BMO – ES +1.50 and NQ +2.50 futures are slightly higher in pre-market trading pointing to a flat to slightly open. AAPL +1.30, AMZN -0.91, GOOG +0.49 and BIDU +1.37 are mostly higher in pre-market trading.
The SP futures are holding near Friday’s close after breaking out and reaching its short term target of 1,138.
After reaching horizontal resistance some consolidation is likely. If the SPX consolidates in the 1,130 to 1,150 resistance area as it did in January, watch Friday’s S1 level which is 1,131 and S2 level which is 1,125. These are the key short term support levels. Remember Friday is the high day.
Our counter trend virtual trade short in PCLN on Wednesday was closed on Thursday after reaching its target of 231.45 for a gain of 7.20…As I pointed out on Wednesday in our life webcast…a counter trend trade requires a quick exit and no hoping that it will continue to go down when it starts moving back in the direction of the trend…that’s why we did the bracket sell order. PCLN closed at 235.34 on Friday, which is up almost $4 from our pre-determined exit price.
The Euro is up 22 pips in overnight trading. Oil is up 22 cents in electronic trading. XLE is up 8 cents in pre-market trading.
SPY is down 1 cent in pre-market trading. XLF is up 3 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 = 1,125 -1,133, 1,119
Resistance = 1,138 to 1,150
Trading Down: MYGN, UNG, FAZ
Trading Up: X, POT, BUCY, ICE, HDB, CREE, MOS, MCD, FCX, MON, FAS, MA, GS, NFLX, WLT, ALGT, BA, DECK, CHLE, TSL, CAT
Look at these Charts…
(click image to enlarge)
SPY –
QQQQ –
FAS –
X –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
ALTR –
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 –
ACN –
4 comments:
Dave,
GMCR is a great trade. I entered it on 2/24 as it broke the high of the low day. Also picked up PCLN calls at 238.23 this morning.
Thanks for your coaching and support!
Gary
What great explanations and market coverage on the last half of Friday's post you gave to us, Dave!! (Hats, thank you for pointing this out!)
I do believe we need to put this one in the Market Posting Hall of Fame...
Thank you also, for this morning's market coverage- Your Chart signals is always a big help to me!
Laney
Hi Dave,
GREAT CLASS last Thursday night. Oh and AMZN is just a great stock to trade!
Thanks,
Denise
Dave,
Can you send me a sample list of trading rules.
Enjoyed Chocago last week.
I signed up for June in Draper.
Edwin
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