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Trading Plan for March 2, 2012

Recs

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March 02, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Economic Reports Due out (Times are EST): None

Premarket Update (Updated 8:30am eastern):

US Futures are down moderately.

Asian markets saw gains of 0.8%. 

European markets are trading -0.3% lower at the moment.

Technical Outlook (S&P):

Yet again, the 10-day moving average held for the S&P as the index closed at new recovery highs. 

Volume was less than yesterday's spike but still remained at average

All existing uptrends remain firmly intact. 

10-day moving average is in play today at 1366. The 20-day MA could be as well on any descent selling at 1356. 

Key for the bulls, at a minimum is to consolidate above 1370 which represent strong price level support and where we made new recovery highs. 

Divergence in VIX as it is showing relative strength against the S&P making new highs of late (inversely correlated)

30-minute chart on the S&P still looks healthy with uptrend still in place. 

We've yet to see a sell-off this year that exceeded 1% to the downside. 

1370, when looked through the prism of a 15-year chart, represents a very strong price level where markets have historically reversed at. 

My Opinions:

Chart:

 

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