BMO – ES -6.50 and NQ -10.25 futures are lower 30 minutes before the open in pre-market trading and point to a slightly lower open… volume is light for pre-market with more stocks quoting down than up…
XLF is down 8 cents on 14,500 shares in pre-market at this time…
FAS is down 1.33 …
TLT is up 76 cents…
the Euro is down 71 pips overnight trading and is forming a live dark cloud cover pattern …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are lower…PCLN is flat…
Dave’s Insight for Monday: lower Euro…higher bonds… Financials down…setting up a lower open…Follow YOUR rules for entry, exits and stops...TRADE THE TREND…With extended profits be sure to adjust your stops…
The SPX bounced and moved higher on Thursday and Friday, pre-market action looks like the SPX will continue its thrust-consolidate pattern of the last 10 weeks with consolidation on Monday…During the past 10 weeks the SPX has not had a correction of more than 33 points, a very stable trend during this low volatility period…
The intermediate term trend is still up…
Chart Signals will be watching the Euro, XLF and the VIX...the VIX continues to indicate stable trend…
SPX
Resistance: 1,361, 1,370
Support: 1,353, 1,347, 1,331, 1,315
Quoting Down – GOOG, NFLX, CMG, CRM, UNP, FAS, CAT, IBM, CF, UCO, GS, MCP, WLT, CLF, URE, RCL, SINA, DE, ANR, TPX, RVBD, NKE, COH, X, TBT, HUM, FOSL, AMZN, BIDU, FISV, AAPL, CTSH, TEVA, AKAM, GMCR, SHLD, COST, SBUX, XLNX, AMGN, DLTR, WYNN, QCOM, GILD, FSLR, VRTX, KLAC
Quoting Up – SWI, TLT, CDE, FAZ, A, DECK, LNKD, ESRX, INTU, MU, CHRW, EXPE
3 comments:
Thanks Dave!
Dear Dave,
In your experience, what is likely to be the end result of this market "grinding higher?" Is it more likely to break UP or break DOWN?
Steven,
The uptrend is more likely to trend up until it breaks support. The same is true for each individual stock, it is more likely to continue its trend (up, down or sideways) until it changes.
Dave
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