Futures Point to a Lower Open...

BMO – ES -4.50 and NQ -5.25 futures are lower in pre-market trading pointing to a low open. AAPL -0.58, AMZN -1.13, GOOG -2.38 and BIDU +0.17 are mostly lower in pre-market trading.


The SP futures are slightly lower this morning after trading in a narrow range on Monday. Monday is the new high day and lower trading on Tuesday morning could be an exit for some short term traders.

After reaching horizontal resistance on Friday it appears consolidation will continue 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.

PCLN totally recovered from its recent counter trend move.

The Euro is down 70 pips in overnight trading. Oil is quoting down 1.42 in electronic trading. XLE is down 52 cents in pre-market trading.

SPY is down 47 cents in pre-market trading. XLF is down 7 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.

Dave is teaching an Advanced Technicals workshop in Chicago today.

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

Trading Down: FAS, FCX, X, WLT, USO, GS, POT, BKC, CAT, V, MON
Trading Up: HDB, JEC, UAUA, FAZ, BA

At the Open on Tuesday
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 –