Futures Point to a Higher Open...

BMO – ES +3.00 and NQ +5.75 futures are higher in pre-market trading pointing to a higher open. AAPL +2.36, AMZN +0.89, GOOG +1.71 and BIDU +0.83 are higher in pre-market trading.

For eight days the SPX has traded between 1,153 and 1,180. On Friday, the SPX closed at 1,166 in the middle of that range. Friday’s trading was once again price fluctuation. Price action is once again in consolidation. The trend is still up although price is currently consolidating.

Dave’s Insight: Following rules does not eliminate price fluctuation.

We will be watching today for a break of resistance or support for the next short term move. Meanwhile we will trade those charts that meet our rules in the direction of the trend.

The Euro is down 25 pips in overnight trading. Oil is quoting up 70 cents in electronic trading. XLE is up 27 cents in pre-market trading.

SPY is up 55 cents in pre-market trading. XLF is up 10 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.

Look at these Charts

(click image to enlarge)

SPX
Support = 1,165, 1,150, 1,139
Resistance = 1,178, 1,216

Trading Down: ICE, FAZ
Trading Up: PCP, FAS, SWN, PCLN, FCX, WLT, POT, ALGT, AMED, HDB, MOS, BUCY, GS, ATI, X, MON, V, IPI, TSL, CHL, USO, CAT, ESI, DE, WMT, UAUA, BA, BAC, WFC, AGU

At the Open on Monday
SPY –
QQQQ –
FAS –
X –
ADBE –
BBY –
QCOM –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
NFLX –
RIMM –
STX –
SHLD –
BUCY –
BA –
DOW –
DE –
FCX –
WHR –
ZION –
STT –
GMCR –
AGU –
IPI –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
CF –