User: Ryan Mallory: Daily Trading Plan: Trading Plan for June 18, 2012 | SharePlanner
Trading Plan for June 18, 2012 | SharePlanner
Technical Outlook (SPX):
Great day for the S&P on Friday as they managed to put in a 'higher-high' in the market, and establish an uptrend in the market off of the 6/4 lows
Though I wouldn't consider it to be a strong one at this point.
The opportunity exists (if we bounce off of the gap-down) for the S&P to test the 50-day moving average.
Quite a ways from current price, but ultimately, if the price can clear 1401 we'll have a market that is very bullish.
Represents the slightly descending resistance level off of the 4/2/12 highs.
SPX confirmed the inverse head and shoulders pattern on Friday.
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