Look for a Slightly Lower Open...

9:37 am ET - it is very early so we will not jump to conclusiions yet, but if you did your virtual homework you have a paper position in CREE by now and CREE is on the run this morning inspite of the modestly lower open...one way or another we are going to learn something today... BMO – ES -3.00 and NQ -3.50 futures are lower in pre-market trading pointing to a higher open. AAPL -0.98, AMZN -1.13, GOOG -2.89 and BIDU +11.59 are mostly lower in pre-market trading. The Euro is down 24 pips in overnight trading. Oil is up 67 cents in electronic trading. XLE is down 4 cents in pre-market trading. SPY is down 56 cents in pre-market trading. XLF is down 5 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 slightly lower this morning. A pause at short term resistance is typical. What we be looking for is if U.S. traders become sellers too or if use the sell off overnight as a buying opportunity. So watch the trading action around SPX 1,103 after the open. 1,096 is S1 on Tuesday’s large white candle, if this holds watch for support bounce continuation. SPX Support = 1,082, 1,175, 1,050 – 1,044 Resistance = 1,103 Trading Down: WHR, X, FCX, CAT, SNDK Trading Up: POT, MYGN, MOS, GS, MCD, CREE,USO, AGU, TSL, WMT, UNG, DOW, ZION, AKAM, IPI Look at these Charts… (click image to enlarge) At the Open on Wednesday 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 –