Futures Point to a Slightly Higher Open...

BMO – ES +4.75 and NQ +13.50 futures are flat to higher in pre-market trading pointing to a flat open. In pre-market trading AAPL is +3.69, AMZN +1.32, GOOG +4.63, BIDU +1.38, INTC is up 13 cents, BAC is up 16 cents and GS +1.14.


Stocks are are slightly higher on light volume this morning in pre-market trading that the market may mind support near the 1,070 area. If the market does have buyers in this area, this will be a higher low than the 1,040 area on May 25.

Look a the SPX chart and remember after the long tailed hammer at the February low the SPX consolidated for five days before really taking off. Today is the fifth day after the long tailed hammer last week. The intermediate term (six month) trend is still neutral holding above support, so be prepared for a potential support bounce. Adjust your stops on down trending trades to protect profits if the market does bounce here.

Continue to Follow Your Rules.

Bonds are flat and TLT is down 5 cents in pre-market trading.

Trading Down: FAZ
Trading Up: NFLX, CREE, GS, WLT, CLF, BUCY, X, SWN, CAT, SNDK, DE, MCD, FAS, V, LVS, FCX, IPI, WFC, ATI, AKS, DOW, AMD, BAC, USO

The two day trend is down and the 7 day trend is neutral, 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 4 pips in overnight trading and holding near its 1.2200 support level since May 16.

SPY is up 53 cents and XLF is up 13 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 = 1,070, 1,055, 1,044
Resistance = 1,089, 1,107

At the Open on Wednesday
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 –