Today's Trading Plan: Nine Straight Days? Not Likely
January 28, 2013 - 9:55am
Pre-market update (updated 8:30am eastern):
European markets are trading +0.2% higher.
Asian markets traded 1.1% higher. .
US futures are trading slightly higher ahead of the opening bell.
Economic reports due out (all times are eastern): Durable Goods Orders (8:30am), Pending Home Sales Index (10am), Dallas Fed Manufacturing Survey (10:30am)
Technical Outlook (SPX):
We are gapping higher yet again this morning, and a positive day in the green, would result in our ninth straight day of positive gains in the market... unheard of.
We closed on Friday right on the upper channel level of resistance. Today that resistance will lie at 1503.
Despite the market rising each of the last three days, the VIX has increased as well over the last three days which would be a bearish divergence.
The 10-day moving average continues to trail the current price action in the m...Continue reading this article »