Futures Point to a Lower Open...

BMO – ES -4.25 and NQ -5.25 futures are lower in pre-market trading pointing to a lower open. AAPL +0.25, AMZN +0.47, GOOG +1.65 and BIDU -1.98 are mixed in pre-market trading. JPM profits higher, revenues lower than expected, stock down 56 cents in pre-market trading. The Euro is down 117 pips in overnight trading creating a short term reversal in the dollar. Oil is down 65 cents in electronic trading. XLE is down 25 cents in pre-market trading. SPY is down 41 cents in pre-market trading. XLF is down 9 cents in pre-market trading. Continue to watch XLF as a key to sustain the breakout in the SPX which it is not doing this morning. There is still a 1,234 chart target for the end of January, we’ll watch closely to see if the time frame is realistic or will need adjustment. Remember direction and price target are more important than time. We may be seeing those signals for a potential pull back this morning. Follow your rules in any trading actions today. Be logical. Watch for support bounces today in the many bull flags that are in place on the charts. SPX Support = 1,125 – 1,133, 1,106 - 1,117 Resistance = 1,145, 1,155, 1,170 Trading Down: INFY, RIMM, JOYG, AA Trading Up: DE, WHR, POT, TSL, UNP Look at these Charts… (click image to enlarge) At the Open on Thursday SPY – QQQQ – FAS – AA – INFY – KO – SHLD – X – AAPL – AKAM – AMZN – CREE – KLAC – LRCX – NVDA – RIMM – BUCY – DECK – FLIR – FWLT – ISRG – PCLN – STLD – UAUA – ACN – AGU – AMD – CAT – DE – DOW – ICE – MA – PCP – POT – TSL – UNP – WHR –