Futures Point to a Flat to Lower Open...

Don points out in the Comments area that he is seeing a lot of potential double bottoms.  These are of course potential short term double bottoms following the recent 165 SPX point pull back.  If the SPX is forming a potential double bottom and MACD bullish divergence then you would expect to see a simalar pattern on a large number of charts. 

Remember an average is a compilation of the stocks in that average.  In other words we could say that right now on average (SPX) stocks are forming a potential double bottom with a bullish divergence.  Of course there are leading stocks, those stronger than average like BIDU, NFLX, AKAM and SNDK; there are coincident stocks those forming the potential double bottom with bullish divergence; there are lagging stocks that are forming lower lows like PCLN, POT, MOS, AGU and MON.


BMO – ES -3.50 and NQ +1.00 futures are mixed in pre-market trading pointing to a net flat open. In pre-market trading AAPL is +5.03, AMZN -0.50, GOOG +6.95, BIDU +1.24, INTC is up 9 cents, BAC is up 3 cents and GS +2.28.


With the 32 point rally off the SPX low on Friday, we will look for a potential support bounce continuation this morning. The SPX paused at Thursday's R1, the 1,089 level, so watch that key area of short term resistance. Look for strong stocks to continue to bounce in their bull flag pattern.

Continue to Follow Your Rules.

Bonds are flat and TLT is up 8 cents in pre-market trading.
 
The short term trend is down, the intermediate term trend is neutral and long term trend is up.

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

The Euro is down 158 pips in overnight trading.

SPY is down 44 cents and XLF is up 14 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 = 1.075, 1,055, 1,044
Resistance = 1,087, 1,094, 1,110, 1,145

At the Open on Monday
SPY –
QQQQ –
FAS –
TLT -
BIDU -
AKAM -
SNDK -
NFLX -
DTV -
HAS -
NTRI -
OSTK -
EXBD -
WFMI -
ILMN –
AAPL –
SHLD –
WHR –
ZION –
DHR –
DECK –
X –
CLF –
BA –
DOW –
BBY –
MA -
V –
PCLN –
CAT –
PCP –
CREE –
AMD –
UAUA –
UNP –
DE –
FCX –
GMCR –