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Trading Plan for September 12, 2012

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September 12, 2012 – Comments (0) | RELATED TICKERS: DIA , QQQ , SPY

Pre-market update (updated 8:30am eastern):

European markets are trading mixed but 0.3% higher. . 

Asian markets finished 1.4% higher.

US futures are trading moderately higher ahead of the bell. 

Economic reports due out (all times are eastern): FOMC Meeting Begins, MBA Purchase Applications (7am), Import and Export Prices (8:30am), Wholesale Trade (10am), EIA Petroleum Status Report (10:30am)

Technical Outlook (SPX):

Nice recovery yesterday after the previous day's sell-off. 

Creates somewhat of a mini bull-flag pattern on the daily SPX. 

Volume seems to be picking up 'some' as we head into the final stretch of Q3 and into Q4. 

Upward trend-line off of the 6/4 lows has rising support at 1400. 

Near-term resistance is at 1437. Additional Buying power should flow in once we break that level. 

If we pullback today, look for some dip buying opportunities around 1419. 

We are overbought as of yesterday's close. 

Test at 1440 resistance is in play today. While there isn't a lot of resistance overhead, this is a minor resistance level worth noting. 

SharePlanner Reversal Indicator shows a bearish divergence which is worth noting. 

FOMC Statement occurs on an unusual Thursday at 12:30pm est (typically Tuesday or Wednesday). 

30-min chart shows a nice uptrend now in place with higher-highs and higher-lows. 

VIX surged yesterday and now back above 16. 

One area of concern is the 3 large gaps off of the 6/4 lows that remain unfilled, including 6/6, 7/26, 8/3

If another sell-off were to ensue, watch for a break and close below 1396 for a new lower-low in the market.  

My Opinions & Trades:

Charts:

 

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