Futures Point to a Slightly Higher Open...

BMO – ES +4.00 and NQ +6.50 futures are up about two hours before the market open pointing to a slightly higher open. AAPL +0.63, GOOG +1.35 and BIDU +0.89 are higher in pre-market trading. The SPX held above its support again on Wednesday while closing slightly lower -0.22%. The SPX did fail to make a daily higher high and higher low. At this moment Tuesday is the high day and be aware the SPX could be forming a bear flag. Even though we have pointed out since Friday’s post the positive technical evidence developing on the SPX chart, if the short term price action rolls over you should be prepared to trade the actual market direction according to your rules. The Euro is down 16 pips in overnight trading. Oil is up 60 cents in electronic trading. SPY is up 22 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. SPX Support = 1,050 – 1,044 Resistance = 1,071, 1,079 Trading Down: Trading Up: AAPL, BIDU, FAS, CAT, BAC, GS, USO, FCX, UNG, URE, X, AMD Look at these Charts… (click image to enlarge) At the Open on Thursday 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 –