Thursday, May 14, 2009

Futures Pointing to a Flat Opening...

BMO - ES -2 and NQ +1 futures are near flat in pre-market trading pointing to a flat opening...we'll be watching for either a continuation of the pull back or the market finding support between yesterday's close and the 875 area on the SPX...trade accordingly based on the Chart Signals and your trading rules. Look at the support levels on these charts.... (click image to enlarge) At the Open on Thursday SPY – large black candle did not confirm hammer FAS – large black candle STT – large black candle did confirm hammer still in bull flag WYNN – large black candle break support of horizontal flag KOL – large black candle did not confirm hammer SCHN – large black candle did not confirm hammer/bullish harami EBAY – large black candle stays above gap support at 200 DMA SNDA – large black candle ZION – black candle in bull flag ADBE – large black candle above bullish engulfing support J NPR – black candle in bull flag above gap support CTV – black candle falls to gap support BBT – gap down white candle OSG – gap down black candle does not confirm hammer in bull flag EL – black spinning top breaks gap support ICE – white candle in bull flag support bounce

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