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Trading Plan for June 6, 2012

Recs

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June 06, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), Productivity and Costs (8:30am), EIA Petroleum Status Report (10:30am), Beige Book (2pm), Treasury STRIPS (3pm)

Premarket Update (Updated 7:30am eastern):

US futures are up strong, well over 1%. 

European markets are trading 1.5% higher. 

Asian markets traded on average 1.6% higher. 

Technical Outlook (SPX):

We experienced a slight bounce yesterday, but even so could not close above the 200-day moving average. 

Today 's morning strength potentially puts us back above 1300, and would represent about a 33 point bounce off of Monday's lows. 

We remain oversold in both short and long-term time-frames. 

Watch 1310 area as a potential break-point in the current downtrend and a move above the existing bullish wedge that is forming. 

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

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 Monday's lows. 

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

30-minute chart shows a bounce playing out here. 

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 24.

My Opinions & Trades:

Charts:

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