Futures Point to a Flat Open...

BMO – ES +0.00 and NQ +1.75 futures are slightly higher in pre-market trading pointing to a flat to slightly higher open. AAPL +1.09, AMZN +0.18, GOOG -0.17 and BIDU +5.80 are mostly higher in pre-market trading.

The SP futures are flat this morning after trading in a narrow range again on Tuesday. Tuesday is the new high day and lower trading could be an exit for some short term traders. Also stay prepared for a potential horizontal breakout.

After reaching horizontal resistance on Friday it appears consolidation will continue again this morning. If the SPX consolidates in the 1,130 to 1,150 resistance 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.

The Euro is up 3 pips in overnight trading. Oil is quoting up 25 cents in electronic trading. XLE is up 3 cents in pre-market trading.

SPY is up 5 cents in pre-market trading. XLF is up 6 cents in pre-market trading after closing up on Tuesday suggesting strength for the second straight day. Remember XLF is also near horizontal resistance and a breakout could lead to a breakout in the SPX similar to July. Watch XLF as a key to any sustained move in the SPX.

Follow your rules in any trading actions today. Be logical.

Dave is teaching the second day of an Advanced Technicals workshop in Chicago today.

SPX
Support = 1,125 -1,133, 1,119
Resistance = 1,138 to 1,150

Trading Down: GMCR, FAZ, WMT, UNG
Trading Up: FAS, BUCY, GS, GR, HDB, FCX, AGU, X, WLT, MOS, WFC, POT, UAUA

At the Open on Wednesday
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 –