Futures Pointing to a Lower Open...

BMO - ES -4 and NQ - 4 are slightly lower in pre-market trading pointing to a flat to slighty lower open. Tuesday was a narrow range high day with slowing upward momentum on the SPX, essentially a pause day. While the SPX can go higher, the pattern of the last twelve weeks would suggest the potential for the SPX to roll over after a low range high day. Watch closely this morning to see if the SPX breaks the low of the high day. Today is a Yellow Alert day for short term traders because of this potential... Look at these charts... (click image to enlarge)

Also look at the charts from Tuesday evening's post...

At the Open on Wednesday SPY – white spinning top KOL – black spinning top USD – bearish harami FAS – black spinning top CTV – black spinning top JOYG – black spinning top X – black spinning top ADBE – white spinning top new high close OSG – broke low of the high day ZION – white spinning top UNG – doji NTAP – broke low of high day FWLT – white spinning top XRT – white candle at horizontal resistance, new high close SHLD - large white candle horizontal breakout ISRG - large white candle 200 DMA breakout ORLY - large white candle horizontal brekaout CELG - large white candle at short term horizontal resistance