Today's Trading Plan: Dip Buying Gets More Aggressive
January 16, 2013 - 9:42am
Pre-market update (updated 8:30am eastern):
European markets are trading -0.4% lower.
Asian markets traded mixed and -1.0% lower.
US futures are trading slightly lower ahead of the opening bell..
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), Consumer Price Index (8:30am), Treasury International Capital (9am), Industrial Production (9:15am), Housing Market Index (10am), EIA Petroleum Status Report (10:30am), Beige Book (2pm)
Technical Outlook (SPX):
Another similar day to the prior two days where price opened lower, sold-off, popped, consolidated and rallied into the close.
Chalk up yesterday to another positive day of consolidation with long candle shadows underneath.
This suggests that the dip-buying continues to get more and more aggressive.
SPX has managed to trade at the highs while the Nasdaq has pulled back....Continue reading this article »