Futures Pointing to a Higher Open...

10:02 am ET - Consisten with the horizontal bull flag early gains fade as SPX touches a new high at 1,039.47 and pull back to even for the day...you should note however that during the first 30 minutes of trading the SPX has made a higher low and higher high within the flag...we'll watch a trading progresses to see if buyers step back in at support with another move to the upside...early strong stocks include ZION, FUQI, FCX, PCLN, DELL, INTC, MSFT... BMO – ES +8 and NQ +20 futures are higher in pre-market trading pointing to a higher open. GOOG +4, AAPL +2 and BIDU +2 are also higher in pre-market trading. Through Thursday the SPX appears to be forming a horizontal bull flag. On Thursday the SPX bounced off of last Friday’s S1 level of 1,017 and rose to its highest close at 1,030. If the trend of pre-market trading extends into the cash session, the SPX may break the top side of its horizontal flag and move towards October’s horizontal resistance of 1,044. Continue to stay with the trend… Technology XLK, Materials XLB and Financials XLF are the sector leaders in pre-market trading… Look at these Charts… (click image to enlarge) At the Open on Friday SPY – QQQQ – JOYG – PCLN – BDK – BAC – FAS - ZION - AGU - AMX - BIDU - FWLT - GOOG – ADBE – AAPL – X – FUQI – PWRD – FCX - DOW – CAM – MHS – NFLX – DE – TGT – PCP – ARO – ANF – JOSB – GES – DSW –