Today's Trading Plan: Resistance Above, Support Below
December 24, 2012 - 9:47am
Pre-market update (updated 9am eastern):
Europe is trading -0.1% lower.
Asian markets traded mixed and -0.2% lower.
US futures are trading slightly lower.
Economic reports due out (all times are eastern): None
Technical Outlook (SPX):
Major sell-off on Friday, that saw the SPX dump nearly 1% in value.
Volume was strong Friday, due in part to options expiration and also some panic selling in the early going.
Price on the SPX is testing the uptrend off of the November lows. Any close lower today, would effectively break that trend-line.
For this market to turn decisively bearish, we need a close below 1411.
Also there is some declining resistance overhead that could be causing some problem in the market breaking significantly higher.
Expect volume to be next to nothing today and throughout this week.
The thought is, if the ...Continue reading this article »