BMO – ES +2.50 and NQ +7.25 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… so far this morning volume is light and a larger number of stocks are quoting up than down in pre-market trading…volume is moderate to light…if Monday’s pre-market is any indication it looks as if quarter ending window dressing may have a greater weight than Friday’s bearish candles…
TLT is down 9 cents and the Euro is at the 1.4036 resistance area and up 5 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are higher in pre-market trading...…
UCO is down -3.12%...
Dave’s Insight for Monday: Continue to follow your rules. The short term trend is up…even though numerous bearish candles appeared on Friday, stay with the uptrend until those bearish candles are confirmed… the SPX, INDU, COMPQ and RUT are above their 30 DMA…many stocks are in a similar technical position…
SPX
Resistance: 1,311, 1,321, 1,330
Support: 1,288, 1,281, 1,271
Quoting Down – UCO, SLW , IL
4 comments:
Dave,
Your insight and guidance is most appreciated! Thank you!
Kathy :)
That is, 'are' most appreciated!
Kathy :)
Dave,
Thanks for a spectacular 4-Day Live. Great blog advice on the bearish candle confirmation. Thanks for your incredible efforts. You are helping the many that are listening.
Joe
Hi,
This may be grasping at straws, but today's high and Friday's high on SPX was almost exactly the same (about 1,320). As I look at all the drawings on my SPX chart (Oh gosh, I'm starting to sound like Lincoln, CFA), 1,320 is where the apex of the SPX pennant would have made on 3/18. Perhaps that makes that area a source of congestion (try Afrin) for SPX making it difficult for the SPX to break back above that area. Perhaps the low volume also has something to do with it?
Best Regards,
Steven R. the pharmacist
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