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Trading Plan for June 25, 2012

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June 25, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , DIA

Pre-market Update (Updated 9:00am eastern):

US futures are down almost -1% ahead of the open. 

European markets are trading -1.1% lower. 

Asian markets are traded -0.6% lower. 

Economic Reports Due out (Times are EST): Chicago Fed national Activity Index (8:30am), New Home Sales (10am), Dallas Fed Manufacturing Survey (10:30am)

Technical Outlook (SPX):

SPX manage to pair some of its losses with a descent bounce on Friday. 

Found support at the previous inverse head and shoulders breakout level of 1324. 

If we fail to hold this level, a likely test comes again of 1306. 

The 10-day moving average was reclaimed on Friday. 

The 100-day moving average has been a tough resistance barrier for the market of late. 

In order to resume the rally that started off of the 6/4 lows, bulls need to drive price back above 1360. 

Market is nearing oversold levels in the short-term. One or two more good sell-offs should do it. 

There is an established uptrend in place on SPX off of the 6/4 lows with consecutive higher-highs and higher-lows now (two of each). 

SPX has a confirmed the inverse head and shoulders price pattern in place. 

30-minute chart shows price action pulling back to support and the previous area where significant consolidation occurred. 

VIX at 18 and below the bearish mark of 20.

My Opinions & Trades:

Charts:

 

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