Today's Trading Plan: Ready to Run
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.
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