Markets Rise Ahead of Key Italian Budget Vote

Scott Redler |

Earnings season has started to trail off, but some big names are still reporting. Last night (PCLN) exceeded Wall Street estimates on the top and bottom line and is up around 3% in the pre-market. Results ahead of the opening bell this morning will be Rockwell Automation (ROK).


Yesterday was a bit of a gut check for the bulls as we tested some previously outlined support areas. 1235 on the S&P held firm as we absorbed a new batch of European headlines, with the the focus on Italy. Those focusing on the chart patterns vs. the headlines are having much more success as there are many stocks and sector patterns looking good for higher prices. I see a ton of wedge type formations that are poised for upside resolution. The hardest trade is often the most rewarding, and it is hard to be long in the face of these headlines we are seeing. Stay the course in smaller size, have mental stops in place, and let the patterns play out.

In terms of S&P Resistance, we are opening above the three day pivot of 1263-1265. If we can hold over this level for 30 minutes it will show some commitment to these higher prices. The next obstacle will be to take back the 200 day moving average around 1273 and then the high from October 27 around 1292-1295. First support will be 1235-1240 from yesterday, and bigger support is the 1215-1220 area that didn’t even come close to coming into play yesterday.

*DISCLOSURES: Scott Redler is long AAPL, GOOG, MCP, REDF, SIFY, and JPM. Short SPY.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
SIFY Sify Technologies Limited 2.16 -0.02 -0.92 107,203 Trade
STRZA Starz Series A Common Stock n/a n/a n/a 0 Trade
AAPL Apple Inc. 168.85 -2.42 -1.41 41,490,767 Trade
PCLN The Priceline Group Inc. n/a n/a n/a n/a
JPM JP Morgan Chase 109.95 -4.79 -4.17 22,550,426 Trade
ROK Rockwell Automation Inc. 175.96 -5.42 -2.99 815,673 Trade
REDF India Ltd ADR (Sponsored) n/a n/a n/a n/a
GOOG Alphabet Inc. 1,049.08 -41.80 -3.83 2,666,964 Trade


Emerging Growth

Immunovaccine Inc.

Immunovaccine Inc is clinical stage biopharmaceutical company. The Company develops products based on its proprietary vaccine enhancement platform in T cell activating therapies for cancer.

Private Markets

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…


Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…