Wednesday, December 2, 2009

Futures Point to a Flat Open with SPX at Resistance...

BMO – ES +0.25 and NQ -0.75 futures are lower in pre-market trading pointing to a slightly lower open. AAPL +1.43, AMZN +0.47, GOOG -0.87 and BIDU +0.04 are mixed in pre-market trading. AAPL's late day sell off technically appeared to be computer program trading. The Euro is up 10 pips in overnight trading and oil is quoting down 57 cents in electronic trading. XLE is down 7 cents in pre-market trading. The SPX is at horizontal resistance; expect selling to continue at the 1,110 area just as it did Tuesday afternoon. Stay prepared for a pullback but continue to be mentally flexible buyers push through resistance after three and a half weeks of sideways price action. Financials were the weakest sector on Tuesday and there are no signs of strength at this pre-market hour. If this sector does move, it increases the probability that the SPX can break through resistance. GES and SNDA were up strong on Tuesday after positive earnings. Follow your rules in any trading actions today. Be logical. SPX Support = 1,087…1,082…1,075 Resistance = 1,108 - 1,113 Trading Down: Trading Up: AMZN, FCX, SNDA, URE Look at these Charts… (click image to enlarge) At the Open on Wednesday SPY – QQQQ – XLE – FAS – AMLN – ILMN – CREE – DE – STLD – FLIR – FCX – PCP – EXPE – X – NIHD – CSX – UNP – WLT – POT – STX – AAPL – AMZN – PCLN – BUCY – JOYG – DECK – NFLX – ISRG – AKAM – V – NKE – CAT – SWK – ACN – PNC – DD – DIS – UTX –

2 comments:

Anonymous said...

Dave,
I enjoyed your great post this morning!

Thank you.

Laney

Peggy said...

Dave,
Thanks again for your daily posts. Hope all the feedback helped. I'm excited for the changes, although I have to say, with the exception of a few things I'd love for you to add, it's one of the best blogs out there. And you are the master technician!
Peggy

Hi Laney!