Today's Trading Plan: Indifferent Intraday Price Action

From SharePlanner
December 26, 2012 - 9:55am

Pre-market update (updated 9am eastern): Europe is trading in mixed fashion ranging from -0.5% up to +0.2%.  Asian markets traded 0.9% higher.  US futures are trading slightly higher.  Economic reports due out (all times are eastern): MBA Purchase Applications (7am), ICSC Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case-Shiller HPI (9am), Richmond Fed Manufacturing Index (10am), State Street Investor Confidence INdex (10am) Technical Outlook (SPX): Minor sell-off on Friday took us below the trend-line off of the November lows. Not a major concern at this point. More of a flattening of existing trend-line.  We did drop below the 8-day EMA but that is not a big concern since that has happened before without consequence.  I am more concerned with us staying above the 20-day moving average.  Declining, overhead resistance exists off o...

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