Today's Trading Plan: Bull-Flaggin' and Trying to Pop
January 10, 2013 - 8:58am
Pre-market update (updated 8:30am eastern):
European markets are trading 0.2% higher.
Asian markets traded 0.5% higher..
US futures are trading slightly higher ahead of the opening bell..
Economic reports due out (all times are eastern): Jobless Claims (8:30am), Wholesale Trade (10am), EIA Natural Gas Report (10:30am)
Technical Outlook (SPX):
Slow trickle down of selling yesterday after opening strong.
We are opening up yet again in a very similar manner.
While we trade against the upper channel, the SPX is not selling off as a result of testing it, instead it is consolidating at the highs, which comes across as being very bullish.
There really isn't any support found on any of the major moving averages.
With the consolidation we've seen over the last five days, we have managed to see the SPX find some breathing room from the upper Bollinger...Continue reading this article »