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Trading Plan for March 29, 2011

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March 29, 2011 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): VG (4.10)

Current Short Positions (stop-losses in parentheses): None

BIAS: 10% Long

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case -Shiller HPI (9am), Consumer Confidence (10am), State Street Investor Confidence Index (10am)

My Observations and What to Expect:

Futures are slightly higher heading into the open.

Asian markets traded slightly lower while European markets are trading in similar fashion.

S&P managed to sell the days gains and finish at session lows.

To break the downward trend that the market is currently in, needs to break 1332, which would ultimately represent a higher-high.

Should yesterday's weakness creep into today the 50-day moving average at 1306 will be in play.

Volume continues to weaken considerably.

Nasdaq finished yesterday's session by putting in a very bearish engulfing candle pattern and closed decisively below the 50-day moving average.

Commodities continue to make or trade near highs. However, Gold is has a double top pattern developing.

Dollar has rallied back to its descending trend-line which will create resistance and place the currency at a significant inflection point.

My conclusion: Market is holding its cards close to its chest right now. To say we are likely going one way or another is a huge gamble, as the market isn't providing us with any significant clues.

Here Are The Actions I Will Be Taking:

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