Futures Point to a Slightly Lower Open...

BMO – ES -2.50 and NQ -4.00 futures are slightly lower in pre-market trading pointing to a flat to slightly lower open. AAPL -0.18, AMZN -0.20, GOOG -1.49 and BIDU -1.32 are lower in pre-market trading. The Euro is down 85 pips in overnight trading and oil is quoting down 25 cents in electronic trading. XLE is down 13 cents in pre-market trading. The SPX broke through its horizontal channel resistance at 1,105 on Monday and looks to open slightly lower this morning. Consumer Staples XLP and Healthcare XLV are the only sectors quoting higher but on no volume before the open. We will watch for a pause after Monday’s strong trend day to see if trading holds above Monday’s S1 level at 1,101.71. When price breaks resistance it tends to rise to the next resistance level, it certainly can pause and pull back before doing so. Also remember rising to the next level is the most likely scenario, not the only one. This continues to be a strong intermediate term up trend. Stay prepared to protect profits on any long positions that could break support, according to your rules. ADSK reports earnings after the close. SPX Support = 1,101...1,082 Resistance = 1,025 to1,133 Trading Down: BUCY, JOYG, FCX, XLE, CAT, POT Trading Up: ADSK, AKAM, APOL, FSLR Look at these Charts… (click image to enlarge) At the Open on Tuesday SPY – QQQQ – XLE – ATW – STX – AAPL – AMZN – PCLN – BUCY – JOYG – SNDK – CREE – ADSK – DECK – NFLX – ISRG – AKAM – ORLY – SYMC – V – NKE – FCX – CAT – POT – SWK – BDK – WLT – ACN – FAS – PNC – CSX – UNP –