Today's Trading Plan: Still Room To Run
January 18, 2013 - 9:46am
Pre-market update (updated 7:30am eastern):
European markets are trading 0.2% higher but in mixed fashion.
Asian markets traded 1.5% higher.
US futures are trading flat with a slight negative bias ahead of the opening bell..
Economic reports due out (all times are eastern): Consumer Sentiment (9:55am)
Technical Outlook (SPX):
On increased volume yesterday, the market broke out of the four day consolidated area it had previously been trading inside of.
The upper channel provides resistance today at 1489 should we get to that level. It will likely stop any market rally from progressing further.
I'm becoming somewhat concerned by this market because now we have one very large gap and one smaller gap (formed yesterday) that has yet to be filled on the SPY.
Since 1/3 the SPX has been trading in overbought territory.
I don't think the bulls want to s...Continue reading this article »