Today's Trading Plan: Ready to Run

From SharePlanner
January 17, 2013 - 8:35am

Pre-market update (updated 7:30am eastern): European markets are trading 0.2% higher. Asian markets traded 0.2% higher.  US futures are trading slightly higher ahead of the opening bell..  Economic reports due out (all times are eastern): Housing STarts (8:30am), Jobless Claims (8:30am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am) Technical Outlook (SPX): We had our fourth day in a row of morning dips followed by afternoon buying. Four straight days with long lower shadows on the candle.  It shows that there is a heavy bid underneath this market keeping it from drifting lower.  Despite not moving much, price did manage to push slightly higher and above recent consolidation - albeit by a half point.  Due to the recent consolidation we have plenty of overhead room for this market to run before hitting the upper channel line.  Vo...

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