Monday, October 5, 2009

Futures Pointing to a Higher Open...

1:35 pm ET - The SPX +11 is moving above the high of the low day...an entry signal for many short term and intermediate term traders...of course follow YOUR rules...CAT, DOW, FUQI, STT, BAC, FAS, BDK, WLT, SPY, PCLN, AAPL, CHL, MUR, CAM, AMX, BYI, ISRG, BA and NKE are among many stocks that have already broken the low of the high day... 10:50 am ET - The SPX +8 is breaking the high of the low day along with many stocks including: CAT, DOW, FUQI, WLT, PCLN, FAS, BAC, BDK, SPY, AAPL and many other stocks that are at the high of the low day now... BMO – ES +3 and NQ +8 futures are higher in pre-market trading pointing to a higher open. AAPL +1.61, GOOG +5.02 and BIDU +4.29 are also higher in pre-market trading. Watch for a break of the high of the low day, Friday on many index and stock charts, this morning. SPX Support = 1,025…1,017…1,007 Resistance = R1 = 1,044 Look at these Charts… (click image to enlarge) (click image to enlarge) At the Open on Monday SPY – QQQQ – AAPL – PCLN – HANS – WYNN – FSLR – BIDU – GOOG – HOLX – FAS – AXP – BAC – STT – ZION – ADBE – AKAM – FLIR – MA – ISRG – NKE – BDK – CAT – DOW – WLT – FUQI –

4 comments:

Anonymous said...

Thanks for your post, Dave!

Laney

Mike F said...

Thanks Dave. It will be very interesting to see if SPX can break R1 (1,042ish) from Thursday, and move on to make a run at R2.

Dave Johnson said...

Mike F,

Yes, that is why 1,044 is such an important resistance level.

Dave

Mike F said...

So Dave, if SPY bounces off R1 and starts heading back down, what will you be looking for next, a break below the low of the low day I presume(which on the SPY is coincidently the 50 day MA)? I would think that be the signal to get into more bearish trades, agreed?

Am I missing something?

Thanks