Futures Pointing to a Flat Opening...

Markets are in rally mode today following the pattern, we pointed out earlier, of the past four weeks with brief condsolidations of one to two days... Both the NQ +16 and ES +7 futures are forming bullish piercing line patterns, the cash SPX +9 is forming a bullish engulfing pattern and the Nasdaq Composite +26 is moving above Tuesday's high...Let the Trend make you money! BMO - With more than an hour to go before the open ES +1 and NQ +8 are flat to slightly up indicating a near to flat opening. After Tuesday's trading the short term bias is down. It is also wise to keep in mind that the recent four week trend is up and consolidation periods since March 9 have been approximatley two days in length, so we must stay mentally flexible in the event that this pull back is also short lived. (click image to enlarge) (click image to enlarge) See Tuesday's post to see charts on WYNN, X, COV and CELG. At the Open on Wednesday SPY – closed WYNN – followed tombstone doji with a 14% down move X –followed bearish harami with a 7% move down URE – followed bearish harami with a 14% move down NOC – bearish harami close at S1 of Monday’s candle COV – followed spinning with bullish engulfing not an evening star CELG – bear flag broke the low of the high day SNDA – shooting star at lower price target area DECK – doji higher low and higher high at target 1 BIIB – bullish engulfing CTSH – spinning top at low of the high day EBAY – confirmed bearish harami SCHN – doji confirm bearish harami/pennant FCX – shooting star at horizontal resistance BRCM – confirmed hanging man LEAP – spinning top at 200 DMA…low day SHLD – confirmed bearish harami bull flag