Futures Point to a Lower Open...

BMO – ES -4.50 and NQ -8.00 futures are lower in pre-market trading pointing to a lower open. AAPL -0.80, AMZN -0.15, GOOG -2.21 and BIDU -1.42 are lower in pre-market trading.


The SP futures are lower this morning after trading in a narrow range through the first three days of this week. Wednesday 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 which has already occurred on the RUT and COMPQ.

After reaching horizontal resistance on Friday it appears consolidation will continue again this morning. The SPX is consolidating 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 down 17 pips in overnight trading. Oil is quoting down 70 cents in electronic trading. XLE is down 28 cents in pre-market trading.

SPY is down 38 cents in pre-market trading. XLF is down 6 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 = 1,125 -1,133, 1,119
Resistance = 1,138 to 1,150

Trading Down: MA, BUCY, POT, FAS, FCX, GS, X, V, DE, MOS, SWN, CAT, UAAU
Trading Up: DECK, GMCR, NFLX, WLT, K, ZION, CHL, BKC, FAZ, FUQI, SNDK, CREE, BAC

At the Open on Thursday
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 –