With the Euro making new one year lows amid continuing European debt concerns, futures are lower and financial and energy stocks are lower in pre-market trading with energy stocks giving back all of Monday's gains. The consolidation pattern on the SPX is continuing. Be on alert for a potential break of support in the 1,178 area.
Bonds are higher and TLT is breaking above its horizontal resistance in the 91.50 area.
Most stocks are quoting lower so if cash trading doesn't reverse the overnight direction look for many stocks to move back towards support.
MA +7.15, +2.85% reported 3.46 EPS vs. estimates of 3.14.
Trading Down: FAS, NFLX, CREE, CHL, URE, FCX, DE, UYG, X, GS, CLF, BUCY, CAT. SPG, AMX, SNDK, SNDK, USO, TSL, BA, DOW, ACN, CAM, WFC, ZION
Trading Up: MA, CRM, V, FAZ, HANS
Look at these Charts
(click image to enlarge)
The short term is neutral 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 96 pips and is making a new one year low in overnight trading. Oil is down $1.42 in electronic trading.
SPY is down $1.30 and XLF is down 20 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 = 1,178, 1,155
Resistance = 1,200, 1,216, 1,220
At the Open on Tuesday
SPY –
QQQQ –
FAS –
TLT -
MA -
ILMN – flag
AKAM – flag
DOW – flag
BBY –
SNDK – flag
AAPL – flag
SHLD – flag
NFLX – flag
BA – flag
WHR – flag
ZION – flag
DHR – flag
V –
PCLN – flag
DECK – flag
CAT –
PCP – EPS this week
X –
CREE –
AMD –
UAUA – merger announced
UNP –
CLF –
DE –
FCX –
GMCR –
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