Futures Pointing to a Slightly Higher Open...

2:09 pm ET - Since our last post the ES fell to 889 and bounced to 893...so it looks like the assessment of trading range is what has taken place... 1:25 pm ET - I had to step away for the past two hours and coming back I see the market pulled back about four points and has returned to the level when I left...resistance on the ES is at 894.50 a break above this level would give a price target of 899...we'll watch closely due to the three day weekend beginning at the close in just over two hours traders may just keep it in the 889 to 894 range... 10:23 am ET - in our Learn the Discipline Model Portfolio (see Learn the Discipline in the left hand menu for details) we bought 4 ESM9 at 883.75 futures contracts at 7:53:35 am MT...23 minutes later at 8:15:40 MT we sold at 887.25 for a gain of $700 or $676 after commissions. If you have an interest in trading futures see Futures Trading in the left hand menu. BMO - ES +1 and NQ +3 are slightly higher in pre-market trading pointing to a flat to slightly higher open. Look for lighter volume and perhaps a narrow trading range on the SPX as we head into a three day weekend...markets are closed Monday. Take a look at SHLD which gapped up last night on earnings... Look at these charts... (click image to enlarge) At the Open on Friday SPY – hammer KOL – black candle lower shadow FAS – white spinning at support URE – white spinning top USD – black spinning top SHLD – gap overnight on earnings STT – piercing line ZION – black candle lower shadow at 50 DMA EBAY – black candle lower shadow at 20 DMA ADBE – white sinning top at 30 DMA WYNN – black spinning top at horizontal support SCHN – black candle lower shadow at 20 DMA STLD – black candle lower shadow at 20 DMA JNPR – white spinning top at horizontal resistance CTV – black spinning top at horizontal support OSG – black candle at 20 DMA EL – black candle at 20 DMA NFLX – broke low of high day JOYG – broke low of high day