MA and V are significantly lower in pr-market trading after the Senate voted on Thursday to limit credit card transactions fees.
Volatility bounced at 25 on Thursday. If the sell off that started late Thursday continues this morning look for volatility to continue to rise on Friday. Higher volatility means you should continue to expect bigger and quicker moves both up and down. We continue to watch whether volatility moves below 25, which is the level before the SPX broke support last week.
I stated in the Talk last night that this was a Yellow Alert and be prepared to trade to the downside. Pre-market trading is confirming that view so far. Our Yellow Alert looks to turn red.
Continue to Follow Your Rules.
Look at these Charts
(click image to enlarge)
Trading Down: MA, V, NFLX, PCLN, DECK, GS, UYG, POT, FCX, HLF, UNP, CREE, FAS, X, BA, GME, CAT, BUCY, WLT, URE, CLF, MOS, SNDK, PNC, MCD, WFMI, STI, GMCR, USO, DOW, ACN, LVS, TSL, ZION, CRM, ATI, WFC, AGU, UAUA, DE, SWN, AIV, BAC, ATW, AMD, NTRI
Trading Up:
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 30 pips in overnight trading. Oil is down 42 cents in electronic trading.
SPY is down 82 cents and XLF is down 16 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, 1,125
Resistance = 1,178, 1,200
At the Open on Friday
SPY –
QQQQ –
FAS –
TLT -
FLS –
NTRI -
OSTK -
EXBD -
ILMN –
AKAM –
SNDK –
NFLX –
AAPL –
SHLD –
WHR –
ZION –
DHR –
DECK –
X –
CLF –
BA –
DOW –
BBY –
MA -
V –
PCLN –
CAT –
PCP –
CREE –
AMD –
UAUA –
UNP –
DE –
FCX –
GMCR –
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