Today's Trading Plan: Come Off Those Highs
January 8, 2013 - 9:58am
Pre-market update (updated 9am eastern):
European markets traded flat/mixed.
Asian markets traded -0.8% lower.
US futures are trading slightly down ahead of the bell.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Consumer Credit (3pm)
Technical Outlook (SPX):
Slight pullback in the SPX yesterday after, and consolidation over the past three days taking place at the highs or recent price action.
We are well overbought on both short-term and long-term time frames.
Volume over the last three trading sessions has been rather light and slightly below average.
For the bulls, a pullback to 1448ish would keep things very bullish, but there remains the possibility that we could pullback to the trend-line off of those November lows. That price level would be somewhere around 1408 to 1415 as it stand...
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