Futures Point to a Higher Open...

1:05 pm ET - Financials, XLF +0.90%, are leading the market this morning while Energy, XLE -1.27% is weighing on the market...SPY -0.01% is near even...for many stocks, Monday is the high day so pay attention to the chart and trade according to your rules... BMO – ES +4.00 and NQ +10.75 futures are higher in pre-market trading pointing to a higher open. AAPL +0.48, AMZN -0.11, GOOG +6.02 and BIDU +1.55 are mostly higher in pre-market trading. As I stated Friday morning I expected short term support to hold on the SPX, it did and the SPX closed at 1,109. The 1,115 area is horizontal resistance and if broken look for the SPX to continue its support bounce. Stay with the short term trend as long as it continues. Friday is the new high day. You may have noticed a large number of Dave’s C Patterns on stock charts and the indices. For those not familiar a C Pattern is an intermediate term up trend that has hit resistance pulled back for four weeks fallen below its 30 DMA and now is breaking out of its 30 DMA to the upside. X in this morning’s charts is a good example. Generally the C Pattern will lead to a continuation of the intermediate term trend, although the follow through is not always immediate. The Euro is up 5 pips in overnight trading. Oil is quoting up 22 cents in electronic trading. XLE is up 11 cents in pre-market trading. SPY is up 37 cents in pre-market trading. XLF is up 4 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX. Follow your rules in any trading actions today. Be logical. SPX Support = 1,100…1,087 Resistance = 1,115...1,130 Trading Down: BA, UNG, SPG Trading Up: PCLN, MA, BUCY, X, FLS, FAS, GS, MOS, USD, STT, CAT, CREE, WCG, MELI, POT, FCX Look at these Charts… (click image to enlarge) At the Open on Monday SPY – QQQQ – FAS – CF – UAUA – DOW – X – CREE – ALGT – ALTR – NFLX – RIMM – BA – STX – DE – WHR – AMLN – ZION – STT – GMCR – IPI – SHLD – BUCY – DHR – V – NVDA – AMD – PCLN – DECK – CAT – PCP – UNP – POT – AGU – ACN –