Market Comment 04/30/07 - Nightly Update

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TradeStalker's

R.B.I. Trader's Update

04 /30 / 2007

(Published Since 1996)

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Dateline: 7:14 pm Eastern time, 4/30/2007


The selloff on Monday wasn't a surprise. The market opened
slightly higher, and that was immediately sold. Off of the
1502.50 level on the SP futures, the market dropped through
the initial support at the 1498.50-1498.00 area, but then
quickly reversed. After a little bounce, they pulled back
again to 1498.00 and turned up. That made a 123 reversal
pattern and they snapped back to make a token higher high on
the SP and Dow by early afternoon.

The move stalled just under the 1503.75-1504.50 resistance
zone, and then just after 2pm the selling began to pick up
pace. It was a pretty steady selloff for a change. The SP
futures tried to bounce off of the 1494.50 level, but that
was sold and the a nose-dive continued until reaching the
1488.00 level on the SP futures near the close.

This looks like more than just another dip in the resilient
uptrend. If the highs made on Friday / Monday turn out to be
a short term top, we could be on the way towards the
1473.50-1471.50 area on the SP futures (or more) before this
selloff has a chance to turn around. That would be the first
key area for the market to hold.

On Tuesday we get the ISM Index and Pending Home Sales at
10am. If there is follow through selling, be on alert for a
reversal in the first 20-40 minutes of trading. If that
occurs, be careful overstaying your welcome on the long
side. Right now it looks like the initial resistance areas
will need to be exceeded, and held, in order to arrest the
current downside momentum. If the market doesn't have the
oomph to do that, then the short term trends remain down and
selling the bounces should offer the better opportunities on
Tuesday.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly market
comment as well as consistently accurate support and
resistance levels for the emini SP, Nasdaq, and Russell.
http://www.TradeStalker.com

Market Comment 04/30/07 - Intra-Day Update

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TradeStalker's

R.B.I. Trader's Update

04 / 30 / 2007

Intraday Update

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Dateline: 12:34 eastern time, es7m= 1503 nq7m= 1899


There was a reversal pattern after the quick "wash and
rinse" just under that 1498.50-1498.00 support area. That
1498.00 level should now be key support. If that is revisited,
and there isn't another reversal, THEN things will be
changing short term. Unless that occurs, this two sided action
should continue so look for a shorting opportunity on a
bounce that fizzles out on the upside, and buy a pullback that
can hold over that 1498.00 level.

Good Trading,
Mike

Market Comment 04/29/07 - Nightly Update

.................................................

TradeStalker's

R.B.I. Trader's Update

04 /29 / 2007

(Published Since 1996)

...............................................



Dateline: 7:09 pm Eastern time, 4/29/2007


We were expecting a selloff early on Friday, but a gap down
open didn't allow a great entry. However, the first bounce
was sold around the 1500 level on the SP futures, and the
market sold off to a 1494.50 low. That was a direct hit on
the 3rd support level on the SP futures (along with 830.00
on the Russell), and here was a reversal off of that level.

The SP rallied back to the 1499.00-1500.00 zone, and pulled
back 2.50 points. Another attempt failed at 1500.00, but
after just a 2.00 point drop that resistance was finally
exceeded. As stated, the SP needed to get over 1500 and then
hold the bottom of that area. After getting to 1501.00,
there was another small pullback, but it held the 1499.00
level as it needed to do, and they rallied back to the
initial resistance area. A reversal off of the 1503.75 level
brought in the sellers, and the SP futures dropped 5.25
points to 1498.50 and then snapped back into the close. All
3 futures contracts settled well above fair value.

This rally has no quit in it. The charts going into the end
of February were parabolic, and that didn't end well. Since
the rally started a month ago, the charts are going up at an
even steeper rate of assent. The Dow closed up for the 19th
day out of the last 21 days. That hasn't happened since...
1929.

Right now we have a bit of mania and the move is feeding on
itself. The problem is that the move is so selective, and
thin. The daily indicators are flat, and trying to roll
over. This usually means that the rally on thin ice. As
noted on Thursday night, when we finally get a selloff that
sticks, things could turn nasty.

Monday is month end, and the market will likely try to hang
in there.As long as the market keeps bouncing back when the
downside stalls / reverses, things will be ok. However, if
the initial support areas are broken, and the market can not
quickly snap right back, then things might be changing. The
key support would then be at the Thursday lows. If the
1494.50 level can not hold, especially on a closing basis,
then a top of some sort should be in place.

The first hurdles are at the 1503.75-1504.50 area on the SP
futures and 1907.50-1909.00 area on the Nasdaq futures. If
those are not sold, and the market can make a clean break
and not quickly reverse, then we could move towards the
1508.00-1508.75 area on the SP futures and /or 1914.50-
1915.50 area on the Nasdaq futures. If those are reached,
and not quickly rejected, then we could melt-up to the
1511.50-1512.50 area on the SP futures and 1922.50-1924.00
area on the Nasdaq futures.

The initial support is at the 1498.50-1498.00 area on the SP
futures and 1898.75-1898.25 area on the Nasdaq futures. If
there is not a quick reversal on a test of those areas, then
the next key level would be at Friday's lows at 1494.50 on
the SP futures and 1894.50 on the Nasdaq futures. If those
are tested, and there isn't a quick reversal, then the
1492.50-1491.50 area on the SP futures and 1888.75-1887.75
area on the Nasdaq futures should hold. If those do not
hold, then the market will be in for a rough day.



