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Pre-market update (updated 8:30am eastern):

  • Europe is trading 0.4% higher.
  • Asian markets traded in a wide range from -0.2% up to +0.8%.
  • US futures are slightly lower ahead of the open. 

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30am), Jobless Claims (8:30am), Quarterly Services Survery (10am), EIA Natural Gas (10:30am)

Technical Outlook (SPX):

  • SPX finished yesterday with what can be considered to be a doji-like candle pattern - showing indecision by the markets at this juncture. 
  • The 50-day moving average is offering a strong showing of resistance for the SPX over the last 5 trading sessions. 
  • It is very possible that we could continue pulling back off of recent highs. You have recent support at the 200-day moving average which could offer some level of buying for the markets. 
  • Volume saw a slight uptick yesterday compared to what we've seen recently. 
  • 8-day EMA continues to provide support for the markets in the short-term. 
  • We are retesting the neckline of the triple-top on the SPX daily. Heavy resistance at this level for now. 
  • We are off of overbought conditions in the short-term. 
  • 30-minute chart looks distributive and has the potential to breakdown further. 
  • Ideally for the bulls, if price action can close at or above 1429, the downtrend off of the September highs would be officially done and over with, as a new higher high would be established for the first time. 
  • Next level of price resistance rests at 1437. 
  • Fiscal Cliff discussions continues to dominate the news. 
  • SharePlanner Reversal Indicator shows a strong possibility for a Santa Rally
  • SPX currently has recaptured the 10, 20, and 200-day moving averages
  • VIX is back below 17. 

My Opinions & Trades:

Chart for SPX:

S and P 500 Market Analysis 12-6-12

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ryan1Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>

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