Futures Pointing to a Lower Open...

2:15 pm ET - The SPX continues to hold right at the 1,017 S1 support level...DJIA volume is a light 86 million shares with less than two hours to close...key stocks AAPL, GOOG, MSFT and BIDU are also trading lighter volumes today...the market is sitting at support...the next support level is 1,007 if the S1 breaks...follow your rules 10:55 am ET - SPY opened at 102.37 fell to a low of 101.79 and has bounced to 102.35 near its open at this time...the ES after falling overnight reached a low of 1,013.25 around 9:52 am ET and has bounced to 1,018.25...the SPX slipped below the Aug. 21 S1 level of 1,017 to reach 1,014.62 below last Thursday's low of 1,016.20 and is currently at 1,018.52...the VIX is up 1.77 to 26.53...most stocks are lower but MSFT is +16 cents...IP +19 cents...Financial stocks which opened lower are up from their lows with many stocks showing white candles wth leading stocks JPM +45 cents...WFC +17 cents... also now up for the morning... BMO – ES -6 and NQ -12 futures are lower in pre-market trading pointing to a lower open. GOOG -3.75, AAPL -1.68 and BIDU -6.61 are also lower in pre-market trading. Based on the futures pre-market levels it looks like the ES, SPX and SPY will start near the August 21 S1 level which is a key short term support level near the low last Thursday which is the lowest level of the past week. Will this lead to a break of short term support or be the level the market will bounce from as it did last week. Be prepared for either move. Trade with the trend of the stocks you are trading. All sectors are either flat or quoting lower in pre-market. Look at these Charts… (click image to enlarge) At the Open on Monday SPY – QQQQ – WLT – WHR – AXP – JOYG – PCLN – BDK – BAC – FAS - ZION - AGU - AMX - FWLT - AAPL – X – FUQI – PWRD – FCX - DOW – CAM – MHS – DE – TGT – PCP – ARO – ANF – JOSB – GES –