June 2007 SP futures resistance
symbols: emini = esm7 / big contract =spm7

1503.75-1504.50
1508.00-1508.75
1511.50-1512.50


June 2007 SP futures support
symbols: emini = esm7 / big contract =spm7

1498.50-1498.00
1494.50
1492.50-1491.50


June 2007 Nasdaq futures resistance
symbols: emini = nqm7 / big contract = ndm7

1907.50-1909.00
1914.50-1915.50
1922.50-1924.00

June 2007 Nasdaq futures support
symbols: emini = nqm7 / big contract = ndm7

1898.75-1898.25
1894.50
1888.75-1887.75


Dow resistance
symbols: $INDU/DJIA

13146-13151
13164-13171
13204-13218

Dow support
symbols: $INDU/DJIA

13111-13109
13073
13054-13048

June 2007 Russell futures resistance
symbols: emini = er2m7 / big contract = er2m7

836.60-837.10
839.90-839.60
842.80-843.70


June 2007 Russell futures support
symbols: emini = er2m7 / big contract = er2m7

831.90-831.50
830.00
828.00-827.60


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REMINDER:

Real Time subscribers can view these updates on
the web at this site:

http://www.tradestalker.com/members


---------------------------


Good Trading,
Mike Reed

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without permission.

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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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*************************************************

Market Comment 04/27/07 - Intra-Day Update

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TradeStalker's
R.B.I. Trader's Update
04 / 27 / 2007
Intraday Update
...............................................

Dateline: 11:06 eastern time, es7m= 1497.5 nq7m= 1890

We have a bounce off the 1494.50 support and the market should go any further if it's going to stay out of trouble. Look for resistance around 1499.00-1500.00. That will need to be exceeded, and held, to get out of potential trouble.

Good Trading,
Mike

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/26/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/26/2007
(Published Since 1996)
...............................................

Dateline: 7:12 pm Eastern time, 4/26/2007

I rarely "toot my own horn" so allow me this. Last night Iwrote:

"On Thursday morning, look to get short on early strength. If the market obliges and there is a selloff... look for a potential reversal back up if the downside reaches and stalls, around the 1497.50-1497.00 area on the SP futures. That should hold on a pullback, otherwise we could have more than just another dip in a strong uptrend."

We got exactly what we were looking for on Thursday morning. Early strength reversed from the 1502.75-1503.25 resistance area on the SP futures (from a 1503.25 high) and the market sold off quickly to the 1497.50-1497.00 support area. After a small bounce, the SP made a double bottom at that support,and then rallied back to the 1503.25 level on the SP futures. That turned into a little triple top at our 1502.75-1503.25 resistance area, and the market backed off again. The 1498.25 level on the SP futures was reached inthe early afternoon, and the market bounced back to token higher highs. however, the SP futures double topped at1504.50 and sold off 5 points before rebounding into the close.

The market is acting very top heavy up here and the end of month bias to the upside looks to be about over. The Dow has closed higher 18 of the last 20 trading days. The daily charts are very extended and could implode if there is a whiff of bad news. The RBI Sell gate is now closed. It's been a tendency for the market to slow upside progress after the signal and then the downside gets in gear. At this juncture, it might be safe enough for a swing trade on theshort side if given the right price.

The market has been getting hit with selling early and then has come back on every dip recently. The lows are occurring in the first hour and then the market battles its way higher throughout the day. When that first dip isn't bought aggressively (and instead we see a wimpy, small, rebound andthen more roll over), then things will be changing.

That said, the risk/reward should favor the short side up here, unless a good reversal occurs at a support zone. Even then, keep those on a tight leash. On Friday we get GDP before the open and Michigan Sentiment at 10 am. As long as the Thursday lows are not broken, nothing bad happens. If the market gets back to resistance areas and the movef izzles, that should set up a good shorting opportunity.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/25/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/25/2007
(Published Since 1996)
...............................................
Dateline: 6:25 pm eastern time, 4/25/2007

The market gapped up on the open on Wednesday, and reversed from a 1496.50 high on the SP futures. That was just shy ofthe 1497.00-1497.50 resistance area, and there was a steady selloff until reaching the Tuesday closes just 45 minutes into trading. That first pullback was bought, and off of a 1488.00 low the SP futures went into rally mode. Just before 1:30pm the SP made it back to the 1496.75 level. Per theIntraday Update, the market backed off, but then broke out over that resistance just before the Beige Book release.After that release, the trend up move gathered some steam and the market rallied steadily until the final 20 minutesof trading.

After turning up on Wednesday, the SP and Nasdaq futures held dynamic intraday support all of the way up. The move lost some steam in the final minutes of trading, and ended the day right above that support. If the initial support areas can not hold, there could be another fairly quick selloff on Thursday morning.

The RBI Sell gate is open at Wednesday's close. This should make further upside somewhat difficult, at least. On Thursday morning, look to get short on early strength. If the market obliges, and there is a selloff from early strength that cuts through the initial support, look for a potential reversal back up if the downside reaches, and stalls, around the 1497.50-1497.00 area on the SP futures.That should hold on a pullback, otherwise we could have more than just another dip in a strong uptrend.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/25/07 - Intra-Day Update #2

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 25 / 2007
Intraday Update #2
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Dateline: 1:46 eastern time, es7m= 1496 nq7m= 1887

The 1497.00-1497.50 area was rejected for a second time. It looks like a break, and hold, under the 1494.00-1493.50 area is needed in order to get the market to roll over.

Good Trading,
Mike

Market Comment 04/25/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 25 / 2007
Intraday Update
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Dateline: 11:43 eastern time, es7m= 1492.5 nq7m= 1878

The gap up reversed just under the 1497.00-1497.50 resistance, and the first selloff was bought at yesterday's closes. If this bounce fizzles under that resistance, it sets up another good shorting opportunity. If there is another drop, it should hold the 1490 level if the market is going to stay in uptrends. The Fed's Beige Book comes out at 2pm, and that should give us more volatility.

Good Trading,
Mike

Market Comment 04/24/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/24/2007
(Published Since 1996)
...............................................

Dateline: 6:24 pm eastern time, 4/24/2007

After a flat open on Tuesday, the market popped up and then reversed from just under the 1490.50-1490.75 resistance zone on the SP futures (along with resistance on the Nasdaq and Russell futures). The market nudged lower until the 10 am releases and when the numbers were released, the SP futures dropped quickly to the 1482.50 level. There was a "slinky"pattern that developed at the 1485 level and the market rolled back over to make new lows. After just an hour of trading, the SP found bottom at 1480.25 and then turned up. The SP rallied to 1489.50 and then pulled back 5 points to the 1484.50 level. The market turned back up and went to token higher highs by 2 pm, but the rally couldn't stick and there was another 5 point pullback before firming at the close.

