JPM Up, Futures Up, Bull Flag Bounce...

BMO – ES +8.75 and NQ +17.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open… volume is moderate for pre-market and many more stocks are quoting up than down in pre-market trading…Financial stocks, XLF is up 14 cents in pre-market which indicates a bounce…

JPM is gapping up in pre-market, following its earnings this morning…EPS and revenues beat estimates…This could be the lift that financial stocks and the SPX have been waiting for…

TLT is down 47 cents and the Euro is up 13 pips in premarket trading…

NDX leader AAPL,  AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are higher in pre-market trading...

Dave’s Insight for Wednesday:  Continue to follow your rules…Stay with the trend… The short term counter trend which is down looks to be bouncing up this morning, tighten stops and exit according to your rules…Look for new support bounce entry rules as there were many bull flags last night that will give entry signals today…

Most of bull flag setups from Monday continued their pull back on Tuesday.  A small number of stocks bounced including:  HUM, CMG, GMCR, UAL, VMW, DLR, UNP, ATI, MON, WHR, NFLX, AAPL, STX, SBUX, VRSN, NTAP

Bull Flag Setups – CDE, HAS, SINA, UCO, CAT, SLW, IAG, FCX, DHR, NTES, TIE, WLT, CLF, PCX, NETL, SOHU, F, DOW, DECK, JEC, FWLT, LVS, CF, TIF, ESI, ZION, NYX, NDAQ, SNDK, GS, SWN, AGU, POT, SLB, URE, SWK, VLO, ATW, ARUN

SPX

Resistance: 1,330, 1,344

Support: 1,321, 1,311, 1,300

Quoting Down – FAZ, TLT, ORLY, CERN

Quoting Up – RVBD, SINA, GS, CRM, CLF, SOHU, ICE, CMG, UCO, MCP, ARUN, CAT, SLW, SLB, JNPR, VMW, CHL, DE, FAS, POT, LVS, X, FWLT, SWN, CSTR, CIEN, CAM, CDE, SNDK SWKS, V, FCX, PCX, JDSU, VLO, TBT, NVDA, GOOG, FFIV, BIDU, PCLN, AAPL, NFLX, INFY, HSIC, WYNN, JOYG, COST, AMZN, FAST, FSLR, ALTR, MICC, BRCM, INTU, ESRX, NTAP