.................................................
TradeStalker's
R.B.I. Trader's Update
1/18/2007
(Published Since 1996)
...............................................
Dateline: 7:01 pm Eastern time, 1/18/2007
The market rallied early, but after 25 minutes of trading the market reversed course and hit an air-pocket. The SP futures fell to 1432.50 while the Nasdaq futures dropped to1815.00 and the move lost its momentum. After a pop and retest, the market made its way higher into lunchtime trading. A pop off the Philly Fed release was sold and the market backed off. The market went into a trading range, holding just under 1437.00 on the SP futures while theNasdaq futures trended lower. After the Intraday Update there was one more pop that stalled just under 1437 and the market spilled to new lows. The drop stopped at the 1431.00-1430.00 support on the SP futures and at 1802.00 on theNasdaq futures by 3 pm, then the market firmed into the close.
The market is still acting poorly and with the Nasdaq breaking down, the market has a lot of mending to do to get back into decent shape. The only good news from Thursday'saction was that the 1431.00-1430.00 area on the SP futures held. In any case, the trends will continue to point down unless / until the initial resistance areas can be cleared,and held. Unless that occurs, shorting the bounces as soonas they fizzle should offer the better setups.
Good Trading,
Mike Reed
Thursday, January 18, 2007
Market Comment 01/17/07
.................................................
TradeStalker's
R.B.I. Trader's Update
1/17/2007
(Published Since 1996)
...............................................
Dateline: 6:58 pm Eastern time, 1/17/2007
The early action was choppy between the 1439.75-1440.25 resistance and the 1436.50-1436.25 support on the SP futures. The market finally broke out on the upside just before noon and the run-up took the SP futures to 1442.75 and the Nasdaq futures to 1857.75 before going into another small range. The SP futures held updated support until afterthe Fed Beige book release. A quick pop to 1443.00 on the SP futures was reversed and the break took the market back to test the lows. The SP futures fell to the 1435.75 level while the Nasdaq futures made a low at 1838.50, and then themarket firmed into the close.
We get CPI before the open on Thursday. At 10 am there is the Leading Indicators release and then we get the Philly Fed release at noon. The market is acting top heavy up here and at best a trading range could be developing. The market doesn't like to stay in the new high territory for very long before getting sold. On the other side, buying continues around the 1436.25-1435.75 zone on the SP futures.
One side is going to give here pretty soon. The short side should offer the better setups as long as the Nasdaq stays in its downtrend. If somehow there is a rally to the 1443.75-1444.50 area on Thursday, be on reversal alert.
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
1/17/2007
(Published Since 1996)
...............................................
Dateline: 6:58 pm Eastern time, 1/17/2007
The early action was choppy between the 1439.75-1440.25 resistance and the 1436.50-1436.25 support on the SP futures. The market finally broke out on the upside just before noon and the run-up took the SP futures to 1442.75 and the Nasdaq futures to 1857.75 before going into another small range. The SP futures held updated support until afterthe Fed Beige book release. A quick pop to 1443.00 on the SP futures was reversed and the break took the market back to test the lows. The SP futures fell to the 1435.75 level while the Nasdaq futures made a low at 1838.50, and then themarket firmed into the close.
We get CPI before the open on Thursday. At 10 am there is the Leading Indicators release and then we get the Philly Fed release at noon. The market is acting top heavy up here and at best a trading range could be developing. The market doesn't like to stay in the new high territory for very long before getting sold. On the other side, buying continues around the 1436.25-1435.75 zone on the SP futures.
One side is going to give here pretty soon. The short side should offer the better setups as long as the Nasdaq stays in its downtrend. If somehow there is a rally to the 1443.75-1444.50 area on Thursday, be on reversal alert.
Good Trading,
Mike Reed
Market Comment 01/16/07
.................................................
TradeStalker's
R.B.I. Trader's Update
1/16/2007
(Published Since 1996)
...............................................