The "talk" seems to be that Dow 13,000 is a given. Afterall, it's just a stone's throw away from here. I remember when the party hats were on when the Dow was about to close above 3000 for the first time ever. For 2 days the Dow closed at 2999 and the party had to be put on hold. Then, after all of the hullabaloo, the market began a bearish cycle and had a pretty deep correction.

In any case, the market sure has a pretty strong lid overhead. This stalling out at new highs normally precedes a decent drop. The 1494.75 high on the SP futures could very well be a short term top and if things work out, it would leave the door open for a trip back towards the 1463-1461 zone on the SP futures.

Okay, back to the very short term. On Wednesday we get NewHome Sales at 10 am and then the Fed's Beige Book at 2 pm. The Housing numbers have been market movers lately and of course the market nearly always reacts to Fed notes. The SP and Dow have established trading ranges. Until they are broken, look for a shorting opportunity on a move towards resistance that stalls and/or reverses. And also look for a buying opportunity on a sell off to support that stalls and/or reverses.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/24/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 24 / 2007
Intraday Update
...............................................

Dateline: 2:00 eastern time, es7m= 1487.5 nq7m= 1874

The early pop reversed from just under the 1490.50-1490.75 resistance, and 60 minutes in, the SP reversed back up through support. The market should be ok as long as the 1484.50-1484.00 area can hold. Just be alertfor a potential reversal around the 1489.50 level.

Good Trading,
Mike

Market Comment 04/23/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/23/2007
(Published Since 1996)
...............................................

Dateline: 6:12 pm eastern time, 4/23/2007

After opening lower, the market moved up to initial resistance and then reversed. Off of a 1494.75 high on the SP futures, they fell 3.25 points to 1491.50 and then the market went sideways. While the Nasdaq futures made a test of its early high, the SP futures had a lid on top at 1494.00 and the market backed off. By 2 pm the SP futures reached 1487.00 while the Nasdaq futures fell to 1856.75 and after a pop they went back to test the lows. Buying came in on that test and a rally back to 1490.75 on the SP futures followed. However, with 30 minutes left in stock trading,the market had stalled long enough at that 1490.75 level and the blue chips sold off into the close.

On Tuesday we get the Consumer Confidence and Existing Home Sales releases at 10 am. The 1493.75-1494.75 area on the SP futures was trouble on Monday, but the pullback didn't have much gusto. The VIX jumped 8% on Monday and that big of a move on a fairly calm day is normally short term bullish. At least, the market is expecting a pick-up in volatility.

Up at these levels, there likely isn't a whole lot more on the upside. The last part of the rally was very thin, with breadth and volume indicators not confirming the new highs.On the downside, the SP futures could sell off as far as the1461.50-1461.00 area without destroying the current uptrend. Shorting the rallies that stall out should offer the easier trade setups.

That said, if there is early weakness, then be on alert fora reversal to get long. Just be careful not to overstay your welcome. On the other side of the coin, if the market opens higher and the move fizzles (especially near that 1493.75-1494.75 area on the SP futures again), then it should offer a decent trade on the short side. Thereafter, if the market can establish a trend, then go with that trend with an eye on resistance / support areas for a potential turn.

Good Trading,
Mike Reed

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http://www.tradestalker.com/

Market Comment 04/23/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 23 / 2007
Intraday Update
...............................................

Dateline: 11:52 eastern time, es7m= 1491.5 nq7m= 1863

I doubt we have a 4 point range today, and the resistance has been a lid on the ES, so stay short or short the bounces under 1494.00. If the 1491.00 level is broken and held, then the intraday trends will roll over today.

Good Trading,
Mike

Market Comment 04/22/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/22/2007
(Published Since 1996)
...............................................
Dateline: 6:08 pm eastern time, 4/22/2007

The market gapped up on Friday, right in our 1492.00-1494.00 shorting zone and then headed lower. From a 1492.50 high,the SP futures sold off to the updated support at 1484.50 by early afternoon. The market turned up from there and the labored rebound picked up pace in the last 30 minutes. Off of a 1488.00 pullback low, the SP futures rallied 5 points to 1493.50 in the final minutes of trading.

That last 30 minutes on Friday appeared to be options expiration related. If this move fizzles up here and the SP futures turn down and break through the initial support areas on Monday, it could turn into a top.

The rally on the SP futures from 1375.25 on 3-14 up to 1451.00 on 3-22 and 3-23 was 75.75 points in length. From there, the SP futures fell 33.00 points to 1418.00 on 3-30. If this leg up is exactly equal, then the high would be at 1493.75 on the SP futures. Given a few points leeway (if there isn't much follow through on Monday), if there's a turn from up here, we could be in for a sizeable pullback. A drop of 33 SP points from Friday's high would take the SP back to 1460.50, enough to fill the gap from last Monday before the market tries to get going again. It could happen,but no promises. Something must break this big momentum first.

Look to short early strength on Monday and then if the first pullback can hold initial support, that should set up a buying opportunity. If there is a pullback to the initial support and the market doesn't turn around, then odds of a deeper selloff in the works goes up.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly market comment as well as consistently accurate support and resistance levels for the emini SP, Nasdaq, and Russell. http://www.TradeStalker.com

Market Comment 04/20/07 - Intra-Day Update #3

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 20 / 2007
Intraday Update # 3
...............................................

Dateline: 12:52 eastern time, es7m= 1486 nq7m= 1853

The little bounce stopped just under that 1487.75 level, but so far has held the 1484.50 support. From here on out, with it being option expiration, things could get choppy so don't be super aggressive on either side.

Good Trading,
Mike

Market Comment 04/20/07 - Intra-Day Update #2

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 20 / 2007
Intraday Update # 2
...............................................

