Futures Point to a Flat Open...

BMO – ES -1.25 and NQ -2.75 futures are down slightly about two hours before the market open. In addition to the hammer and 22 point rise in the last two hours of trading on the SPX, look at the key NDX stocks and how they held at or above their recent support level. They did not make a lower low on Friday like the SPX. Look at these Charts… (click image to enlarge) (the negative change number on the charts is incorrect)

The Euro is up 1 pip in overnight trading. Oil is up 5 cents in electronic trading. Continue to watch XLF as a key to a support bounce rally in the SPX as it is doing this morning. Follow your rules in any trading actions today. Be logical. It looks as if the markets will open near flat. Watch 1,071 (Jan 29 low) and 1,079, Thursday’s R1 on the SPX if the index does begin to rally. Consider any intra-day pull backs that stay above Friday's low as positive base buidling. SPX Support = 1,050 – 1,044 Resistance = 1,071, 1,079 Look at these Charts… (click image to enlarge) (the negative change number on the charts is incorrect) At the Open on Monday SPY – QQQQ – FAS – BA – ALTR – GMCR – ALGT – SHLD – CREE – STX – ZION – STT – NTRS – DECK – ISRG – BAC – INFY – X – AAPL – AKAM – AMZN – NVDA – SNDK – BUCY – PCLN – UAUA – ACN – AGU – DE – DOW – DHR – MA – PCP – POT –