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Trading Plan for June 18, 2012

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June 18, 2012 – Comments (0) | RELATED TICKERS: QQQ , SPY , IWM

Economic Reports Due out (Times are EST): Housing Market Index (10am)

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

US futures are moderately lower ahead of the open, after giving up their modest overnight gains.  

European markets are trading mixed/flat, with STOXX 50 trading -1.2% lower. 

Asian markets traded on average 1.5% higher. 

Technical Outlook (SPX):

Great day for the S&P on Friday as they managed to put in a 'higher-high' in the market, and establish an uptrend in the market off of the 6/4 lows

Though I wouldn't consider it to be a strong one at this point.

The opportunity exists (if we bounce off of the gap-down) for the S&P to test the 50-day moving average. 

Quite a ways from current price, but ultimately, if the price can clear 1401 we'll have a market that is very bullish. 

Represents the slightly descending resistance level off of the 4/2/12 highs. 

SPX confirmed the inverse head and shoulders pattern on Friday. 

Of late, respectable support lies at the 10-day moving average. 

Has touched it multiple times in the past 2 weeks and held each time. 

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

Confirmed on Friday.

SPX is no longer overbought. 

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. 

Measured by recent highs to its most recent lows. 

A break below 1306 would represent a resumption of the downward trend. 

VIX is still elevated and rests above 21 - below 20 and the bear's hopes for a break lower is greatly hampered. However, it did take a pretty solid hit yesterday. 

My Opinions & Trades:

Charts:

 

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