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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

S&P 500 index futures were trading lower by six points at 2098.75 in Tuesday's session. Despite blow-out earnings from its top component (Apple Inc. (NASDAQ: AAPL)) the index has been in the red for nearly the entire session.

During Monday's after-hours session, it immediately found resistance just above Monday's close (2104.75), only reaching 2105.25. In the regular session, that level was significant as well as the index stalled at 2104.25 and began to decline.

The pace of the decline accelerated with rumors of Iranian seizure of a U.S. vessel. The selling crescendo ended as the index approached last Thursday's low (2087.50), only reaching 2088.25 before rebounding.

So far, the rally is approaching the 2100 level. If that level is cleared, there may be light resistance up to the pre-market high (2105.25).

The SPDR S&P 500 ETF Trust (NYSE: SPY) traded at $210.52, down $0.22.

Posted-In: Pre-market outlookFutures Technicals Intraday Update Markets Movers Trading Ideas


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