Dateline: 6:23 pm Eastern time, 1/16/2007
The market rallied for the first 30 minutes of trading on Tuesday, but after getting to 1442.00 on the SP futures and 1862.75 on the Nasdaq futures the market sold off. A quick drop to 1437.25 and 1853.50 was bought, but the upside couldn't gather any enthusiasm and the market backed off to test the 1436.50-1436.25 key area on the SP futures. After making lows at 1436.50 and 1851.50 on the Nasdaq futures,that 1436.50-1436.25 area on the SP futures attracted buyers as the market bounced grudging off of those levels. The SP and Nasdaq futures chopped to 1440.75 and 1862.25 by early afternoon, then the market sold off for another test of the lows. The SP futures reversed off of a 1436.25 low while theNasdaq futures held at 1851.75 low, and the market rallied back to the afternoon highs. While the Dow was able to grind higher, the SP and Nasdaq futures traded sideways in to theclose.
So far the market avoided trouble by holding the 12541-12539 area on the Dow cash, the 1436.50-1436.25 area on the SP futures, and the 1854.00-1852.50 on the Nasdaq futures.*However* it was less than impressive action. We sure didn't get the aggressive kind of buying off those levels like we have been seeing. Also, the bids seemed to vanish up around the 1439.75-1440.25 zone on the SP futures and 1861.75-1863.00 area on the Nasdaq futures. The Vix reversed on Tuesday, giving a couple of Vix sell signals. Lastly, Google may have made a double top at 513 on Tuesday. If that's the case, then the end of the Nasdaq's upside leadership should be in jeopardy short term.
That said, caution is urged on the long side at the moment. On Wednesday we get the PPI before the open, and the Fed'sBeige Book at 2pm. Unless the 1439.75-1440.25 area on the SP futures and the 1861.75-1863.00 area on the Nasdaq futuresare exceeded, the short side should offer the better setups. If the 1436.50-1436.25 area on the SP futures and the1852.00-1851.50 area on the Nasdaq futures can *not* hold on another test of those areas, then the trends will start to roll over. If that occurs, then those areas should act asresistance on bounces.
Every evening I give my market comment along with accurate support and resistance levels for the next trading day! Join us now:
Good Trading,
Mike Reed
Market Comment 01/15/07
.................................................
TradeStalker's
R.B.I. Trader's Update
1/15/2007
(Published Since 1996)
...............................................
Dateline: 5:33 pm Eastern time, 1/15/2007
On Friday the market was range-bound early, as it bounced
between resistance and support. The futures broke initial
resistance before noon and the first pullback to 1435.00
held. That led to a move to the 1439.50-1440.50 area on the
SP futures and the 1862.50-1864.00 area on the Nasdaq
futures. They made highs at 1439.50 and 1861.25,
respectively, then fell back softly to 1437.25 and 1855.75.
Buyers took them back up to test the highs, failing twice
before stocks closed. After stocks closed, the futures broke
out higher and closed the day well over fair value.
The Dow, SP500, and Nasdaq averages closed at new highs for
this move on Friday. The Nasdaq has closed higher for 5 days
in a row. That leadership has to keep up, or there could be
a surprise coming. Another up day on Tuesday will likely get
most of the indicators very overbought. Also, the VIX closed
10% under its 10 day average and the 5 day RSI is under 30.
If the VIX reverses, we will get several sell signals.
The market has good momentum and trends are all up. For now,
the market will be in uptrends unless / until the 1436.50-
1436.25 area on the SP futures is broken and held on a
bounce. If that occurs, then a change in trend could lead to
a fairly sharp reversal.
Sign up now to start receiving my nightly trading plan,
accurate support and resistance levels!
http://www.TradeStalker.com
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
1/15/2007
(Published Since 1996)
...............................................
Dateline: 5:33 pm Eastern time, 1/15/2007
On Friday the market was range-bound early, as it bounced
between resistance and support. The futures broke initial
resistance before noon and the first pullback to 1435.00
held. That led to a move to the 1439.50-1440.50 area on the
SP futures and the 1862.50-1864.00 area on the Nasdaq
futures. They made highs at 1439.50 and 1861.25,
respectively, then fell back softly to 1437.25 and 1855.75.
Buyers took them back up to test the highs, failing twice
before stocks closed. After stocks closed, the futures broke
out higher and closed the day well over fair value.
