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Trading Plan for March 20, 2012

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March 20, 2012 – Comments (0) | RELATED TICKERS: SPY , DIA , QQQ

Economic Reports Due out (Times are EST): ICSC-Goldman Store Sales (7:45am), Housing Starts (8:30am), Redbook (8:55am)

Premarket Update (Updated 8:30am eastern):

US Futures are down moderately ahead of the open.

Asian markets saw its trading range from +0.2% down to -1.1%.

European markets are trading -1.3% lower

Technical Outlook (S&P):

The weakness that we are seeing in the S&P ahead of the open, unless it piles on throughout the day, won't do much to change the character of the market, or violate any key support levels. 

Key support levels to watch today is the 10-day moving average at 1390ish, and the 20-day moving average at 1375ish -  I don't expect either to be contested today. 

Volume dropped below 5-day lows. 

The market is stanchly in overbought territory in the short, mid and long-term time frames. 

One major concern for equities is the % of stocks that continue to trade below its 40-day moving average and that continues to drop daily. 

The S&P, even during this rally tends to come back down to the 10-day moving average and trade in line with the MA which at this point is 25 points above it - good reason to believe that it will contract back to that level in the short-term (i.e. 1380-1390)

Price-level resistance can be found at 1428. 

My Opinions:

Chart:

 

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