• SharePlanner Reversal Indicator 3-7-13

Pre-market update (updated 8am eastern):

  • European markets are brading 0.4% higher.
  • Asian markets traded flat. 
  • US futures are trading slightly higher ahead of the opening bell. 

Economic reports due out (all times are eastern): Challenger Job-Cut Report (7:30am), International Trade (8:30am), Jobless Claims (8:30am), Quarterly Services (10am), EIA Natural Gas Report (10:30am), Consumer Credit (3pm)

Technical Outlook (SPX):

  • SPX managed to inch higher for the fourth straight day. 
  • The index has managed to bounce 60 points in the last six days. 
  • The SPX is trading outside the upper bollinger band, and recent occurrences has led to a notable pullback in the market of 40-60 points. 
  • We continue to see declining volume levels as the market increases its gains, leading me to believe there is a lack of enthusiasm in this current market rally. 
  • The weekly chart shows a strong breakout in place. 
  • VIX is back in the 13’s. 
  • SPX back to its old ways of being overbought. 
  • Both channels (July October 2012) and the price channel we are currently in are very similar in nature. 
  • We haven’t seen a market pullback in excess of 4% since October/November time-frame. 

My Opinions & Trades:

Chart for SPX:

SharePlanner Reversal Indicator 3-7-13

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