Tuesday, June 2, 2009

Futures Pointing to a Flat Opening...

BMO - ES -0.25 and NQ - 1 are down slighty in pre-market trading point to a flat to slightly lower open. Since Monday was a large white candle the mid-section is S1, 932 on the SPX, which is a key short term support along with the 200 DMA, 927 on the SPX. A pull back after three strong up days, three white soldiers candle pattern, would be likely. A pull back that stays above 927 to 932 would be an indication of few profit takers and buying continuation. A pull back to a higher low would be an new entry opportunity... Take a look at these charts... (click image to enlarge) At the Open on Tuesday SPY – white candle new high close KOL – white spinning top USD – large white candle break horizontal resistance FAS – white spinning top CTV – white spinning top JOYG – white spinning top close X – white candle new high close STLD – white spinning top ADBE – large white candle new high close EL – large white candle support bounce WAB – white spinning top OSG – white spinning top ZION hammer UNG – large white candle NTAP – large white candle breakout T1 FWLT – white candle new high close XME – white candle break out of horizontal resistance XRT – white candle at horizontal resistance

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