Futures Up Slightly After Mixed Jobs Report...Set Up for a Technical Rally?

9:35 AM ET -

Trading Down: PCLN, DLR, FAS, CSTR, HAS, WMT


Trading Up: MA, FCX, NFLX, CMG, HANS, WLT, GS, UNP, CHL, BUCY, WHR, HLF, V, VMW, CLF, SPG, CREE, FLS, PNC, LXK

BMO – ES +2.25 and NQ +7.00 futures are flat to slightly higher in pre-market trading pointing to a flat open. In pre-market trading AAPL is +0.81, GOOG ++2.30, BIDU +0.19, NFLX +0.20.


Bonds are higher and TLT is up 16 cents in pre-market trading.

The Euro is up 61 pips in overnight trading and above its 10 and 30 DMA.

SPY is up 12 cents and XLF is up 10 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.

Short term resistance is at 1,040 and 1,056.  Short term support is at 1,010 and the next lower horizontal support at 1,000.

After Thursday's hammer, trader's should be prepared for bounce confirmation.

Follow your rules for potential enttries and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.

This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for the past 9 days. The SPX is still in an intermediate term sideways trend, congestion or consolidation with price at support.

Look for support bounce confirmation on the many charts which have bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...