BMO – ES -3.50 and NQ -5.25 futures are lower about 30 minutes before the open in pre-market trading and point to a lower open on Wednesday…volume is light for pre-market with a more stocks quoting down than up…Financial stocks, XLF is quoting down 5 cents on 1,300 volume in pre-market after rising 21 cents on Tuesday…
TLT is up 35 cents and the Euro is down 15 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower on light volume in pre-market trading…
Dave’s Insight for Wednesday: After a strong bounce day it is common to see some profit taking and a pause as traders look to see if buying will follow through…watch the S1 or mid section of Tuesday’s large white candles as short term support…pull backs that stay above S1 are more likely to continue higher…earnings season starts in two and a half weeks and it appears that buyer are starting to buy in anticipation …buying in anticipation of earnings seasons increases the probability that this support bounce will continue…follow your rules, take trades accordingly and protect profits according to your move your stop rules… Continue to watch XLF as a key factor for the support bounce to continue…
SPX
Resistance: 1,300, 1,310, 1,321
Support: 1,288, 1,278, 1,267
Quoting Down – CF, VMW, CREE, HLF, CRM, GS, NKE, MOS, OT, CLF, CAT, FAS, FCX, JNPR, CMG, PCLN, NFLX, ADBE, GOOG, ALTR, AAPL, BIDU, JOYG, FAST, RIMM, WYNN, FSLR, SIAL, ORLY, VOD, CHRW
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