It appears based on pre-market trading this morning that we are in for a least a an early continuation of Wednesday’s pull back and test of the 1,178 area. The SPX closed at 1,182 so we will watch to see if it holds above the 1,178 area this morning.
Watch the SOX and semiconductors to see if they maintain their relative strength from Wednesday as this would bode for the COMPQ and RUT which were relatively stronger yesterday.
Trade those charts that meet our rules in the direction of the trend.
The Euro is down 42 pips in overnight trading. Oil is down 90 cents in electronic trading. XLE is down 19 cents in pre-market trading.
SPY is down 41 cents in pre-market trading. XLF is down 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.
Look at these Charts
(click image to enlarge)
Support = 1,178, 1,165
Resistance = 1,200, 1,216
Trading Down: FAS, MA, FCX, X, GS, WMT, POT, CAT, CLF, USO, WFC, MON, SNDK, ICE
Trading Up: UAUA, BA, FAZ
At the Open on Thursday
SPY –
QQQQ –
FAS –
X –
ADBE –
BBY –
QCOM –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
NFLX –
RIMM –
SHLD –
BUCY –
BA –
DOW –
DE –
FCX –
WHR –
ZION –
GMCR –
AGU –
IPI –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
CLF –
2 comments:
Thank you. Recently I've gone back every day and looked at how the 4 charts you have suggested we look at have done by the end of the day. It's amazing that inevitably one or more has usually made quite a move that day. Hope others have noticed that as well. I'm usually able to find many similar stocks as well but am wanting to see the subtle differences that would influence that would influence you to choose one of them for your "look at these charts" section. Thank you so much for doing that. Has anyone else noticed that about those four charts that Dave suggests we look at each day?
Yes we notice that too about the charts that Dave profiles every mornng. We are all fortunate to have Dave's invaluable guidance and energy to propel us.
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