Dateline: 11:44 eastern time, es7m= 1486 nq7m= 1856

The market is trying its best to hold around here. Day traders might want to take some profits. As for the swing trade, trail a stop at least. We shouldn't go over 1487.75 on a normal bounce. There should be some support around the 1484.50 level.

Good Trading,
Mike

Market Comment 04/20/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 20 / 2007
Intraday Update
...............................................

Dateline: 10:34 eastern time, es7m= 1489.5 nq7m= 1861

We had a poke into that 1492-1494 zone, and a quick pullback. Right now it looks like is going to take a break down thru 1488.00 to get the market to roll over.

Good Trading,
Mike

Market Comment 04/19/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/19/2007
(Published Since 1996)
...............................................

Dateline: 6:34 pm eastern time, 4/1/2007

We were looking for early weakness to be a buying opportunity on Thursday, and after the gap down open things reversed after about 18 minutes of trading and the rally was in gear. There was a brief pullback about an hour into the day, but the pullback was bought as the market went to test the Wednesday highs. While the Dow poked its head into new all-time high ground, the SP futures reached 1481.75 while the Nasdaq futures reached the 1853.75 level and the move fizzled. Off that high, a little 123 top developed and the market hit rolled over. The 1479 level was easily broken as the SP futures fell to 1477.50 before bouncing. The bounce failed and the market washed out one more time. The SP futures fell to 1476.25 before reversing and rallying into the close.

The scale in shorts are meant for the SP futures or proxies.The way the futures acted as stocks closed on Friday makes those late day lows very important. We may yet see that 1492-1494 area on the SP futures reached, so if you entered a swing short, the position should be small. IF that 1492-1494 area is reached, and the move fizzles, that would offer a very good reward/ risk setup, using a little more leeway on the stop/loss order than on day trades.

Friday is an option expiration day, so there could be erratic action on Friday. Look for early weakness as a buying opportunity. Thereafter, we will see if the market is rejected again around this week's highs. If it isn't, and there is a breakout on the upside that holds, then we could go for that 1492-1494 area on the SP futures before much trouble sets in.

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Good Trading,
Mike Reed

Market Comment 04/19/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 19 / 2007
Intraday Update
...............................................

Dateline: 12:46 eastern time, es7m= 1480 nq7m= 1850

We had a gap day that has turned trend day thus far. The market has a good bid, however will need to stay over the 1478.00-1477.50 area on a pullback. A break and hold of that area this afternoon would turn things back down.

Good Trading,
Mike

Market Comment 04/18/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/18/2007
(Published Since 1996)
...............................................

Dateline: 6:02 pm eastern time, 4/18/2007

The market opened lower on Wednesday and buying startedimmediately. The initial bounce failed and the market backedoff to test the opening lows and the market quickly reversedback to the upside. The move stopped at 1481.00 on the SPfutures and the market softly pulled back into earlyafternoon. Off of the 1477.50 low the market turned back upand moved parabolic to 1484.50 on the SP futures and 1853.00on the Nasdaq futures. That was reversed and the market soldoff fairly hard in the last 30 minutes of trading.

Under the weather today, so a quick comment and then whatshould be good support and resistance areas on Thursday. Wewill get the Leading Indicators at 10 am and the Philly Fedat noon. The late action on Wednesday looks telling shortterm. If there is another rally up to the highs and itfizzles, begin scaling into a swing trade on the short side.If there is early weakness, it will likely be a buyingopportunity. At this juncture, don't hold that position toolong. Right now it looks like a move to that 1492-1494 areais the most we'll see before a sizeable setback occurs.

There is resistance at the 1484.50-1485.00 area on the SPfutures and the 1852.50-1853.50 area on the Nasdaq futures.Above those, look for minor resistance at 1486.50 on the SPfutures and 1857.50 on the Nasdaq futures. If those areexceeded, the big resistance is at the 1492.00-1494.00 areaon the SP futures and/or the 1864.00-1867.00 area on theNasdaq futures.

Initial support at the 1477.50-1477.00 area on the SPfutures and the 1844.00-1842.50 area on the Nasdaq futures.If those break, then it looks like the 1473.50-1473.00 areaon the SP futures and the 1836.50-1835.75 area on the Nasdaqfutures are next. If those break, then the 1470.25-1469.75area on the SP futures and the 1832.50-1830.50 area on theNasdaq futures would be next.

Good Trading,
Mike Reed

Market Comment 04/17/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/17/2007
(Published Since 1996)
...............................................

Dateline: 6:03 pm eastern time, 4/17/2007

The market gapped up again on Tuesday's open, but this timethe gap was smaller and after tagging 1479.00, the move wassold. The gap was easily filled, reaching 1475.00 on the SPfutures and 1842.75 on the Nasdaq futures and then buyersstepped to the plate and the market rallied back. The markettested the resistance at the 1481.50-1482.75 area on the SPfutures and the 1850.50-1852.50 area on the Nasdaq futuresand after the SP futures backed off 2.50 points, they turnedright back up and moved to a 1482.75 high. That area wasrejected again and the market finally pulled back into earlyafternoon. After reaching 1476.50 on the SP futures, buyersstepped in and the market was able to rebound over the nexthour. Things got very choppy as the market closed mixed forthe day.

The loss of upside momentum, along with too bullishsentiment, might have limited the upside here short term.Right now the market appears to be at a crossroad and wewant to see everything break out of the small range beforebeing too aggressive on either side. It will take a decisivebreak through the first resistance to areas to get themarket going on another decent run-up. On the bottom side,it would take a break and hold under the Tuesday low areasto get the market into a short term downtrend.

That said, if there is a lower open and the market getsfooting and reverses at/near the 1475.50-1475.00 area on theSP futures and the 1843.00-1842.25 area on the Nasdaqfutures, it should set up a decent snap-back rally. If thatdoesn't occur and that support doesn't hold, then the trendscould be rolling over and selling the bounces that fizzlewould offer the better setups.
Due to the split market up here, the resistance and supportmay not line upon Wednesday. However, the most importantareas / levels are listed.

