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Trading Plan for June 5, 2012

Recs

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June 05, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), ISM Non-Manufacturing Index (10am)

Premarket Update (Updated 7:30am eastern):

US futures are flat are slightly lower prior to the open and well off their overnight highs. 

European markets are trading -0.7% lower. . 

Asian markets traded on average 1.1% higher. 

Technical Outlook (SPX):

Doji hammer formed on the S&P yesterday, after trading downwards of nearly 1% - managed to close ever so slightly in positive territory. 

Resistance will remain on the underside fo the 200-day moving average going forward. 

Descending resistance lies at 1314 off of the 5/1 highs. 

The S&P is now trading below all major moving averages. 

We are back into oversold territory short-term. We are also oversold on the weekly charts as well. 

Bullish wedge forming on the daily, that has been little noticed by other traders. We bounced off of the lower end of the wedge at yesterday's lows. 

Minor support at 1249, 1209 would also represent a level of price support, should we close below 1275 support. . 

30-minute looks overextended to the downside. 

Nearest level of resistance for the S&P is at 1334 and 1340 and then again at  1357. 

VIX is still elevated and rests above 26.

My Opinions & Trades:

Charts:

 

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