It appears based on pre-market trading this morning that we are in for an early continuation of Thursday’s support bounce. The SPX fell to 1,175 before bouncing as the 1,178 support area held and rallied 11 points to close at 1,186.
Watch the SOX and semiconductors as they were weak on Thursday, but look to open stronger this morning. I mentioned in the Talk last night that the semis regularly have a day lag to other tech stocks and it appears that may be happening again this morning.
Trade those charts that meet our rules in the direction of the trend.
The Euro is up 24 pips in overnight trading. Oil is up 57eur/usd cents in electronic trading. XLE is up 30 cents in pre-market trading.
SPY is up 26 cents in pre-market trading. XLF is up 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.
Look at these Charts
(click image to enlarge)
Support = 1,178, 1,165
Resistance = 1,200, 1,216
Trading Down: NFLX, SYNA, FAZ
Trading Up: CEDC, WLT, CLF, FAS, DECK, BUCY, POT, GS, X, VAR, SWN, JEC, MOS, FCX, MA, V, ZION, ACN, CAT, CREE, GMCR, SNDK, MCD, BAC
At the Open on Friday
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 –
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