BMO – ES +7.25 and NQ +13.50 futures are higher in pre-market trading pointing to a higher open. AAPL +1.61, AMZN +0.36, GOOG +3.69 and BIDU +4.38 are higher in pre-market trading.
The Euro is up 52 pips in overnight trading and oil is quoting up 45 cents in electronic trading. XLE is up 4 cents in pre-market trading.
Pre-market trading suggests the SPX could break the 1,101.36 level it set on October 21. This would be consistent with the thrust, pause, thrust, pause that we have seen on many occasions since the March low.
PCLN is pausing in pre-market trading, however don’t be surprised if it doesn’t rise for a second day if the SPX breaks through 1,100.
The SPX short term trend is up and continuing its support bounce and may be turning into a resistance breakout today. Be prepared for sellers to appear and continue to watch the S1 level at 1,082 as key short term support today.
SPX
Support = 1,075…1,061
Resistance = 1,100…1,125 to1,133
Trading Down:
Trading Up: AMZN, BUCY, FCX, JOYG, CAT, FAS, BAC, SPY, QQQQ, IWM, DIA
Look at these Charts…
(click image to enlarge)
At the Open on Wednesday
SPY –
QQQQ –
XLE –
ATW –
V –
AAPL –
AMZN –
BUCY –
SNDK –
CREE –
DECK –
NFLX –
NKE –
FCX –
JOYG –
CAT –
POT –
ADSK –
SWK –
BDK –
WLT –
WHR –
ACN –
ISRG –
FAS –
PNC –
AKAM –
ORLY –
SYMC –
PCLN –
CSX –
UNP –
At the Open on Wednesday
SPY –
QQQQ –
XLE –
ATW –
V –
AAPL –
AMZN –
BUCY –
SNDK –
CREE –
DECK –
NFLX –
NKE –
FCX –
JOYG –
CAT –
POT –
ADSK –
SWK –
BDK –
WLT –
WHR –
ACN –
ISRG –
FAS –
PNC –
AKAM –
ORLY –
SYMC –
PCLN –
CSX –
UNP –
5 comments:
You're a great American Dave! I realized that sometimes you leave more than one blog title per day depending on what's happening here. Just was looking at the 4 charts of possible reversals (MON,AA, RIMM,MICC)and putting them down in my watch list. But now there's also this mornings futures up to prepare for. That, and listing each level of S/R for the SPX (good thing the SPX READS YOUR BLOG TOO, as we can see how it usually follows what has been written!) makes it crystal clear. There are a BUNCH of us here in CALIF that will try to come see you in San Fran. in Dec. I'm one of them and it seems to be one of the most desired bits of info now as to "which one will Dave be teaching". So much so that even the Investools staff seems to be completely mobilized to find out (asking Dave in parking lot!!) as calls are pouring in from us. Anyway, we WILL find out and we WILL see you there whatever the circumstances and dates. Thanks.
Dave,
Thanks to you and your comment about being prepared for the sellers to come in at the 1100 area. I watched the price action on the ES and sold my spy calls that I had been holding for days almost at the top.
And you are so right about the power of swing trading over day trading..if you catch a trend, there's nothing sweeter.
Thank you for all you do and share each day.
A former student and forever fan,
Peggy
I am with you Peggy. I was day trading for about a year and staring at the computer for 7.5 hours a day to churn out $200 a day. It is much better making $$ and trading a lot less.
And Dave, thanks for your work here. I trade mostly ETF's because I am lazy and maintain a very small watch list. It is nice to catch a breakout without looking at 800 charts.
Hello Dave! (and all you DJ loyalists)
Wow, so many wonderful comments, I don't know what to say, (I know, I know, this is rare...)
I loved reading your comments, Scott-I just wish we still lived in the Bay area, so that if it does turn out that Dave is teaching there, it would be easier for us to make it! Wishing you great learning and please enjoy some for us, won't you..?
Peggy, it is always a pleasure to read all of the wonderful things that you say-I always get a so much out of the things you write!
TMark, I related to your sitting at the computer all day, while eking out only little profits!
Dave, as you know, I have been following your teachings for some time now and leave comments here often..
If this were some time ago when i was younger,(having been born in the 1950's.. And that's ALL I am going to say about that..HeeHeee) I might not have left as many as i do, as i would have been concerned that i may seem foolish or be 'over doing' it.
Now, I do not have any of those thoughts in my head that rule me- I have realized that when I come across something or someone that is exceptional and is so concerned for all of our betterment, that I just have to support and tell them in every possible way that i can!
I know this wasn't too much about trading or about your awesome posts, but it's Vereran's Day, and Wednesday, and well....I felt compelled to-I hope you didn't mind...
Have a wonderful evening!
Laney
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