BMO – ES +5.75 and NQ +10.00 futures are higher about 70 minutes before the open in pre-market trading and point to a higher open…volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is flat on 264,800 shares in pre-market at this time…AAPL is down -3.49 following news of Steve Jobs passing…Our condolences go out to his family, friends and associates at Apple Computer…
TLT is down 56 cents and the Euro is down 78 pips in overnight trading …Watch for a bounce continuation in the Euro …
NDX leaders BIDU, GOOG, NFLX and QCOM are quoting higher… AAPL, AMZN and PCLN are quoting lower…
Dave’s Insight for Thursday: Lower Euro…slightly weaker bonds…Financials flat…leading to a slightly higher open if status holds over the next 60 minutes…With the SPX above support, watch for a bounce continuation…Wait for your entry signals before taking new trades this morning…Watch XLF, volume and breadth as key factors in any SPX move…move stops on profitable trades…
SPX
Resistance: 1,146, 1,160, 1,177
Support: 1,134, 1,121, 1,114
Quoting Down – CMG, AAPL, ICE, FAZ, SOHU, DLR, TLT, V, IBM, CF, HLF, PCLN, YHOO, CLEG, FAST, ADSK, VOD, COST, BRCM
4 comments:
Dave,
We have been discussing the trading range on SPY that began about the second week in August. What about what looks like a shorter term downtrend (LL and LH) from about 9/20 forward? Does this shorter term downward channel affect the trades one should take? (while the major horizontal support is still at about 1100 for now). Perhaps you could touch on this in class tonight.
Thanks,
Steven R.
Thanks Dave for not leaving any student left behind. Appreciate your commitment to your students.
Your student,
Deborah
Steven,
No. A sideways trend is relatively the same highs and lows. The variations inside the trend have no significant predictive value.
Dave
Deborah,
You're welcome! Thank you for taking the time to read and share you comment.
Dave
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