Use access key #2 to skip to page content.

SharePlanner (< 20)

Trading Plan for May 30, 2012

Recs

1

May 30, 2012 – Comments (0) | RELATED TICKERS: LUK , WCRX , SPY

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Pending Home Sales Index (10am)

Premarket Update (Updated 8:30am eastern):

US futures are moderately lower ahead of the opening bell.

European markets are trading close to 1% lower. 

Asian markets saw negative returns between -0.3% down to -1.9%. 

Technical Outlook (S&P 500):

S&P made a strong move yesterday, in breakout form, heading straight for resistance at 1340. 

Closing in on a test of the 20-day moving average. Price managed to finish above the 10-day moving average yesterday for the first time since 5/2/12.

S&P is now short-term overbought. 

30-minute chart looks choppy, but nonetheless, there is a series of higher-highs and higher-lows. 

Volume has dropped off considerably over the past two days, and to a lesser extent since this market has bounced off recent lows. 

Nearest level of resistance for the S&P is at 1340 and then again at  1357. 

1294-5 becomes the key support level for the bears to push below. After that we have a support area at 1275. 

VIX is still elevated and rests above 20

S&P is trading below the 20-day and 50-day moving averages.

My Opinions & Trades:

0 Comments – Post Your Own

Featured Broker Partners


Advertisement