Futures Point to a Slightly Higher Open...

Look at these Charts

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BMO – ES +1.00 and NQ +3.50 futures are slightly higher in pre-market trading pointing to a higher open. AAPL +2.60, AMZN +0.75, GOOG +1.59 and BIDU -0.73 are mostly higher in pre-market trading.

On Thursday the SPX hit the 1,178 Fib extension price target, mad an intra-day high of 1,180.69 and then pulled back closing at 1,165. The selling was attributed to renewed concerns of the debt concerns in Greece. As is often the case with these news attributed selloffs, prices have rebounded this morning in pre-market. Apparently, the trend is still up.

Thursday is a good example why we constantly remind you to distinguish between price fluctuation and trend change.

We will be watching this morning to see if the cash markets will continue pre-market trading to the upside.

The Euro is up 73 pips in overnight trading. Oil is quoting up 55 cents in electronic trading. XLE is up 28 cents in pre-market trading.

SPY is up 22 cents in pre-market trading. XLF is up 8 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 = 1,165, 1,150, 1,139
Resistance = 1,178, 1,216

Trading Down: ACN, FAZ
Trading Up: MA, FAS, ALBUCY, WLT, JEC, IPI, POT, PCLN, FCX, CREE, GS, SWK, X, MOS, MON, MON, TSL, DE, GME, FUQI, SNDK, CHL, V, CAT, STT, WFC, BAC, USO, BA, AMD

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