BMO – ES -5.75 and NQ -9.00 futures are lower about 25 minutes before the open in pre-market trading and point to a lower open on Wednesday ater rising for four straight days, which allows short term profit taking to be absorbed into the market… volume is moderate for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting down 7 cents on 193,300 volume in pre-market…
TLT is up 20 cents and the Euro is up 16 pips in premarket trading …
NDX leaders AMZN, BIDU, GOOG, NFLX, and QCOM are quoting lower in pre-market trading…AAPL and PCLN are unchanged…
Dave’s Insight for Wednesday: The SPX is pausing after four straight up days…this is typical….key short term support levels include the mid-section of Tuesday’s SPX candle, the 30 DMA on the broad indexes, broken diagonal resistance line of the past four weeks and 133.84 on the SPY…Continue to follow your rules…Watch XLF as a key factor whether the breakout continues…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1,321, 1,310
Quoting Down – MICC, NFLX, GOOG, FFIV, TIF, CRM, MCP, CAT, HLF, DE, GS, CLF, ICE, SINA, RVBD, V, FCX, ANR, SNDK, MOS, POT, DECK, SLB, FAS, GMCR, TBT, UCO, AKS, AMZN, VOD, BIDU, FSLR, MCHP, RIMM, DLTR, CA, TEVA, QCOM
Quoting Up – FAZ, TLT, SRCL
3 comments:
A short lived diagonal breakout on the SPY.
Out at 133.64
The winds are changing... There is a difference between pause, pullback, and selloff.
We can't control reactions of the markets to new market information. We can only control our risk exposure.
Trade well and live to trade.
ZT
Today was a realy complex day...
The big 7 (AAPL, AMZN, BIDU, NFLX, PCLN, GOOG, QCOM) hold realy well until 11:00/12:00 when XLF, $RUT, $SOX were going down since the open... until all broke!
If you could, please coment what happens?!?
Hard day, stop out every where...
4:25pm ET
Yikes! Today's SPX candle engulfed all four previous up days and brought us back where we were ... inside the complex bull flag channel.
Steven R.
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