The Dow, SP500, and Nasdaq averages closed at new highs for
this move on Friday. The Nasdaq has closed higher for 5 days
in a row. That leadership has to keep up, or there could be
a surprise coming. Another up day on Tuesday will likely get
most of the indicators very overbought. Also, the VIX closed
10% under its 10 day average and the 5 day RSI is under 30.
If the VIX reverses, we will get several sell signals.
The market has good momentum and trends are all up. For now,
the market will be in uptrends unless / until the 1436.50-
1436.25 area on the SP futures is broken and held on a
bounce. If that occurs, then a change in trend could lead to
a fairly sharp reversal.
Sign up now to start receiving my nightly trading plan,
accurate support and resistance levels!
http://www.TradeStalker.com
Good Trading,
Mike Reed
Thursday, January 11, 2007
Market Comment 01/11/07
.................................................
TradeStalker's
R.B.I. Trader's Update
01 / 11 / 2007
(Published Since 1996)
...............................................
Dateline: 7:04 pm Eastern time, 1/11/2007
The market opened slightly higher on Thursday, and the trendup continued into early afternoon. The move flattened outand stalled after reaching 1435.75 on the SP futures whilethe Nasdaq futures went to a new high at 1856.25. After apullback to just above updated support, the market bouncedback. However, the move fizzled at that 1434.50-1435.00 zoneand the market closed the day on the soft side.
The market is acting tired up here. The Thursday morningrun-up had the intraday charts looking parabolic, and afterthe flattening out, the market was sold off quite easily.The sentiment has again gone from too bearish to toobullish. Caution is advised on the long side up here fornow. We'll need to see a close above the 1434.50-1435.50zone for price patterns to shape up.
We get Retail Sales before the open on Friday. Right now,the focus should be on shorting bounces under the Thursdayhighs. That side looks like the better odds trade, untilthere is a shakeout then fizzles and reverses. Both thebulls and bears would like to see that 1434.00-1435.50 areareached to sell in to. On the bottom side, if there aren'tbuyers in line at initial support on Friday, then a top ofsome sort may be in place for a few days.
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
01 / 11 / 2007
(Published Since 1996)
...............................................
Dateline: 7:04 pm Eastern time, 1/11/2007
The market opened slightly higher on Thursday, and the trendup continued into early afternoon. The move flattened outand stalled after reaching 1435.75 on the SP futures whilethe Nasdaq futures went to a new high at 1856.25. After apullback to just above updated support, the market bouncedback. However, the move fizzled at that 1434.50-1435.00 zoneand the market closed the day on the soft side.
The market is acting tired up here. The Thursday morningrun-up had the intraday charts looking parabolic, and afterthe flattening out, the market was sold off quite easily.The sentiment has again gone from too bearish to toobullish. Caution is advised on the long side up here fornow. We'll need to see a close above the 1434.50-1435.50zone for price patterns to shape up.
We get Retail Sales before the open on Friday. Right now,the focus should be on shorting bounces under the Thursdayhighs. That side looks like the better odds trade, untilthere is a shakeout then fizzles and reverses. Both thebulls and bears would like to see that 1434.00-1435.50 areareached to sell in to. On the bottom side, if there aren'tbuyers in line at initial support on Friday, then a top ofsome sort may be in place for a few days.
Good Trading,
Mike Reed
Wednesday, January 10, 2007
Market Comment 01/10/07
.................................................
TradeStalker's
R.B.I. Trader's Update
1/10/2007
(Published Since 1996) .
..............................................
Dateline: 6:18 pm Eastern time, 1/10/2007
The market opened with gaps on the downside on Wednesday.After reaching 1412.25 on the SP futures and 1798.00 on theNasdaq futures in the first 10 minutes of trading, themarket reversed and rallied steadily into late morning. TheSP futures reached 1419.75 while the Nasdaq futures made a1812.25 high before noon and a little pullback followed.After a double bottom at 1415.00 reversed, the market wenthigher again. Led by the Nasdaq, the market put together asteady grind higher right up to the 1424.75-1425.25 zone onthe SP futures at the close.