The first resistance is at the 1482.00-1482.75 area on theSP futures and the 1852.50-1853.50 area on the Nasdaqfutures. Those were heavy lids overhead on Tuesday and nowshould become key resistance areas. If those are tested andthe move fizzles again, then it's another good shortingopportunity. However, if those are exceeded and the marketdoesn't quickly reverse, then look for minor resistancearound the 1486.00 and 1857.50 levels. If those are not aproblem, then a move to the 1492.00-1494.00 area on the SPfutures and the 1864.00-1867.00 area on the Nasdaq futureswould be targets for a top in this timeframe, if it wasn'tseen already on Tuesday.

The first key support is at the 1475.50-1475.00 area on theSP futures and the 1843.00-1842.25 area on the Nasdaqfutures. If those are exceeded and the market doesn't snapright back, then things could be changing short term. Thenext good support would be around the 1470.25-1469.75 areaon the SP futures and the 1838.50-1837.50 area on the Nasdaqfutures. If those are reached and not bought, then the1466.75 and 1832.50 levels would be the last spots for aturn until the gaps fill.

Good Trading,
Mike Reed

Market Comment 04/17/07 - Intra-Day Update #2

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 17 / 2007
Intraday Update # 2
...............................................

Dateline: 1:34 eastern time, es7m= 1477.5 nq7m= 1845

The 1481.50-1482.75 resistance area on the SP futures and the 1850.50-1852.50 resistance area on the Nasdaq futures flunked the test.

However, thus far the SP has made its "normal pullback of 6.25-7.25 points. The 1475.50-1475.00 area should be a key support area. If that's broken by much, the upside rhythm will be broken.

Good Trading,
Mike

Market Comment 04/17/07 - Intra-Day Update - CORRECTION

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 17 / 2007
Intraday Update - Corrected
...............................................

Dateline: 12:09 eastern time, es7m= 1481 nq7m= 1850

There was a typo in the last update, it's corrected below.

The market is having difficulty with the 1481.50-1482.75 resistance area on the SP futures and the 1850.50-1852.50 resistance area on the Nasdaq futures. The move is extended, so a failure up here could be trouble very short term. However, if those are exceeded and held, we could go for 1492-1493 before the rally loses steam.

Good Trading,
Mike

Market Comment 04/17/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 17 / 2007
Intraday Update
...............................................

Dateline: 11:25 eastern time, es7m= 1480.5 nq7m= 1849

The market is having difficulty with the 1481.50-1482.75 resistance area on the SP futures and the 1850.50-1852.50 resistance area on the Nasdaq futures. The move is extended, so a failure up here could be trouble very short term. However, if those are exceeded and held, we could go for 1482-1493 before the rally loses steam.

Good Trading,
Mike

Market Comment 04/16/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/16/2007
(Published Since 1996)
...............................................

Dateline: 5:56 pm eastern time, 4/16/2007

The market gapped up on Monday, but after 20 minutes oftrading, the SP futures backed away from a 1472.25 highwhile the 1843.75-1844.50 area on the Nasdaq futures wassold. The pullback held at 1470.00 on the SP futures andthen the market averages tested the early highs and backedoff again. The market was able to hold ground around the1470.20-1469.75 area on the SP futures again and the SP500cash rallied to new highs for the year by early afternoon.After reaching 1477.25 on the SP futures, the market backedup again and broke thru the updated support areas. However,the market turned itself right back around and more buyingtook the market back to test its highs by the close.

We get the CPI and Housing Starts before the open on Tuesdayand then Industrial Production and Capacity Utilizationnumbers at 9:15 am. The move into new yearly high ground bythe SP500 cash hasn't been confirmed by the other averages.It was good that the Nasdaq perked up late in the day andfinished the strongest amongst the averages. The bad new isthat some of the internal gauges have gotten overbought(like the 3 day thrust up at +.67). In addition, the SPfutures settled about 1.50 points under fair value.

The Monday afternoon lows are looking key on the very shortterm. On the SP futures, the 1473.50-1473.00 area alignswith the 60 period ema on the 5 minute chart (and/or 20 emaon 15 minute chart). As long as buyers step to the plate ona pullback to those areas, things should be okay. However,if those Monday afternoon low areas are broken and themarket cannot quickly get itself turned back up, then wecould be rolling over short term.

On Tuesday, look for resistance at the 1477.00-1477.75 areaon the SP futures and the 1850.50-1852.50 area on the Nasdaqfutures. If those are cleared and the market doesn't quicklyreverse back down, then we could head for the 1481.50-1482.75 area on the SP futures and the 1857.50-1859.00 areaon the Nasdaq futures.

The initial support is at the 1473.50-1473.00 area on the SPfutures and the 1843.25-1842.25 area on the Nasdaq futures.If there is a hold below those areas, then look for decentsupport at the 1470.25-1469.75 area on the SP futures andthe 1838.50-1837.50 area on the Nasdaq futures. If those arenot bought, then look for a test of the 1466.75 level on theSP futures and/or the 1832.50 level on the Nasdaq futures.

Good Trading,
Mike Reed

Market Comment 04/16/07 - Intra-Day Update #2

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 16 / 2007
Intraday Update # 2
...............................................

Dateline: 1:48 eastern time, es7m= 1475 nq7m= 1846

Be careful on the long side up here. If there is a breakand hold below 1474.00-1473.75 area on the ES and 12701-12698 on the Dow must hold, otherwise we could be undergoing another 6.25-7.25 point drop, making that 1470.25-1469.75 area key support.

Good Trading,
Mike

Market Comment 04/16/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 16 / 2007
Intraday Update
...............................................

Dateline: 10:53 eastern time, es7m= 1473 nq7m= 1844

The gap up open was greater than 4 SP points, so this can be a trend up day. As long as the pullbacks are soft, and can hold the 1470.00-1469.75 area, the market should be in buy the dip mode. If that are breaks, and there isn't a quick rebound, then the trend could be rolling over.

