BMO – ES +2.50 and NQ +2.50 futures are mixed about 10 minutes before the open in pre-market trading and point to a flat open… volume is moderate for pre-market with more stocks quoting up than dpwn…Financial stocks, XLF which formed a bullish engulfing at support on Tuesday is quoting unchanged on 38,800 volume in pre-market…
TLT is down -34 cents and the Euro is down -32 pips in premarket trading…
NDX leaders AAPL, AMZN, are quoting down in pre-market trading…BIDU, GOOG, NFLX and PCLN are higher and QCOM is flat…
HLF split 2 for 1 if your charts haven’t yet adjusted…DELL +0.87 and ANF +2.93 are higher following earnings…
Dave’s Insight for Wednesday: The SPX formed a hammer on Tuesday and looks poised to bounce from a lower low 61.8% Fib level (from April 18…Trade a bounce and move the stop down if you traded a bearish breakout on Tuesday, according to your rules…Many stocks formed bullish candle patterns (potential momentum shift) and could reverse the recent shorter term down trend…Continue to follow your rules…Continue to watch XLF for support of a SPX bounce…Manage your trades based on the price action you see on the chart you are trading…Horizontal support on SPY is 133 and it is above that in pre-market trading…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321, 1,310
Quoting Down – CMG , DE , CSTR, TLT, ZION
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