Today's Trading Plan: Come Off Those Highs

From SharePlanner
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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