The market has pretty good momentum as it gets back to thecurrent lid on the SP futures. With 2 days of tech leadingthe rallies, we need to see the rest of the market begin toplay catch-up. The breadth was flat on Wednesday, the volumewas light, and the NYSE Composite actually *lost* almost 21points for the day. That said, with Wednesday being a trendday, it looks like we should see more two-way moves onThursday. The first trading opportunity will likely set upon the short side, however the trends are up as long as theinitial support areas can hold on a pullback.
If there is early strength, beware of a reversal in thefirst 40 minutes of trading. If that sets up, we could see apretty quick selloff occur. If that plays out, be ready forthat first shake-out to be bought --especially if the marketdrops back to the initial support and then the move fizzlesand turns around. If there is a selloff and it cannot holdat initial support areas, then we could see the market getin trouble again.
Get my nightly support and resistance zones. The most consistently accurate levels on the net!
http://www.TradeStalker.com
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
1/10/2007
(Published Since 1996) .
..............................................
Dateline: 6:18 pm Eastern time, 1/10/2007
The market opened with gaps on the downside on Wednesday.After reaching 1412.25 on the SP futures and 1798.00 on theNasdaq futures in the first 10 minutes of trading, themarket reversed and rallied steadily into late morning. TheSP futures reached 1419.75 while the Nasdaq futures made a1812.25 high before noon and a little pullback followed.After a double bottom at 1415.00 reversed, the market wenthigher again. Led by the Nasdaq, the market put together asteady grind higher right up to the 1424.75-1425.25 zone onthe SP futures at the close.
The market has pretty good momentum as it gets back to thecurrent lid on the SP futures. With 2 days of tech leadingthe rallies, we need to see the rest of the market begin toplay catch-up. The breadth was flat on Wednesday, the volumewas light, and the NYSE Composite actually *lost* almost 21points for the day. That said, with Wednesday being a trendday, it looks like we should see more two-way moves onThursday. The first trading opportunity will likely set upon the short side, however the trends are up as long as theinitial support areas can hold on a pullback.
If there is early strength, beware of a reversal in thefirst 40 minutes of trading. If that sets up, we could see apretty quick selloff occur. If that plays out, be ready forthat first shake-out to be bought --especially if the marketdrops back to the initial support and then the move fizzlesand turns around. If there is a selloff and it cannot holdat initial support areas, then we could see the market getin trouble again.
Get my nightly support and resistance zones. The most consistently accurate levels on the net!
http://www.TradeStalker.com
Good Trading,
Mike Reed
Tuesday, January 09, 2007
Market Comment 01/09/07
.................................................
TradeStalker's
R.B.I. Trader's Update
1/9/2007
(Published Since 1996)
...............................................
Dateline: 6:38 pm Eastern time, 1/9/2007
Early strength was sold at the 1424.50-1425.25 area on theSP futures and the 1810.75-1812.25 area on the Nasdaq futures on Tuesday. After popping to 1424.75 on the SP futures and 1811.00 on the Nasdaq futures, the market quickly reversed. The initial support zones at the 1420.25-1419.50 area on the SP futures and the 1801.00-1799.75 area on the Nasdaq futures were like magnets. The lows were at 1419.50 and 1801.00 and the first pullback to support was bought.
The market ran back up to make token higher highs, but that 1424.50-1425.25 zone was a lid and the market sold off again. The initial support was broken, sending the market down to new lows by early afternoon. The SP futures reached 1414.00 while the Nasdaq futures fell to 1792.00 and the market got some footing. A rally back to 1422.75 on the SP futures and a new high at 1817.00 on the Nasdaq futures followed. The market pulled back to just above the updated 1417.25 level on the SP futures and the 1805.00 level on the Nasdaq futures and then turned up for another run higher.The SP futures stopped at 1424.00 while the Nasdaq futures made it to 1818.75 before fading into the close.
We have a mixed market and it can make things tricky. Thatsaid, the market is a short as long as the initialresistance continues to cause problems. On the downside, aslong as buyers show up around the 1414.00-1413.00 area on aselloff, the range should continue. So, unless/until the SP futures can break out of that range, continue to look forsetups on both sides. The short side should offer the betteropportunities from current levels.
