Wednesday, April 7, 2010

Futures Point to a Lower Open...Watch the 1,178 Area

BMO – ES -4.50 and NQ -5.00 futures are lower in pre-market trading pointing to a lower open. AAPL -0.32, AMZN +0.44, GOOG -0.61 and BIDU -1.41 are mostly lower in pre-market trading. NFLX -1.37 is also down.

As we wrote Tuesday morning, “What’s a breakout without a test? A lower probability.” It appears based on pre-market trading this morning that we are in for a least a small pull back and test of the 1,178 area. We will watch any pull back to see if it holds above the 1,178 area.

Look at XLF and XLK this morning for indications of the strength or weakness of any pull back.

Trade those charts that meet your rules in the direction of the trend.

The Euro is down 52 pips in overnight trading. Oil is down 60 cents in electronic trading. XLE is down 19 cents in pre-market trading.

SPY is down 36 cents in pre-market trading. XLF is down 1 cent in pre-market trading. Watch XLF as a key to any sustained move in the SPX.  Keep an eye on the trend of individual bank stocks today.

Follow your rules in any trading actions today. Be logical.

Look at these Charts
(click image to enlarge)


SPX
Support = 1,178,1,165
Resistance = 1,200, 1,216

Trading Down: NFLX, FAS, USO, FCX, USO, CLF, X, WLT, IPI, GS, STT
Trading Up: MON, MOS, FAZ, USD, POT

At the Open on Wednesday
SPY –
QQQQ –
FAS –
X –
ADBE –
BBY –
QCOM –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
NFLX –
RIMM –
SHLD –
BUCY –
BA –
DOW –
DE –
FCX –
WHR –
ZION –
GMCR –
AGU –
IPI –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
CLF –

1 comment:

Anonymous said...

Good morning, Dave. It is not that often that i get to get here anymore.

I just wanted to Thank You for your continued posts and for this mornings market commentary.

Laney