Trading Plan: More of the Same
January 4, 2013 - 9:57am
Pre-market update (updated 9am eastern):
Europe is trading 0.2% higher.
Asian markets traded mixed from -0.4% up to +2.8%.
US futures are trading slightly higher ahead of the bell.
Economic reports due out (all times are eastern): Employment Situation (8:30am), Factory Orders (10am), ISM Non-Manufacturing Index (10am), EIA Natural Gas Report (10:30am), EIA Petroleum Status Report (11am)
Technical Outlook (SPX):
Slight pullback for the markets today, which was really a good thing for the markets to have yesterday, to help bring some order back into this market.
There is still a huge gap on the SPY chart that ultimately needs to be filled.
A push above 1474 on the SPX would break the market out to new post recovery highs.
The Russell Index is actually hitting all time highs.
The consolidation, in a perfect world, shouldn't pullback further than ...Continue reading this article »