Today's Trading Plan: Looking for Downside Follow Through
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...Continue reading this article »