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Trading Plan for March 12, 2012

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March 12, 2012 – Comments (0) | RELATED TICKERS: QQQ , SPY , IWM

Economic Reports Due out (Times are EST): Treasury Budget (2pm)

Premarket Update (Updated 8:00am eastern):

US Futures are flat ahead of the employment number. 

Asian markets traded slightly negative.

European markets are trading in mixed/flat fashion.

Technical Outlook (S&P):

The S&P has gapped its way higher of late off of Tuesday's lows. 

Volume over the last three days has been below average. 

Huge hanging man pattern on the S&P weekly chart - very bearish. 

Bullish island reversal pattern on the daily SPY chart. 

Bulls will be looking to get price action above 1378 as quickly as possible. 

The bears will need to get back below the 20-day moving average in short-order. 

A break of Tuesday's lows would signify the last three trading sessions of market strength being nothing more than a dead cat bounce and will lead to further action to the downside.  

The 30-minute chart looks parabolic over the last three days, and starting to look exhausted. 

My Opinions:

Chart:

 

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