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Trading Plan for March 9, 2012

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March 09, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Economic Reports Due out (Times are EST): Employment Situation (8:30am), International Trade (8:30am), Wholesale Trade (10am)

Premarket Update (Updated 8:00am eastern):

US Futures are flat ahead of the employment number. 

Asian markets traded 1.4% higher.

European markets were mixed/flat. 

Technical Outlook (S&P):

Employment number will go a long ways in determining market strength for today and going forward. 

Yesterday's rally managed to wipe out the losses from Tuesday's sell-off and within reach of making new recovery highs. 

The S&P is already back to trading above the 10-day and 20-day moving averages again. 

A break of Tuesday's lows would signify the last two days of market strength being nothing more than a dead cat bounce and will lead to further action to the downside.  

A rally that takes us above to a close above 1378, would indicate the market expanding and starting a new leg higher.

The 30-minute chart absolutely needs the S&P to make a new high in the very near future, as it has formed lower-lows, but has strong support at the 1340 level. 

Volume has dropped off each of the past two days. 

My Opinions:

Chart:

 

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