• S and P 500 Market Analysis 1-04-13

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 1448, where there is minor support. 
  • VIX currently stands in the 14’s. 
  • Created a higher high in the market by breaking the previous one at 1448. 
  • Volume was slightly lower on the pullback yesterday. 
  • Trend-line has dramatically flattened off of the November lows. 
  • SharePlanner Reversal Indicator confirmed a bearish reversal to come. 

My Opinions & Trades:

Chart for SPX:

S and P 500 Market Analysis 1-04-13

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