Futures Pointing to a Slightly Higher Open...

BMO – ES +3 and NQ +8 futures are slightly higher in pre-market pointing to a flat to slightly higher open. ES and NQ futures had been about 5 points around 5 am ET. The pull back in futures occurred after US Housing starts were released this morning and were flat in July at 581,000 less than estimates of 596,000. AAPL +2, GOOG +1 and BIDU +2 are also higher in pre-market trading. The Momentum line is suggesting approximately two out of three chances for a support bounce today as I pointed out in last night’s AT webcast. Also most industry indexes are in a bull flag pull back above their 30 DMA. Stay focused on the key 980 support level expecting a bounce but prepared for a break. Remember, so far this is a pull back in an up trend. Also watch the short term resistanc of Monday's R1 level and the 20 DMA. You can review Monday's night's post for a list of SPX support and resistance levels. Some of the stocks in our At the Open list are in short or intermediate term down trends and can be traded to the downside. Look at these Charts… (click image to enlarge) At the Open on Tuesday SPY – QQQQ – ADBE – AAPL – ACN – PCLN – X – FUQI – PWRD – BDK – FAS – BAC – ZION – AKAM – BRCM – EXPD – SYNA – AMZN – BIDU – ESRX – VPRT – AMX – CAM – MHS – NFLX – FWLT -