BMO – ES +3.50 and NQ -2.50 futures are mixed about 80 minutes before the open in pre-market trading and point to a slightly higher to flat open…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is up 8 cents of 4,800 shares in pre-market at this time…
TLT is down 1 cent and the Euro is up 14 pips in premarket trading…
After the market close AAPL announced that Steve Jobs would step down as CEO and continue as Chairman of the Board. AAPL is down just -6.47 in pre-market after being down -19.08 or -5.07% in after-hours trading.
NDX leaders BIDU, GOOG and NFLX are quoting higher in pre-market trading…AAPL, PCLN, and QCOM are lower and AMZN is near unchanged.
Dave’s Insight for Thursday: Take the trade according to your rules…Continue to follow your rules for divergence, double bottom or higher low trades…position size for market conditions and remember premiums are high and selling strategies may be attractive…Posture did not turn bullish on Wednesday, Green Line is below 20 and could turn back up…Watch XLF which has been up the past two days and is still a key factor in any SPX move up or down…
SPX
Resistance: 1,173, 1,200, 1,225
Support: 1,160, 1,146, 1,134
Quoting Down – AAPL, SRG, PCLN, CF, DHR, GES, NKE, HUM, SOHU, CDE, FAZ, SLB, HLF, ZION, SNDK, DECK, DLR, AGU, WTW, SWN, JNPR, SMH, GMCR, ACN, SLW, CREE, IAG, ANR, SWKS, INFY, ALXN, HSIC, CTSH, SIAL, LIFE, BIIB, VOD, ORLY SNDK, APOL, AMAT
Quoting Up – CMG, FFIV, SINA, UCO, FCCX, CAT, POT, TIF, LVS, C, GOOG, NFLX, BIDU, DLTR, RIMM
5 comments:
Dave:
Thank you
Robert
CANI_212
Am I seeing a lot of pennants forming on the charts out there?
I see a potential decending triangle on the SPX. I also see a downward moving MACD on the 5yr/weekly and potentially the 10yr/monthly charts.
I'm confused by Dave's repeatedly bullish comments on this blog and in the trading rooms. Why doesn't he review the weekly charts with consistency on Thurdays anymore?
J.A. - California
J.A.,
Seems you may have answered you own question. You see a "potential" descending triangle on the $SPX. The longer term MACD may have turned down over the past month on this pullback but the intermediate term suggest a sideways or neutral trend. A bounce off support which can be viewed as a short term "bullish" trade to resistance.If the bounce follows thru and breaks out of the double bottom, the longer term MACD will turn up. Maybe you should ask Dave tonight. Hope this helped.
Gary,
Regretably, my schedule has changed since the start of August. I'm only able to review the recordings.
J.A. - California
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