Who knows (they are just an accident, right?), but they are certainly following through this Monday morning!
SPY and SNDK are breaking out of horizontal resistance, PCLN, PCP and DE bull flag bounces are nearing horizontal breakout and FCX and X are just a little behind. UAUA continues to fly high this morning...CREE is making another new high...
9:40 am ET - SPY is making a higher high and higher low this morning and nearing the Feb 22 horizontal high and could make a horizontal breakout...check the news on SNDK, apparently several firms have raised their target for the stocks this morning...
BMO – ES +3.75 and NQ +6.25 futures are higher in pre-market trading pointing to a higher open. AAPL +0.96, AMZN +0.00, GOOG +2.70 and BIDU +2.29 are mostly higher in pre-market trading.
If SPY opens where it is trading in the pre-market at this time, SPY will be trading higher than Friday’s high of 111.12. Since Friday was a hammer confirmation and a bull flag breakout, a higher high this morning than Friday should be a bullish move.
The Euro is down 82 pips in overnight trading. Oil is quoting up 35 cents in electronic trading. XLE is up 16 cents in pre-market trading.
SPY is up 46 cents in pre-market trading. XLF is up 4 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 = 1,087
Resistance = 1,105 - 1,1113
Trading Down: PWRD, AMED, CEDC, IPI, BA, STT, FAZ
Trading Up: FCX, AGU, POT, GMCR, FAS, BDX, SNDK, JEC, X, MON, CAT, SWN, MOS, WLT, GS, UNP, CREE, V, FUQI, USO, ATW
Look at these Charts…
(click image to enlarge)
At the Open on Monday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
6 comments:
Dave,
Things are beginning to jump out at me on your blog. Love the highlighter touch. Many bull flag entries and breakouts abound.
Answer: Just an accident that keeps happening over and over again. Thanks for the instruction!
Christy Gibas
If they are accidents, then I've become a lover of accidents . . . of the recurring kind! Thanks Dave.
Brian
Good morning, Dave-
What an exhilarating morning in the market!
Thank you again for the hi-lite's in this morning's commentary! Really helpful to me . .
Happy day!
Laney
Hammer confirmations work so well for me that I have changed my ring tone on my phone to "Hammer time"
Dave, bull flags are awesome trading patterns, thanks for helping me stay focused on the charts of the mkt, and the stocks I trade. everything else is just noise. you rock!
sincerely, grateful student
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