Who is More Lonely...Maytag Repairman or Technicinan Seeing Bullish MACD Divergence?

BMO – ES +23.75 and NQ +37.50 futures are higher in pre-market trading pointing to a higher above the 1,075 resistance and near 1,089 resistance.  In pre-market trading AAPL is +5.50, AMZN +2.29, GOOG +9.78, BIDU +2.55, INTC is up 46 cents, BAC is up 41 cents and GS +2.45.


Most stocks are higher this morning on light volume in early pre-market trading on a support bounce continuation. If you have not been willing to believe the MACD bullish divergence get yourself objective and trade the charts signals and not your thoughts.

Part Deaux: Just a follow up comment from Wednesday night's post is I have heard several sources talking about a large head and shoulders on the chart with the recent April high being the head and some point a few days to a few weeks in the future being a right shoulder. None of those sources mentioned the MACD divergence, hammer, inverted hammer or 1,044 support level. I always suspect a forecaster that can see the future technical formation so well but can't see the current technical formations at all.  Oh have I mentioned Dave' Insight?  Trade the Market not your thoughts.

I'm not sure if it is more lonely seeing a MACD divergence or being a Maytag repairman?

Will they sell breaking 1,044 or see this as a buying opportunity? Apparently US trades saw the open around 1,044 on Tuesday as a buying opportunity, did you? Even though the markets sold off late Wednesday they sold off to a higher low are have rebounded over night. Are buyers coming in or are sellers making this market bounce?

Keep in mind that the intermediate term trend is neutral. What do neutral trends do at support?

If you have been trading with the short term trend you are already on trading to the downside, it is now time to make sure you are exiting these trades when the charts and your rules tell you to. Trade with the short term trend reversal and continue to move your stops.

Continue to Follow Your Rules.
Bonds are lower and TLT is down $1.13 cents in pre-market trading. Check out TBT.

Trading Down: FAZ

Trading Up: PCLN, MA, NFLX, WLT, GS, UYG, CREE, BA, BUCY, CLF, FCX, CRM, X, CAT, FAS, V, USO, LVS, SNDK, MOS, GME, PNC, UNP, WFMI, DOW, MCD, HLF, WFC, SWN, ZION, AKS, FLS, TSL, AGU, BAC, AMD, ATI, WMT, HAS

The short term trend is neutral and ready to shift up, 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 up 94 pips in overnight trading.

SPY is up $1.79 cents and XLF is up 29 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 = 1,055, 1,044
Resistance = 1,075, 1,087, 1,093, 1,107

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