Futures Pointing to a Lower Open...

Dave will be teaching the AO Capstone on Tuesday morning at 7:00 am MT = 9:00 am ET, a half hour before the market open... 2:35 pm ET - The SPX is at 1,063.63 holding above Wednesday's S1 level...at this point the SPX is forming a spinning top for the third day in a row...perhaps similar to the first two weeks and last week of August...FUQI, HANS, PCLN, NIHD, RF, SHLD, MHS, PWRD, QCOM, GMCR are positive at mid-afternoon... 11:12 am ET - The SPX is bouncing and has risen 1,063.78...so at this moment it looks as if the 1,061 support area may hold at least for now...this is the reason why traders trade the trend of the stock they are trading and why it is a good idea for newer traders to trade in the direction of the intermediate term trend only...counter trend moves can be short lived...Watch for a potential lower high to determine if this counter trend has a multi-day move in it....JOYG, FUQI and PWRD have turned positive... 10:35 am ET - The SPX is trading just below Wednesday's S1 at 1,059...many individual stocks are trading lower including BIDU, FAS, AAPL, PCLN, BDK, X, STT, JOYG, MRVL, FUQI and PWRD...Airline stocks are higher CAL, DAL, AMR, ALK, UAUA, LCC as are GOOG, ISRG, SHLD, WYNN, HANS and ESRX... BMO – ES -7 and NQ -7 futures are lower in pre-market trading pointing to lower open. AAPL -1.15, GOOG -3.77 and BIDU -2.98 are also lower in pre-market trading. The SP futures are trading below Friday’s low. The SPX is likely to open near or below the 1,061 area, its key short term support area. Keep trading the trend of the chart you have positions in, while looking for any move below Thursday’s low. Monday looks like it could be a counter trend pull back. Pre-market quotes which are based on thin trading are pointing to a lower open on almost every stock on our At the Open list…this could be a week of bull flag formation…we’ll see what opportunity appears. Look at these Charts… (click image to enlarge) At the Open on Monday SPY – QQQQ – AAPL – BIDU – FSLR – GOOG – BDK – CAT – DOW – FLS – FWLT – WHR – X – JOYG – PCP – AXP – BAC – FAS – SPG – STT – ZION – WLT – FUQI – PWRD – FCX – CAM – ARO – GES – FLIR – JCI – FAST – JCG – UAUA –