Futures Point to a Higher Open

9:32 am ET - The SPX is making a higher high than any day last week...obviously there is also a higher low than Friday at the open this morning.... BMO – ES +4.25 and NQ +6.25 futures are up before the market open pointing to a higher open. AAPL +1.12, AMZN +1.22, GOOG +2.24 and BIDU +3.80 are higher in pre-market trading. The SPX which until last had been in a short term down trend for four weeks bounced in a bear flag pattern last week. The SPX did not penetrate its bear flag support on Friday in spite of the news. Pre-market trading indicates a continuation of last week’s support bounce. Many individual stocks have formed small double bottoms or other reversal patterns. Look for the SPX to move back above its 10 DMA at the open. The Euro is up 60 pips in overnight trading. Oil is up 1.20 in electronic trading. SPY is up 72 cents. XLF is up 9 cents. 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. Remember our vitural homework on CREE...I'll have more to say on that later today... SPX Support = 1,063, 1,050 – 1,044 Resistance = 1,079, 1,087 Trading Down: Trading Up: POT, AGU, FCX, BUCY, FAS, MOS, SWN, V, GS, X, BA, WLT, USO, CAT, ICE, TSL In addition to the charts RIMM, WLT, TSL, BUCY in last night’s post, Look at these Charts… (click image to enlarge) At the Open on Tuesday SPY – QQQQ – FAS – BA – CF – DOW – UAUA – ALGT – ALTR – GMCR – SHLD – CREE – STX – ZION – STT – NTRS – DECK – ISRG – BAC – INFY – X – AAPL – AKAM – AMZN – NVDA – SNDK – BUCY – PCLN – ACN – AGU – DE – DHR – MA – PCP – POT –