Futures Pointing to a Higher Open...

1:45 pm ET - The SPX rose to the 944 resistance area, which is the January resistance high, during the first two and half hours of trading...it rose to the 942.50 within the first hour of trading...since that time the SPX has been consolidating between 945.50 and 942.50, a 3 point trading range...these are the very short term support and resistance level...we've noted 944 as resistance since January on our charts but commented on it in Friday's Weekly Wrap and in Friday's post... 10:39 am ET - markets are pausing after their first hour run...TRLG from our At the Open list last week is up 6% in the first hour the chart target is 27...X is up 8% the chart target is 39...so a great first hour of trading...intermediate term traders who had the focus to stay with their trades through the consolidation of the past four weeks should be loving gains this morning and short term traders who re-entered last weeks should be feeling just as good... 10:17 am ET - at 7:39:21 MT we bought 4 ESM9 contracts at 930.50...at 8:18:08 MT we sold 4 ESM9 contracts for 940.50 for a gain of 10 points or $2,000.00...after entry and exit commissions of $28 this is a net gain of $1,972.00 in 39 minutes...(this trade was NOT in the Model Porftolio account and will NOT show up in the track record...it was done in the other virtual account that is used for trading rooms)...if you have an interest in intraday futures trading see Futures Trading in the left hand menu under Key Topics 9:56 am ET - after a small pull back in the first 10 minutes of trading the ES, SPX and NQ have moved to new daily highs...most stocks are doing very well in early trading... BMO - ES +14 and NQ +15 futures are higher in pre-market trading pointing to a higher open. ES, NQ and SPY pre-market prices are trading above recent horizontal resistance and their respective 200 DMA. If these price levels hold they are a horizontal breakout and look for higher levels this week on a breakout continuation. Look at these charts... (click image to enlarge) At the Open on Monday SPY – white spinning top at 200 DMA confirmed Thursday’s hammer +1.77% KOL – doji +2.81% FAS – white candle confirms hammer +5.60% CTV – white candle +5.34% JOYG – white spinning top close above horizontal resistance +4.17% STT – white candle breakout of horizontal resistance +3.94% X – white candle breakout of horizontal resistance, new high close +3.90% ADBE – white candle confirms hammer new high close +2.32% EL – white candle confirms hammer +2.00% WAB – white candle just below 30 DMA +1.94% OSG – black hanging man +1.81% USD – hanging man +0.96% STLD – hanging man at horizontal resistance +0.74% ZION – doji -0.44% UNG – black candle after support bounce FSLR – white spinning top 20 DMA breakout NTAP – bull flag break high of low day MON – support bounce break high of low day FWLT – doji 200 DMA breakout