Futures Point to a Lower Open...

BMO – ES -9.50 and NQ -15.25 futures are lower about 80 minutes before the open in pre-market trading and point to a lower open…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is showing no volume in pre-market at this time…

TLT is up 29 cents and the Euro is down 4 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…

Dave’s Insight for Wednesday:  Tuesday’s early bounce did fill its smaller gap at the open and then did hold…volume increased from Monday indicating more buyers stepped in than sellers were left on Monday…with a high VIX the SPX had again posted a large gain on a wide trading range day similar to the bottom in early August…pre-market suggests some profit taking and a consolidation of Tuesday’s gains…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 Tuesday, Green Line is below 20 and could turn back up…Watch XLF which is still a key factor in any SPX move up or down…

SPX

Resistance: 1,160, 1,173, 1,200

Support: 1,146, 1,134, 1,119

Quoting Down – PCLN, GOOG, NFLX, AAPL, ISRG, BIDU, AMZN, ANF, WTW, CMG, SINA, NKE, SWK, CF, WDC, CAT, CHL, HAS, ESI, GMCR, FWLT, POT, MHS, MCP, ICE, DLR, GS, UCO, FCX, CM, DE, GES, C, X, ANR, FAS, ORCL, TEVA, FSLR

Quoting Up – FAZ, SLW, TLT, SBUX, WFM, WYNN