Don't miss another RBI issue -- the most consistent, and accurate, trading plan on the net! Go here:
http://www.tradestalker.com/order-page.htm
Good Trading,
Mike Reed
Monday, January 08, 2007
.................................................
TradeStalker's
R.B.I. Trader's Update
1/8/2007
(Published Since 1996)
...............................................
Dateline: 6:31 pm Eastern time, 1/8/2007
The futures opened just under the 1419.75-1420.50 area onthe SP futures and the 1803.50-1805.50 area on the Nasdaqfutures on Monday and quickly dropped to 1414.75 and1795.50, respectively. The market turned and popped back to1419.50 on the SP futures and 1808.00 on the Nasdaq futuresand the market reversed again. The selloff took prices tonew lows at 1413.00 and 1792.25 and then the market got somefooting for another rebound. The move fizzled again at1419.00 on the SP futures and the market pulled back untilaround 1 pm.
After refusing to break 1415.50 on 2 tries, the marketcaught a bid and drove prices through the 1419.75-1420.50resistance zone. That cleared the way for a run-up to the1423.25-1424.00 zone and it acted as a magnet. However,after reaching a 1423.50 high, the SP futures pulled backright to the 1420.50-1419.75 breakout zone. The move held at1420.25 and then more buying came in and moved prices to newhighs in the last hour of trading.
The market did well by holding the 1420.25-1419.50 area onthe SP futures, after that had been a lid overhead for thebetter part of two trading days. The rally wasn't all thatimpressive, but we are coming off of some oversoldindicators and the sentiment was getting overly bearish. So,the bulls will need to hold that area on a pullback onTuesday. If that area isn't bought, then the intraday trendswill roll over and there will likely be an attempt to testsupport zones at lower levels.
The day ended with uptrends, though the market sagged at theend of the day. I'll come into Tuesday looking for two-sidedaction. If there is early strength, look for the move tofizzle in the first 20-40 minutes or so for a shortingopportunity. Thereafter, the first decent pullback shouldset up a buying opportunity IF the market can hold theinitial support areas. If those initial support areas arebroken and the market cannot quickly reverse, then a littletop may be in place from Monday's action.
Get my gameplan in your email box each evening!
Http://www.TradeStalker.com
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
1/8/2007
(Published Since 1996)
...............................................
Dateline: 6:31 pm Eastern time, 1/8/2007
The futures opened just under the 1419.75-1420.50 area onthe SP futures and the 1803.50-1805.50 area on the Nasdaqfutures on Monday and quickly dropped to 1414.75 and1795.50, respectively. The market turned and popped back to1419.50 on the SP futures and 1808.00 on the Nasdaq futuresand the market reversed again. The selloff took prices tonew lows at 1413.00 and 1792.25 and then the market got somefooting for another rebound. The move fizzled again at1419.00 on the SP futures and the market pulled back untilaround 1 pm.
After refusing to break 1415.50 on 2 tries, the marketcaught a bid and drove prices through the 1419.75-1420.50resistance zone. That cleared the way for a run-up to the1423.25-1424.00 zone and it acted as a magnet. However,after reaching a 1423.50 high, the SP futures pulled backright to the 1420.50-1419.75 breakout zone. The move held at1420.25 and then more buying came in and moved prices to newhighs in the last hour of trading.
The market did well by holding the 1420.25-1419.50 area onthe SP futures, after that had been a lid overhead for thebetter part of two trading days. The rally wasn't all thatimpressive, but we are coming off of some oversoldindicators and the sentiment was getting overly bearish. So,the bulls will need to hold that area on a pullback onTuesday. If that area isn't bought, then the intraday trendswill roll over and there will likely be an attempt to testsupport zones at lower levels.
The day ended with uptrends, though the market sagged at theend of the day. I'll come into Tuesday looking for two-sidedaction. If there is early strength, look for the move tofizzle in the first 20-40 minutes or so for a shortingopportunity. Thereafter, the first decent pullback shouldset up a buying opportunity IF the market can hold theinitial support areas. If those initial support areas arebroken and the market cannot quickly reverse, then a littletop may be in place from Monday's action.
Get my gameplan in your email box each evening!
Http://www.TradeStalker.com
Good Trading,
Mike Reed
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