Tuesday, March 8, 2016

Futures Point to a Lower Open and Bull Flag Pattern...

2: 05 pm ET - QQQ and DIA are back to even...

QQQ strong stocks include MSFT, AMZN, FB, GOOG, COST, MNST, ORLY, CERN, CSCO, ADBE, WFM, NFLX, MAT, FAST, EXPE, TSCO...  

9:51 am ET - After opening lower and moving down SPY is bouncing and has returned to its opening price level...


ES -11.50...NQ -28.50...

Overnight Chinese export data was released indicating a 25% drop in February, this sent stock futures lower creating a retracement of the rise of the last five trading days and a bull flag pattern that typically occurs after a strong breakout.

On Friday we stated the following...

"On Thursday Feb 25, SPY broke out of double bottom resistance at 194.58 on Feb 1 with a six-week chart target of 208.07.  Monday’s pullback test was successful and old resistance became a new level of buying or new support on Tuesday.  After a four day gain of 3.5% as of Friday, be prepared for a potential bull flag pullback sometime next week."


Moving Down:  FCX, CHK, DAL, AN, NTAP, AA, NX, SWN, UAL, RCL, AAL, MRO, ILMN, CME, ALXN, LUV, CAT, JPM, OXY, PPL, C, CSX DVN, BAC, AAPL, HD, PEG, PRU, HPE, SCH, RAI, URI, FB, AMZN, MUR, PXD 

Moving Up:  URBN, NEM, GPS

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