Good Trading,
Mike

Market Comment 04/15/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/15/2007
(Published Since 1996)
...............................................

Dateline: 5:31 pm Eastern time, 4/15/2007

The market ended the week on an up note. On Thursday andFriday the market was sold off early and then it camerallying into the close. The pullbacks have been 6.25-7.25points on the SP futures and 13.25-14.00 points on theNasdaq futures. As long as the pullbacks don't go anyfarther than that, the market should be in decent shape fora bit longer.

That said, look for the "sell early, buy the first decentpullback" type of pattern in the early going on Monday. Ifthere is early strength that reverses, then that firstpullback should be bought after dropping 6.25-7.25 points onthe SP futures. You will need to do the math. If there isnot any follow through buying, then the 1455.00-1454.50support zone would be the key support zone.

Look for resistance at the 1461.50-1463.00 area on the SPfutures and the 1833.25-1835.50 area on the Nasdaq futures.Above those areas, look for minor resistance around the1464.50 level and the 1839.50 level on the Nasdaq futures.If those are not a problem, then we could go for the1467.75-1468.25 area on the SP futures and the 1843.75-1844.50 area on the Nasdaq futures.

The initial support is at the 1460.00-1459.50 area on the SPfutures and the 1829.00-1828.25 area on the Nasdaq futures.If those break and the market doesn't quickly turn back up,then look for support at the 1458.25 level on the SP futuresand the 1824.00 level on the Nasdaq futures. If those don'thold, then be on alert for a turn after a drop of 6.25-7.25points on the SP futures and 13.25-14.00 points on theNasdaq futures. If that aligns with one of the support areasabove, it should be especially key. The next good fixedsupport would be down at the 1455.00-1454.50 area on the SPfutures and the 1819.00-1818.25 area on the Nasdaq futures.If those break, then the 1452.00 level on the SP futures andthe 1813.50 level on the Nasdaq futures would be next.

Good Trading,
Mike Reed

Market Comment 04/11/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/ 11/ 2007
(Published Since 1996)
...............................................

Dateline: 6:31 pm eastern time, 4/11/2007

The market opened just under the key resistance areas onWednesday and sold off fairly hard by late morning. Themarket got its footing and the SP futures bounced back to alast trapped and fib resistance at the 1453.50-1454.00 zoneand stalled before the FOMC Minutes were released. Therelease accelerated the downside, as the market slid to newlows at 1444.50 on the SP futures and 1807.25 on the Nasdaqfutures by 2:45pm. The market managed to crawl out of thehole in the last hour, but the bounce was feeble at best.

** NOTE: DUE TO A VERY SHORT BREAK, THIS WILL THE LASTUPDATE UNTIL SUNDAY EVENING **

The low volatility, narrow range trading at a high, gave wayto lower prices as normally occurs on Wednesday. The dayended with the market moving up in sloppy uptrends. The VIXgave a couple of sell signals, and the volume picked up asprices fell. The ranges were broken on the downside, sothere are some late buyers stuck just above here.

On Thursday, look for a shorting opportunity if there isearly strength that fizzles, especially if that occurs atthe initial resistance areas. It looks like the initialresistance will need to be exceeded and held, in order toget the trends turned back up. If the market cannotaccomplish that, then it is weak and we should see a test ofthe Wednesday lows, at least.

Good Trading,
Mike Reed

Market Comment 04/11/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 11 / 2007
Intraday Update
...............................................

Dateline: 11:52 eastern time, es7m= 1450.5 nq7m= 1819

The reversal from just under key resistance started the ball rolling on the downside this morning. The ranges were broken, but the support at the 1449.50-1448.50 zone on the ES and 1813.00-1811.00 area on NQ has held. With the FOMC Minutes released at 2pm, this bounce should have trouble getting through the 1452.25-1452.75 area. If that is exceeded, and held, then the trends can turn back up.

Good Trading,
Mike

Market Comment 04/10/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/10/2007
(Published Since 1996)
...............................................

Dateline: 5:37 pm Eastern time, 4/10/2007

The market opened lower on Tuesday, right in the 1453.25-1452.25 support zone on the SP futures and off of a 1452.50low, they quickly ran up to 1456.50. After a dip, the buying came back and the market bounced to the 1458.00-1458.50 area and then backed off. Another test of that zone left a 123 top in place and the SP futures pulled back to the 1453.25-1452.25 area again by noon. The market refused to break and a choppy rally was underway. The market grinded higher and tested that 1458.00-1458.50 area once again with an hour left in the trading day. However, the move reversed after reaching 1457.75 on the SP futures and they pulled back 1.50points. The dip was bought and they moved on up to the1458.00 level on the SP futures, but after the 4 pm close for stocks, the SP futures pulled back 2.25 points and settled under fair value.

On Wednesday we get the FOMC Minutes at 2 pm eastern time.The Dow cash traded in a narrow 39 point range on Tuesday.The SP futures have had small ranges for 4 straight days now. The 1458.00-1458.50 area on the SP futures and the 1833.25-1834.75 area on the Nasdaq futures have turned the market back 3 times now. Those have been probed enough times to make them key resistance areas.

That said, unless / until the market can break out of its narrow ranges, be a buyer on a test of the 1452.75-1452.25area on the SP futures and the 1820.50-1818.50 area on the Nasdaq futures IF the move stalls and/ or reverses back up.On the other side of the coin, if there is another pop that fizzles at the 1458.00-1458.50 area on the SP futures and/or the 1833.25-1834.75 area on the Nasdaq futures, it will setup a good shorting opportunity with a tight stop. After the Fed Minutes are released, expect the trading ranges to be broken if they haven't been already. If there is a breakout either way, then that area should turn into a new support or resistance area if the market accelerates.

Get my nightly support and resistance zones that I'll be buying and selling against the following trading day along with my bullish or bearish outlook for the next day's market action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/

Good Trading,
Mike Reed

Market Comment 04/10/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 10 / 2007
Intraday Update
...............................................

