Friday, August 19, 2011

Futures Point to a Lower Open...

BMO – ES -18.50 and NQ -27.00 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open, following Asia and Europe trading lower…global economic growth and debt are reported as concerns once again …volume is moderate for pre-market with many more stocks quoting down than up…Financial stocks, XLF is down 21 cents on 246,400 volume in pre-market…

TLT is down 5 cents and the Euro is up 85 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…

Dave’s Insight for Friday:  Pre-market action suggests a pull back to the 1,119 support area…watch if this level of support holds…remember gaps have a tendency to at least partially fill sometime in the first hour…Posture turned bearish on Thursday, Green Line is still above 20 and on a reversal could turn back up…Follow your rules for entries this morning for bullish and bearish trades… A good technical trader is objective and trade each chart according to their rules…Watch XLF which is still a key factor in any SPX move up or down

SPX
Resistance: 1,146, 1,158, 1,170  
Support: 1,134, 1,119, 1,103


Quoting DownCMG, GMCR, HUM, VMW, CF, WLT, DECK, CAT, CLF, HLF, MCP, SOHU, LDK, GS, LVS, MOS, DE, SLB, ANR, FFIV, URE, V, AGU, C, ATW, NKE, ZAGG, X, FAS, NTES, SINA, SNDK, AAPL, AMZN, BIDU, GOOG, NFLX, PCLN, QCOM

Quoting UpFAZ, CRM, CHL, CREE, SLW

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