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Trading Plan for March 14, 2012

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March 14, 2012 – Comments (0) | RELATED TICKERS: DIA , QQQ , SPY

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), Current Account (8:30am), Import and Export Prices (8:30am), Bernanke Speaks (9am), EIA Petroleum Status Report (10:30am)

Premarket Update (Updated 8:30am eastern):

US Futures are looking at a flat open to start things off. 

Asian markets saw mixed returns from -0.2% up +1.5%.

European markets are up on average 0.8% right now. 

Technical Outlook (S&P):

The S&P had one of its best days of the year, with the S&P finishing over 24 points higher. 

Volume was notably stronger, and above recent averages. 

The final hour of trading yesterday was one of its most dynamic in recent memory, ripping 15 points higher off of JPM dividend increase news. 

Bank stress tests were released yesterday early and after the bell - 15 out of 19 passed. 

Short-term the market is well back in the overbought territory. 

Price-level resistance can be found at 1428, and of course psychologically 1400 will be a test for the bulls as most milestone figures are. 

The bearish wedge forming in the S&P was train-wrecked yesterday as price blasted through resistance. 

Nearest support level for the S&P lies around 1354 - nothing really nearby. 

My Opinions:

Chart:

 

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