Today's Trading Plan: Looking for Downside Follow Through
From SharePlanner January 31, 2013 - 10:03am
Pre-market update (updated 9am eastern):
European markets are trading -0.6% lower.
Asian markets traded mixed and -0.2% lower.
US futures are trading slightly lower ahead of the opening bell.
Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30am), Personal income and Outlays (8:30am), Jobless Claims (8:30am), Employment Cost Index (8:30am), Chicago PMI (9:45am), EIA Natural Gas Report (10:30am)
Technical Outlook (SPX):
The SPX sold off the most in 2013. A whopping six points.
Watch the 1494 level which represents the 10-day moving average. We have traded and closed above the 10-day moving average for 21 straight days.
A pullback to 1470 would actually be a very healthy pullback area for this market and would help to cool the market off some before pushing back higher again.
If we finish below 1502 tomorrow, we'll h...
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