BMO – ES +5.00 and NQ +8.00 futures are up about 30 minutes before the open in pre-market trading and point to a higher open on Tuesday… volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is quoting up 6 cents on 19,000 volume in pre-market...
TLT is down 3 cents and the Dollar is lower while the Euro is up 60 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU GOOG, NFLX and PCLN are higher in pre-market trading…QCOM is slightly lower…
Dave’s Insight for Tuesday: Continue to follow your rules…Take support bounce trades according to your rules…XLF is up and looks to support a support bounce that could occur in the SPX…Manage your trades based on the price action you see on the chart you are trading…A break above the high of the low day on the SPY is 132.46 and price is just above that level pre-market trading…
SPX
Resistance: 1,321, 1,330, 1,344
Support: 1,310, 1,300, 1,288
Quoting Down – FWLT, FAZ, CTRP, INFY, NTAP
3 comments:
Dave,
Would you please verify the SPY high of low day, you mention in today's insight? Is yesterday(5/23)the low day? I may have a bad tick, but show yesterday's high @ 133.65. Thanks for all your help and guidance, it is appreciated.
Rob, Tucson, AZ
A grateful student/trader
Rob,
There was a bad tick on the exchange. Sometimes you have to look to the intra-day chart (1, 2 or 5min) to confirm the days price range especially if you can't watch the market all day. Dave mentioned the bad tick in last night's ATA class. You may have to copy and paste the link.
http://screencast.com/t/F7Mr6m2BUl9T
Hope this helps.
Gary,
thank you,
I figured it was but did not find it right away. both TOS and prophet had it posted on the daily charts. and TOS also had it on the shorter time frames, which are the charts I primarily use.
thanks again,
Rob
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