Today's Trading Plan: Hitting the Upper Channel Band
January 7, 2013 - 9:42am
Pre-market update (updated 9am eastern):
Europe is trading -0.4% lower.
Asian markets traded -0.3% lower.
US futures are trading slightly down ahead of the bell.
Economic reports due out (all times are eastern): Treasury STRIPS (3pm)
Technical Outlook (SPX):
SPX found some momentum to close higher on Friday despite being clearly overbought at this point.
Post Recovery highs are at 1465 on a closing basis. SPX on Friday closed one point above it at 1466.
There's really no significant level of resistance for the market above 1466 until you get to 1501.
Bears need to work on getting the SPX back below 1455 for starters and ultimately back below 1430.
It will take a significant move, but below 1398, the trend will be bearish.
Be aware of upcoming news events and discussions that will permeate the markets: Debt Ceiling Debate, Fiscal Cliff Pa...
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