Pre-market trading is mixed this morning with some stocks trading lower but others trading higher like AAPL, QCOM and DHR. The SPX continued to trade between 1,153 and 1,180 on Monday and Tuesday’s pre-market trading indicating a continuation of that pattern. So more consolidation as we head into month end and the three day Easter weekend. The trend is still up and price is currently consolidating in the broad indexes.
We will continue to watch 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 7 pips in overnight trading. Oil is quoting up 15 cents in electronic trading. XLE is up 4 cents in pre-market trading.
SPY is up 9 cents in pre-market trading. XLF is up 1 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: MYGN, UAUA, IPI, GME, SYNA, CAN, TSL, JEC, STT, CEPH, INFY
Trading Up: DHR, NFLX, AMED, MON, WLT, SNDK, GS, X, AMD, FCX, DE, BUCY, HEAT, AAPL, QCOM
At the Open on Tuesday
SPY –
QQQQ –
FAS –
X –
ADBE –
BBY –
QCOM –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
NFLX –
RIMM –
SHLD –
BUCY –
BA –
DOW –
DE –
FCX –
WHR –
ZION –
GMCR –
AGU –
IPI –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
CLF –
2 comments:
Hi Dave,
I agree with your technical analysis for the probabilities being weighted on the side of a continuation of the prior trend that consolidating stocks are coming out of, and the ones yet to break-
Thank you for all that you are always doing for all of us!
Oh, I sent you an email to your Chart Signals and IT mail boxes.
Wishing you a great evening!
Laney
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