Friday, November 13, 2009

Futures Pointing to a Flat to Slightly Higher Open...

11:50 am ET - just before mid-day...SPX +6.11...the INDU +76...COMPQ +11.61...RUT +1.98...SOX +3.10...CREE, SHLD, JNPR, FSLR, MRVL, NTAP, QCOM, ADBE, INFY ADBE, JOYG and BUCY are all higher...the SPX is staying inside its horizontal trading range just like the five prior tops we have pointed to on the chart.... 10:30 am ET - one hour into to trading the SPX is at 1,090, up 3 points for the morning...CREE +0.91...CAT +0.21...DE +0.29...CTSH +0.79...FSLR +3.25... BMO – ES = +1.00 and NQ +2.50 futures are lower in pre-market trading pointing to a lower open. AAPL +1.31, AMZN +0.56, GOOG +0.87 and BIDU +2.20 are higher in pre-market trading. The Euro is up 5 pips in overnight trading and oil is quoting down 20 cents in electronic trading. XLE is down cents in pre-market trading. The SPX pulled back to 1,087 Tuesday’s low and did stay above Monday’s S1 at 1,082 as Thursday’s pre-market trading suggested a potential pause day that turned into a pull back to support. We will watch for a support bounce to stay inside the horizontal channel or for a potential break of the S1 level at 1,082 today. Be prepared to be defensive on any long positions that could break support. SPX Support = 1,0821,075 Resistance = 1,100…1,025 to1,133 Trading Down: Trading Up: PCLN, BUCY, JOYG, CAT, FCX, WLT, STX Look at these Charts… (click image to enlarge) At the Open on Friday SPY – QQQQ – XLE – ATW – STX - AAPL – AMZN – PCLN – BUCY – JOYG – SNDK – CREE – ADSK – DECK – NFLX – ISRG – AKAM – ORLY – SYMC – V – NKE – FCX – CAT – POT – SWK – BDK – WLT – ACN – FAS – PNC – CSX – UNP –

2 comments:

Peggy said...

Good Morning Dave,
Loving your posts as always. Thank you for sharing your technical expertise. I appreciate all the detail you put into your blog each and every day.
Looking forward to hearing you on the Wrap today.
Have a great weekend!
Peggy

Laney, always enjoy reading your posts. You are a such a light...ever the cheerleader. I love your outlook on life, we share the same philosophy on many things. Thank you for your posts as well!

Anonymous said...

Dear Indiana Johnson,
Flexibility is the one word that comes to mind this morning-

The market seems to change so fast these days.. Since I am fairly new in the trading/technical analysis business, I don't know if it has always been this way, or just has been lately.

I only know that not too long ago, I did Not have mental flexibility- And, I didn't even know that I didn't have it!

Suffice it to say I found out the hard way that I was trading my thoughts and not the charts, as my account balance kept reflecting..<>

Now, I am very aware that when I look at charts to trade, I let the charts tell me how to trade them and not trade them by what I might 'think'.

Thank you for your consistent and over the top posts and mentoring Dave!

Wishing you and your family a wonderful weekend.

Laney

P.S.
Peggy,
Thank you for your kind comments. The invitation for you to join our Skype group is always open, should you choose to join us-