Wednesday, July 13, 2011

Futures Point to a Higher Open on Bull Flag Week...

BMO – ES +5.75 and NQ +13.50 futures are higher about 80 minutes before the open in pre-market trading and point to a higher open on Wednesday…volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is quoting up 6 cents on just 89,200 volume in pre-market…

Many stocks are in Bull Flag Patterns this week and may give entry signals this morning including: SINA, VMW, DE, TIF, CROX, INFA, TPX, CMG, CRM, HLF, NETL, ATW, NGLS, ESI, ACN, ARUN, FFIV, ICE, A, AKS, CAM, CAT, COH, CRUS, DLR, FCX,NKE, NTES, SLB, UNP, WDC, ZION, FAS, MOS, NDAQ, URE, V, X, DHR, SWK, F, SOHU, WTW, SPY, DIA, QQQ, IWM

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM which are in Bull Flag Patterns are quoting higher in pre-market trading…

Focus on the charts you are trading and your rules…do what they show you to do

TLT is down 65 cents and the Euro is up 103 pips in premarket trading…

Dave’s Insight for Wednesday: After three days of pull back the market looks poised to bounce off a higher low support level in its own Bull Flag Pattern…on the SPY Tuesday’s low is near its 50% Fibonacci level…Follow your rules for entries…If you see it, take it…Watch XLF as a key factor for to confirm a support bounce

SPX
Resistance: 1,321, 1,330, 1,344
Support: 1,310, 1300, 1,288

Quoting DownFAZ, TLT, HUM, TIF, SWN, ERTS, WYNN

Quoting UpNFLX, PCLN, GOOG, AAPL, AMZN, BIDU, SINA, VMW, DE, MOS, ANF, CF, GS, AGU, CDE, CSTR, CHL, ICE, SLW, SNDK, FAS, MCP, LVS, DLR, FCX, SOHU, UCO, TBT, TSL, ANR, KKD, MHS, ENTR, NKE, PCX, ILMN, FISV, CTXS, CERN, INFYK CELG, EBAY, SHLD, TEVA

3 comments:

TraderBobb said...

Dave:
Thanks
Robert
CANI_212

Anonymous said...

Tuesday's SPX (SPY) candles closed right on the 50 Day SMA. That's my hidden support observation.

Steven R.

Anonymous said...

"Bernanke: Fed would supply more stimulus if needed
Bernanke lays out 3 options Fed could pursue if economic weakness persists including bond buys" -- Yahoo News

Is this news of Fed induced "stability" entering the market the cause of a rally? But for how long?

Steven R.