Dateline: 11:51 eastern time, es7m= 1454.5 nq7m= 1825

We had the opening reversal from the 1453.25-1452.25 area on the ES, but they were rejected again at the 1458.00-1458.50 area. Another test of the 1452.00 level would need to be quickly reversed, otherwise there could be a fairly sharp break.

Good Trading,
Mike

Market Comment 04/09/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/9/2007
(Published Since 1996)
...............................................

Dateline: 6:02 pm Eastern time, 4/9/2007

The market opened higher on Monday, but that early strength was sold and the market chopped its way down to the 1452.50-1452.00 area on the SP futures about 45 minutes into the trading day. Off of a 1452.50 low, the market bounced back to test the highs and then pulled back a bit. The small dip was bought and the market moved to new highs for the day by1 pm. Not too long after the Intraday Update was sent, that 1456.00 level broke and the market backed off to test the lows. The lows held, however the rebound was wimpy as the SP futures backed away twice from just under the 1456.00 level.

The ranges are really contracting and this low volatility should abate soon and give us a decent amount of volatility,or a strong trending move. The market acted tired on Monday afternoon and the upside momentum has pretty much stalled out. The moves down were quicker on Monday. However, absent much on the economic calendar until the FOMC Minutes are released on Wednesday, the market averages are stuck in loose little ranges. The Nasdaq is looking vulnerable and if it breaks by much, then the market is likely in for a decent pullback.

On Tuesday we need to see the initial resistance areas exceeded to avoid potential trouble. If there is a move over those initial resistance levels, it would need to stick and bring in more buying. So, if the market does get through that resistance but then reverses back down, it could be a red flag for more downside.

Good Trading,
Mike Reed

Get my trading plan every night complete with my support and resistance numbers for the emini's: SP500, Nasdaq, andRussell. The most accurate, consistant trading plan on the net! Get our unlimited FREE TRIAL!http://www.TradeStalker.com

Market Comment 04/09/07 - Intra-Day Update

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 09 / 2007
Intraday Update
...............................................

Dateline: 1:42 eastern time, es7m= 1457 nq7m= 1830

The bounce off of the 1452.50-1452.00 support area on the SP futures looks like it's over, and the market could be on shaky ground here. If the 1456.00 level breaks, and there isn't a quick turn around, a test of that 1452.50-1452.00 area on the SP futures is possible today. However, if that level does hold, there is a chance of seeing that 1459 level today.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.
www.TradeStalker.comhttp://www.TradeStalker.comPO Box 9783, Ft Wayne, IN, 46899

Market Comment 04/08/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/8/2007
(Published Since 1996)
...............................................

Dateline: 5:47 pm Eastern time, 4/8/2007

The market gapped down on Thursday morning, then turned up and trended higher into the afternoon. The SP futures got over the 1450 level and held, which opened the door for a move to the 1454.00-1454.50 resistance zone. The SP backed off from that resistance into the Thursday close, but it was just 2.50 SP points and held over the 1451.00 level.

The Jobs data on Friday morning sent the stock index futures even higher. This is unusual, happening on a Friday and giving folks all weekend to ponder.

The SP futures got up to 1459.00. If the market opens up there on Monday, that would get the SP500 cash to the 1450 level. Some of the daily indicators are getting very overbought and the sentiment has made a big move from super bearish a month ago to very bullish as we approach the 1461.57 high on the SP500 cash.

On Monday let's look to sell into early strength IF there is a reversal, or a stall around the 1461.00-1462.00 area on the SP futures. If the market obliges and pulls back to around 1455.00 on the SP futures and/or 1831.50 on the Nasdaq futures, look for a potential reversal back up. If this doesn't play out, then let the market find a trend and go with it.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly market comment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell. http://www.TradeStalker.com

Market Comment 04/04/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/4/2007
(Published Since 1996)
...............................................

Dateline: 6:22 pm Eastern time, 4/4/2007

The market opened flat on Wednesday and then broke the initial support on the SP futures. The market did not accelerate however and instead the action turned very choppy. A move up to test the 1450.00 level on the SP futures was rejected and the market pulled back in the early afternoon. The market refused to break and managed a small rebound into the close.

Expect the conditions to thin out after the early going on Thursday. The narrow range day after a big run-up has been the start of most of the sharp drops recently. We tend to get a lot of volatility near bottoms and just the opposite at market tops. If the market just spins its wheels again on Thursday, it could set the stage for another big move.

The bias into the holiday is normally up, but there has been a real hesitation to run through the 1450.00-1451.00 area on the SP futures. If that area can finally be exceeded and there is not a quick reversal, then there could be another 10 SP points to go on the upside before the market gets turned back. On the other side of the coin, if the Dow goes back under 12500 and cannot quickly reverse, then we could have a double top in place and see the market retrace a good deal of this week's gains.

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/04/07 - Intra-Day Update #1

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 04 / 2007
Intraday Update
...............................................

Dateline: 1:07 eastern time, es7m= 1447 nq7m= 1816

The SP again rejected the 1450 level, and the market "feels" like it doesn't like the thin air up here. Be careful with any long trades, or avoid that side, unless there is a break and hold over the 1450.50-1451.00 area.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.
www.TradeStalker.comhttp://www.TradeStalker.comPO Box 9783, Ft Wayne, IN, 46899

Market Comment 04/03/07 - Nightly Update

.................................................
TradeStalker's
R.B.I. Trader's Update
4/3/2007
(Published Since 1996)
...............................................

Dateline: 6:45 pm Eastern time, 4/3/2007

The market gapped up on Tuesday, and when the Housing Numbers were released the market accelerated higher. The move was pretty much over with after 90 minutes of trading,and then the market traded sideways into the afternoon. An attempt to get another run-up going was stopped cold in that1449.75-1451.00 resistance zone on the SP futures, and off of a 1450.50 high the market pulled back. However, the 1446.25-1445.75 area on the SP futures held all day, and pulling back to 1446.25 the market churned sideways into the close.

