Futures Pointing to a Higher Open for 2010...

2:10 pm ET - The 1,133 area is acting as horizontal resistance on Monday...we have pointed out this number for months...it is the Sep 18, 2008 support low that was broken decisively on Oct 3, 2008...no surprises about today's pause...the question of course is: How long will it pause here or will it need to pull back first before it breaks completely through? We'll be watching the charts for the answer.

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12:00 pm ET - DECK is bouncing from Thursday's pull back following its horizontal breakout on Wednesday...breakout chart target is 111.95 as stated in our Dec 30 post... 11:00 am ET - SPX breaks out hits 1,132.21...short term chart target from last Thursday's bull flag pull back is 1,145.95... 10:50 am ET - NIHD and BUCY are breaking out this morning...JOYG and CAT support bounces 10:40 am ET - STLD which has been bouncing like X this morning is on the resistance edge of a breakout...SNDA which bounced on its 30 DMA on Wednesday is breaking out this morning... 10:20 am ET - a support bounce in X this morning is being followed by a bounce in PCLN which is close to breaking the high of the low day...SOX is breaking out to new highs this morning...KLAC, LRCX, BRCM, SNDK and INTC are having nice moves this morning... 10:05 am ET - If you have not read and re-read the January 1 post that was completed over the weekend...I would suggest you read it this morning including the link to January 31, 2009...it has the potential to improve your thinking and trading starting today... X marks the spot as the saying goes...I hope Mr. Market is pouring some money in your account this morning! 10:00 am ET - Here is a post in the January 1, 2010 Comment section posted early this morning...Maybe the person who posted will identify themselves in the Comment Section today, but I thought more of you might like to give this consideration so I am posting it here where everyone is more likely to see it... Anonymous said... TO EVERYONE, I would like to suggest that this year we all add more comments to Dave's blog page whenever we can. It is of tremendous benefit that we can all see what we are doing/thinking and I think it is a way that Dave can get some feedback and receive some energy from us for all that he does! January 4, 2010 6:05 AM 9:50 am ET - the SPX is +14.30 forming a large white candle and pushing for last week's high of 1,130.38 reached on both Monday and Tuesday....Trendship has it privileges! BMO – ES +9.25 and NQ +23.50 futures are higher in pre-market trading pointing to a higher open. AAPL +2.14, AMZN +1.78, GOOG +6.81 and BIDU +4.03 are higher in pre-market trading. There is still a 1,234 chart target for the end of January, we’ll watch closely to see if the time frame is realistic or will need adjustment. Remember direction and price target are more important and time. The Euro is up 114 pips in overnight trading. Oil is up $1.95 in electronic trading. XLE is up 93 cents in pre-market trading. SPY is up 95 cents in pre-market trading. XLF is up 11 cents in pre-market trading. Continue to watch XLF as a key to sustain the breakout in the SPX. Follow your rules in any trading actions today. Be logical. SPX Support = 1,106 - 1,117 Resistance = 1,125 – 1,133 Trading Down: Trading Up: POT, AMZN, FCX, CREE, X, RIMM, BUCY Look at these Charts… (click image to enlarge) At the Open on Monday SPY – QQQQ – FAS – X – AMZN – RIMM – DOW – UAUA – MA – BUCY – NVDA – LRCX – WHR – AAPL – AKAM – AMD – CREE – KLAC – PCLN – DECK – NFLX – ISRG – FLIR – CAT – DE – PCP – UNP – STLD – POT – AGU – ACN – ICE – CME –