Futures Point to a Lower Open

5:32 pm ET - Thank you for all the Comments...they are certainly worth taking the time to read. A couple of clarifications: ET stands for Eastern Time, this is for clarity because readers are in different time zones. A bullish harami, an inverted hammer, a hammer, a dragonfly doji, a piercing line and a bullish engulfing pattern are all BULLISH candle patterns. However, not all bullish candle patterns will follow through with a bullish move, some will fail. In technical analysis nothing is 100% not even bullish candle patterns. Dave's Insight: Technical analysis is based on probability, not certainty. The fact that a pattern will fail a percentage of the time does not negate the fact that it is a bullish or for that matter a bearish pattern. My point today is this...if the technical analysis on the chart is showing you that big money is net on balance buying and you're thinking bearish because of the futures OR you think you can guess the economic news or big money's reaction to it OR you're listening/reading to some Talking Head on tv or in some blog, etc whom you think can guess consistently, you and maybe even the person you are listening/reading to are in a state of denial or worse, ignorance. A denial or ignorance of the actual buying and selling actions of the money that moves the market. Talk is cheap. Actions speak louder than words. The technicals are all about the actions and nothing about the words. 11:30 am ET - Is the daily SPX chart (see chart just below) bullish or bearish before the open this morning? Post your answer in the Comments section... Is a Bullish Harami, bullish or bearish? Is an Inverted Hammer, bullish or bearish? Is a Hammer bullish or bearish? Straight Talk from a Pro You should be asking yourself a very important question about this morning... Were you paying attention to the news, noise (somebody's comments about the market) or the technicals on the chart this morning? If you are paying attention to somebody's comments instead of the technicals, you are going to keep living the trader's nightmare! Talk is cheap. Actions speak louder than words. The technicals are all about the action and nothing about the words. You want different results, stop listening to the Talking Heads on TV or in the blogs that keep giving you their opinions, speculations and guesses that are inconsistent with the techncals and start paying very close attention to the technicals! Post in Comments how you feel about some very straight talk... (click on image to enlarge) 10:45 am ET - ES hits 799.50... Dave's Insight: Trade the market, not your thoughts...this morning is just one more example of what I have been teaching for years...you have to be mentally flexible and stay focused on what the market is doing...the market opened lower but has been trading higher ever since...I keep saying that the futures being down before the open does not tell you if the day will be down or up...it does not even tell what the trading will be after the cash market opens...it ONLY tells you what the open will be. You then must trade the market...NOT what you think the market will do. Please listen to the correct principles I am teaching you, stop paying attention to the noise in the market and letting yourself be distracted...Post some comments today if you understand what I am saying or if don't get it yet... 10:11 am ET - the ES has risen to the 790 resistance and is consolidating...if it breaks through next key resistance is 800... 9:58 am ET - the ES is seeing a bit of a support bounce at this moment if it follows through watch the 790 resistance... 9:43 am ET - WYNN +0.94, SNDA -0.53 in early trading...ES has found some support around 780... we'll watch this area to see if it holds...790 is short term resistance this morning... 9:34 am ET - SPY opens lower...there is early heavy selling in CELG, APOL adn URBN as these stocks are down significantly... BMO - ES -11 and NQ -17 futures are lower this moring pointing to a lower open. We'll watch key short term support levels as we posted on Tuesday after the close. At the Open on Wednesday SPY – doji SNDA – confirmed hammer rose to horizontal resistance DECK – confirmed hammer CTSH – confirmed hammer CRM – bullish harami NFLX – rose to horizontal resistance GME – rose to horizontal resistance WYNN – bullish harami ILMN – confirmed dragon fly doji SCHN – bullish harami MHS – closed above 30 DMA GILD – closed above 30 DMA