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Trading Plan for June 29, 2012

Recs

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June 29, 2012 – Comments (0) | RELATED TICKERS: QQQ , SPY , IWM

Technical Outlook (SPX):

SPX made a strong recovery yesterday into the close, eliminating much of the weakness from earlier in the day. 

Today the market is experiencing additional strength off of positives out of Europe. 

A close above 1358-60 would be huge for market bulls. Would confirm that the upward trend is still intact and in full-force. 

Early morning strength puts us above 1335 and outside of the consolidated price range from the past 5 days. 

Volume continues to remain relatively light. 

Could see a lot of window dressing with today being the last trading day of the second quarter. 

Today's strength puts the market back above the 10 & 50-day moving averages. 

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

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

Bulls have in place a bullish island reversal on the SPY chart, which is very similar to the one that we put in on 6/1-6/5 and rallied thereafter for a two-week period. 

VIX just a shade below 20.

My Opinions & Trades: 

Charts:

 

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