Futures Point to a Higher Open After a Better Than Expectec Unemployment Report...

2:25 pm ET - The SPX is at 1,137 nearing the 1,138 chart target...You should have had a great day today if you follow the Chart Signals!

9:55 am ET - Last night in my Thursday Talk I emphasized "trend is the most important factor in every trade."  I explained that too many traders get distracted by price fluctuation or opinions, etc. and as a result they don't let trend make them money.  I also shared four or five dozen charts that had bull flag setups or other bullish setups on them.  I reiterated that the SPX chart indicated a target of 1,138 and the SPY chart a target of 114.20...I am hoping this morning that you stayed with this trend and that you are having one heck of a great morning...

BMO – ES +7.00 and NQ +11.50 futures are mixed in pre-market trading pointing to a flat open. AAPL +4.69, AMZN +0.67, GOOG +6.21 and BIDU -4.78 are near even in pre-market trading.


The SP futures are breaking out to a higher high in pre-market trading moving towards the short term target of 1,138.
The Unemployment rate remained at 9.7% as business cut just 36,000 jobs in February, better than expected. Job loss was less than expected as forecasts were for the unemployment rate to rise to 9.8%.

Our counter trend virtual trade short in PCLN on Wednesday was closed in just one day for over a $7 profit as it hit our bracket order target of 231before bouncing. It looks to open higher this morning.

The Euro is down 18 pips in overnight trading. Oil is quoting up 1.00 in electronic trading. XLE is up 57 cents in pre-market trading.

SPY is up 78 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.

SPX
Support = 1,119, 1,105 – 1,113
Resistance = 1,125 -1,133

Trading Down: MYGN, FAZ
Trading Up: PCLN, POT, FAS, AGU, GMCR, GS, IPI, X, CAM, WLT, FCX, BUCY, K, ATI, BA, PWRD, CAT, V, MOS, ICE, SNDK, MON, CREE, USO, TSL, MCD, SYNA, HEAT, ACN, SWN

Look at these Charts…

(click image to enlarge)

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