Futures Point to a Lower Open...

BMO – ES -11.50 and NQ -14.50 futures are lower in pre-market trading pointing to a lower open. AAPL -2.63, AMZN -0.95, GOOG –3.32 and BIDU -5.77 are lower in pre-market trading. The Euro is down 76 pips in overnight trading. Oil is down 1.19 in electronic trading. XLE is down 50 cents in pre-market trading. SPY is down 90 cents in pre-market trading. XLF is down 12 cents in pre-market 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 lower this morning penetrating Tuesday’s S1 and opening near Tuesday’s S3 level. The selling pressure overnight is related to concerns of European debt in Greece, Spain and Portugal. CSCO reports strong earnings and guidance and the retails sales report is strong. It will be interesting to see if U.S. cash buyers will follow the European lead and trade lower or use this as a buying opportunity. 1,087 is S3 on Tuesday’s large white candle, if this breaks follow your rules for your stops and for bearish entry positions. SPX Support = 1,082, 1,175, 1,050 – 1,044 Resistance = 1,103 Trading Down: X, FCX, CAT, SNDK, POT, MOS, GS, CREE, USO, AGU, TSL, WMT, DOW, ZION, AKAM, IPI Trading Up: At the Open on Thursday 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 –