Futures Pointing to a Lower Open...

Dave will be teaching the Basic Options Capstone Monday at 4:30 pm ET for anyone who is interested. Markets open lower and move higher...again showing that a lower open does not mean the market is going down from the open... BMO - ES -16 and NQ -20 futures are lower in pre-market trading and are pointing to a lower open. Friday's low is key support. Short term traders be prepared this morning to trade to the downside and protect short term profits if the pre-market activity becomes a daily trend. A pull back in an up trend will create potential support bounce setups... Look at these charts from At the Open on Friday... (click image to enlarge) Look at these charts from At the Open on Monday... (click image to enlarge) At the Open on Monday SPY – white spinning top ALGT – bull flag RS – 200 DMA support bounce ICE – spinning top after hammer at 20 DMA XLNX – bullish harami/inside day AMGN – double bottom support bounce after earnings DECK – at support of 20 DMA SNDA – white candle confirms hammer EBAY – hanging man after earnings gap at 200 DMA GME – hanging man above 200 DMA SHLD – support bounce break above 200 DMA ADS – large white candle confirm dragonfly doji in bull flag AG – close above horizontal resistance LEAP – outside day support bounce at 50 DMA and 50% Fibonacci retracement level ISRG – large white candle continuation