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Trading Plan for June 8, 2012

Recs

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June 08, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Economic Reports Due out (Times are EST): International Trade (8:30am), Wholesale Trade (10am)

Pre-market Update (Updated 7:30am eastern):

US futures are down moderately ahead of the open. 

European markets are trading -0.8% lower. 

Asian markets traded on average -1.6% lower. 

Technical Outlook (SPX):

Solid day of follow through for the market yesterday only to be wiped out in ithe final hour of trading.

We are still well outside of the bullish wedge that was broken on Wednesday. 

S&P needs to find its way back above 1329, and then challenge resistance at 1335.

Market close to being back in overbought conditions. 

S&P crossed back above the 10-day moving average,  and traded most of the day above the 20-day moving average, only to close a shade below it yet again (recurring theme - lots of resistance at the 20-day). 

Major bottoms or at the least, interim bottoms, tend to make huge gains in the initial days following the bottom. See last October and September 2010. 

Minor support at 1249, 1209 would also represent a level of price support, should we close below 1266 support. . 

30-minute chart has an inverse head and shoulders pattern emerging = bullish. 

VIX is still elevated and rests above 22.

My Opinions & Trades:

Charts:

 

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