10:30 am EDT - SPY support bounce setup and potential short term counter trend entry depending on entry rules...
BMO – ES +5.00 and NQ +5.25 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open on Thursday… volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is quoting up 4 cents on 33,400 volume in pre-market…
Bull Flag Setups for Thursday: TIF, COH, CY, VECO, GMCR, KKD, CMG, CF, IFNA, CRM, MA GES, POT, AGU, CHL, HLF, HUM, CROX, WTW, NFLX, MRVL
AAPL and AMZN are support bounce Setups...
TLT is up 36 cents and the Euro is down 77 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are quoting higher in pre-market trading… QCOM is flat …
Dave’s Insight for Thursday: The SPX closed at its 1,278 support level and is bouncing in pre-market trading…the COMPQ has been particularly weak this week and is NOT showing much relative strength this morning …Continue to follow your rules…Watch XLF as a key factor whether the bounce continues or a reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – SINA, FAZ, GMCR, ANF, HLF, TBT, VRTX, URBN, MXIM
Quoting Up – CF, CSTR, MOS, WLT, FFIV, POT, CRM, SOHU, SWK, AGU, DE, UCO, CAT, DLR, SLB, COH, ANR, TLT, SNDK, GS, TSL, SLW, LVS, SWKS, CLF, PCLN, ALTR, AMZN, GOOG, AAPL, BIDU, NFLX, JOYG, WYNN, CMCSA, APOL
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