Today's Trading Plan: Pullback On The Horizon
January 23, 2013 - 10:00am
Pre-market update (updated 8:30am eastern):
European markets are trading flat and mixed.
Asian markets traded -0.8% lower. .
US futures are trading mixed with the SPX slightly lower and Nasdaq slightly higher ahead of the bell.
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), FHFA House Price Index (9am)
Technical Outlook (SPX):
SPX closed yesterday right on the rising upper channel. As happened last time, we should see some profit taking as a result.
It is extremely difficult to break higher out of a rising channel - hardly ever happens, much less after rising five straight days higher prior to.
Volume came back down to normal levels.
T2108 posted in the Market Group yesterday shows a market that has only been this 'overbought' a few times in the past three years....
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