Trading Markets? Your MUST-READ Morning Cheat Sheet 1.28.11
This story from Wall Street Cheat Sheet
The exclusive Markets Morning Report is supplied by The Precision Report.
The Precise Take – ES attempts to break to new highs after somewhat bullish GDP
Big Picture Analysis: Yesterday’s pre-market disappointments were shrugged off, and as was widely reported, the S&P 500 cash ever so briefly crossed the 1300 threshold and closed just under it. A trend up day with a close near the highs would probably seal the deal for the bulls and put to rest the threat of correction that has become widely expected (itself potentially bullish). If there is only a nominally higher close above 1300, we still want to see follow through on Monday to avert the risk of sell off. A close below simply keeps the state of limbo alive.
Trading Today: As we write, Q4 GDP was revised higher to 3.2%, but still below the 3.5% consensus average. Consumer Sentiment at 9:55 am has been a market mover over the last several months, frequently surprising up and down. The lower end of the projected range includes the daily pivots and weekly R1, from 1294.00 to 1295.00. We would also consider a long near yesterday’s low and day-session-only S1, from 1291.00 to 1292.50, but likely not below as it could be seen as a failure to clear 1300 on the larger time frames. The upper end of the projected range includes day-session-only R2, from 1302.00 to 1302.50, but we will also watch day-session-only R1 in confluence with the overnight high, from 1298.50 to 1299.00, as potentially strong resistance.
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