Futures Pointing to a Slightly Higher Open...

Dave will be on VC Options from 3 to 5 pm MT today if you would like to join in and ask your market questions... 10:00 am ET - Existing Home Sales rise 2.4% to an adjusted annual rate of 4.77M less than the forecasted 4.85M, however the highest level since last October, SPX rises modestely... BMO - ES +4 and NQ +4 are higher in pre-market trading pointing to a slightly higher open. Last night in my AT Webcast I pointed out that the red Momentum Line was in the lower reversal zone which indicates there is approximately two out of three chances that the market will have at least a short term technical bounce today. If we see that bounce it is important to watch the key resistance levels. On the SPX they are 897 and 903 - 905 (also listed in Monday night's post) and on many individual stocks it is the R1 level of Monday's large black candle. If prices cannot break theses resistance levels that may be the point that new bearish positions can be entered and existing bullish positions exited. Also watch for the Existing Home Sales report this morning at 10 am ET, it will likely have an influence on the early tone of the market up or down if it is better or worse than expected...the forecast is to rise to 4.85M... This should be an exciting day... Look at these charts... (click image to enlarge) At the Open on Tuesday SPY – below 50 DMA QQQQ – below 30 DMA FUQI – above 20 DMA ESRX – above 20 DMA DECK – above 20 DMA AAPL – above 30 DMA NFLX – above 30 DMA QCOM – above 30 DMA SHLD – above 30 DMA MRVL – at 30 DMA STT – at 30 DMA ADBE – below 30 DMA PCLN – below 30 DMA ICE – below 30 DMA JOYG – below 30 DMA FLS – below 30 DMA X – below 30 DMA FAS – below 50 DMA SPG – below 50 DMA