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Trading Plan for March 22, 2012

March 22, 2012 – Comments (0) | RELATED TICKERS: SPY , IWM , QQQ

Economic Reports Due out (Times are EST): Jobless Claims (8:30am), Bloomberg Consumer Comfort Index (9:45am), FHFA House Price Index (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)

Premarket Update (Updated 8:30am eastern):

US Futures are down moderately ahead of the open.

Asian markets traded 0.3% higher. 

European markets are trading -1.3% lower

Technical Outlook (S&P):

We are setting up for a test of the 10-day moving average. I always think that this is significant from a short-term perspective, but in recent past, there has been little additional downside that occurs. Currently, the MA is around 1396 at today's open. 

The 20-day moving average is around 1380, but I highly doubt we'll see any challenge there. 

These days of weakness, in recent past, has been bought up very quickly within 2-3 days and led to significant rallies.  

Volume continues to remain slightly below recent averages - the ongoing theme in 2012. 

The S&P is coming off of short-term overbought levels. 

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. 

Price-level resistance can be found at 1428. 

My Opinions: 

Chart: