessions have found solid support at the 10-day moving average. 

The recent bounce in the SPX, to have any merit at all, needs to break and close above 1334. 

Potential for a bull flag forming on SPX

Inverse head and shoulders forming over the past month - currently working on the right shoulder.

IH&S pattern very obvious on the 30-minute chart.

Market is coming off of short-term overbought conditions, but just slightly.

Chopping above and below the 20-day moving average no true support/resistance there. 

Bullish wedge breakout still intact

Volume remains relatively average. 

The markets in general have pulled back roughly 10% off of its recent highs which is typically considered a "pullback" in the markets. 

Major bottoms or at the least, interim bottoms, tend to make huge gains in the initial days following the bottom. See last October and September 2010. 

Minor support at 1249, 1209 would also represent a level of price support, should we close below 1266 support. . 

VIX is still elevated and rests above 22 - below 20 and the bear's hopes for a break lower is greatly hampered. .

My Opinions & Trades:

Charts:

 

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