Futures Pointing to a Slightly Lower Open

3:10 pm ET - Markets have stablized and moved to the upper end of their price range for the day...SPY has gone positive and made a slightly higher high than Friday...$SPX after falling to its April 2 high, which it broke through on Friday has bounced to form a slightly higher high...check the 11:27 am ET post this morning... (click image to enlarge)

SCHN Stock Gains 12.4% On April 2 in our Stocks webcast we entered a real time virtual trade to buy 100 shares SCHN with a limit target and stop using an OCO (one cancels the other) bracket order that will sell the stock either at a profit or a loss, whichever comes first and then cancel the remaining order. SCHN was in an up trend on April 2 and breaking out of short term horizontal resistance. The chart indicated a price target of 41+. We set the upside limit order at 40.95 and the stop at 32.77. The buy order filled at 36.43 on April 2. This morning at 10:31 MT the 40.95 limit filled and canceled the stop. This produced a gain of 12.4%. (click image to enlarge) 11:27 am ET - Watch the market here as it is bouncing from a higher low which could give it the force it needs to make a higher high than the high about an hour ago... 11:10 am ET - SPY has pulled back to opening price levels as you can see on the SPY 15 minute chart below...notice the inside day with both a lower high and higher low so far this morning...notice also Monday's price action is holding above last week's resistance, now new support...so far Monday morning is turning out to be a pause day...stay tuned... (click image to enlarge) 10:49 am ET - ES and NQ futures and SPY are trading above their opening price levels...Financials are leading the way with XLF, UYG and FAS higher...GS, JPM and C are higher in front of earnings this week...ESRX announced an agreement to purchase a unit of WLP along with a 10 year contract...ESRX is +4.38...the Model Portfolio holds a position in ESRX... 10:14 - After opening down and then an early selloff, ES and NQ futures and SPY are rallying past the open and into highest levels of the morning. 9:42 am ET - CELG, COV, LEAP and WYNN trading at or below Thursday's low. SPY and futures trading lower. BMO - ES -6 and NQ -5 futures are down slightly just before the open pointing to a slightly lower open. SPY is down 82 cents in pre-market trading. The pattern of trading since March 10 is one to two strong days up and then one to two days of pause or pull back. Watch Thursday's high as resistance, a breakout could signal continuation. Thursday formed large white candles and the mid-section is S1, the short term support level. (click image to enlarge) (click image to enlarge) At the Open on Monday SPY – bull flag breakout DECK – new high close on horizontal breakout CTSH – horizontal breakout…above 200 DMA EBAY – bull flag breakout SCHN – confirmed hammer GME – 200 DMA breakout SHLD – support bounce in bull flag COV – sellers at 50 DMA XRT – 200 DMA breakout USD – close above horizontal resistance URE – close above horizontal resistance UYG – break horizontal resistance WYNN – confirm hammer bounce to resistance CELG – pausing after bear flag break LEAP – at 30 DMA support