Futures Point to a Flat Open...

BMO – ES -1.00 and NQ -3.75 futures are slightly lower in pre-market trading pointing to a lower open. In pre-market trading AAPL is -0.98, AMZN +0.07, GOOG +0.53, BIDU +1.24, INTC is up 1 cents, BAC up 2cents and GS +0.06.

Ag stocks POT and MOS and credit card processors MA and V are stronger in pre-market trading.

Most stocks are near even in light pre-market trading with more than an hour before cash markets open. If cash trading is similar it appears that the short term downward momentum of the last week may have run its course for now and we may see that short term technical bounce.

The key question is will we see a bounce above 1178? If, not then expect a second pull back of some magnitude. We will watch any bounce if it does occur and keep you posted on our view.

We will continue to focus on the short term down trend until a bounce begins to materialize, look to tighten stops on any bearish positions that look poised to bounce. Watch those up trending flag stocks from Wednesday night's post for up trending entries.

Look at these Charts

(click image to enlarge)

Bonds are lower and TLT is 59 cents lower in pre-market trading near Wednesday's low.

Higher on Positive Earnings
FLS +4.30, +4.01%, $1.42 EPS vs. estimates $1.29

Trading Down: PCLN, WFMI, WMT, FAZ
Trading Up: FLS, MA, GMCR, V, POT, MOS, GS, BA, BYI, FCX, CAT, LVS, CLF, FAS, SNDK, X, WFC

The short term is down and the intermediate term and long term trends are up.

Trade those charts that meet your rules in the direction of the trend.

The Euro is down 83 pips and is making a new one year low in overnight trading.  Oil is down another 52 cents in electronic trading. 

SPY is down 2 cents and XLF is up 2 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 = 1,155, 1,145
Resistance = 1,178, 1,200

At the Open on Thursday
SPY –
QQQQ –
FAS –
TLT -
FLS – earnings gap
NTRI -
OSTK -
EXBD -
MA -
ILMN – flag
AKAM – flag
SNDK – flag
NFLX – flag
AAPL – flag
SHLD – flag
WHR – flag
ZION – flag
DHR – flag
DECK – flag
X – bullish engulfing
CLF – bullish engulfing
BA –
DOW –
BBY –
MA -
V –
PCLN –
CAT –
PCP – EPS this week
CREE –
AMD –
UAUA – merger announced
UNP –
DE –
FCX –
GMCR –