It's a tough call up here, but right now it appears that we could have a little double top in place. The rally lost gas after the early sprint, and the bids dried up on the punch through 1450 on the SP futures. The little rejection of that area was similar to how the last top up here was put in place. The Nasdaq futures made a high in the first 90 minutes of trading, and failed 3 times to get through the1819.00 level. That said, the market DID hold the 1446.25-1445.75 area on the SP futures all day Tuesday. If that area is not defended, then we could see the market roll over and begin downtrends.

On Wednesday it will take a move through the 1450.50-1451.00 area, that isn't quickly reversed, to keep the bears from trying to press the market lower. If there is no early strength, then that 1446.25-1445.75 area on the SP futures should be key to the short term. If the market pushes through the initial support, and there is not a quick snap-back, then there could be a rush for the exit door.

Good Trading,
Mike Reed

Sign up for our FREE TRIAL, and you'll get my nightly market comment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.tradestalker.com/

Market Comment 04/03/07 - Intra-Day Update #2

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 03 / 2007
Intraday Update #2
...............................................

Dateline: 2:27 eastern time, es7m= 1446.5 nq7m= 181

There was a reversal from the 1449.25-1451.00 zone. The 1446.25-1445.75 area has held all afternoon, so if that is able to hold the market is "ok". But, if that area is broken, and there's no snap-back, we could have a little top in place.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 04/03/07 - Intra-Day Update #1

.................................................
TradeStalker's
R.B.I. Trader's Update
04 / 03 / 2007
Intraday Update
...............................................

Dateline: 11:44 eastern time, es7m= 1446.5 nq7m= 1816

The next resistance is at the 1449.25-1451.00 zone. If they can not get over 1447.50, and break 1445.50, we could have a pullback to 1443.50 and that would need to hold..

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 04/02/07

.................................................
TradeStalker's
R.B.I. Trader's Update
4/2/2007
(Published Since 1996)
...............................................

Dateline: 7:03 pm Eastern time, 4/2/2007

The market opened higher on Monday, but it was sold after the SP futures poked its head just over initial resistance and reversed. From a 1434.50 high, the SP futures pulled back to the open and then when the ISM Index was released,the market dropped fast. The SP dropped to test the 1425.00-1424.50 area and with things quieting down, the market tried to get itself turned back around. Buyers stepped in to get long and the market obliged by moving up to 1433.75 on the SP futures before stalling out around noon. There was a pullback to 1428.50 around 2 pm and then the blue chips rallied to new highs for the day. The Nasdaq didn't get back to its high, yet the SP futures made a 1436.00 high and then the market faded into the close.

The market is obviously range-bound, as it has been noted here. The SP futures settled about 2 points under "fairvalue" so there isn't a lot of comfort being long overnight. On Tuesday we can again look to get short into early strength as soon as the move fizzles. If the market obliges and early strength does get reversed and the market sells off, then be on the alert for another reversal once any downside momentum fizzles and the market gets turned back up. Aside from that, the market should still be "okay" as long as the 1429.00-1428.50 zone on the SP futures and the 1785.00-1784.00 area on the Nasdaq futures are not broken and the market cannot reverse.

Good Trading,
Mike Reed

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com

Market Comment 04/01/07

.................................................
TradeStalker's
R.B.I. Trader's Update
4/1/2007
(Published Since 1996)
...............................................

Dateline: 6:35 pm Eastern time, 4/1/2007

Early strength was shorted on Friday and the market made another nose-dive move in the morning. After getting to the last support at the 1418.50-1417.75 area on the SP futures,the market reversed very fast and then settled into a range. Another rally started in early afternoon, as the quarter end mark-up lasted into 3 pm. After tagging 1434.00 on the SP futures, the market bounced between 1429.00 and 1432.00 into the close.

The market has been very volatile, giving some big moves in both directions. The trades on the short side have tended to work best lately. The drops have been fairly swift and vicious, whereas the rallies have been labored for the most part. The SP futures made its low for the week on Friday,and now that 1418.50-1417.75 area on the SP futures is a key spot.

On Monday, look for the "sell early, buy the first decent pullback" type of pattern. The market should be "okay" as long as a pullback can hold the 1425.00-1424.50 area on the SP futures and the 1782.25-1781.25 area on the Nasdaq futures. If they don't hold, then we will be in for another day of back-and-forth action, at best.

Want the whole story? Sign up for our FREE TRIAL, and you'll get my nightly market comment as well as consistently accurate support and resistance levels for the emini SP,Nasdaq, and Russell.

Good Trading,
Mike Reed
http://www.tradestalker.com/

Market Comment 03/30/07 #2

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 30 / 2007
Intraday Update # 2
...............................................
Dateline: 1:30 eastern time, es7m= 1428 nq7m= 1787

This has been a pretty good bounce, but the market is at a cross-road here. If the ES can get over and hold the 1429.50-1430.50 area, then the upside could extend. Below, if the ES breaks back below the 1425.00-1424.50 zone, we could test, or make a slightly low low, before turning around.

Good Trading,
Mike

Market Comment 03/30/07

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 30 / 2007
Intraday Update
...............................................
Dateline: 11:30 eastern time, es7m= 1428 nq7m= 1787

We have the same "sell the bounce" environment. The SP would need to get back over 1432.50 to look "ok". If there is going to be a turn around it would likely begin around 2:20-2:40 pm.

Good Trading,
Mike

Market Comment 03/29/07

.................................................
TradeStalker's
R.B.I. Trader's Update
3/29/2007
(Published Since 1996)
...............................................

Dateline: 6:22 pm Eastern time, 3/29/2007

The market gapped up on Thursday, but the open was a "fade"and the market pulled back. The first bounce reversed from1436.50 and it was steadily downhill from there untilreaching 1423.00 on the SP futures around 2 pm. The marketpopped up, then came back to make a higher low beforegetting a choppy rally going. The market moved higher intothe last 30 minutes, but turned down and closed on the softside.

On Friday we get the Chicago PMI just 15 minutes into theday, then Michigan Sentiment report revised at 10 am. Themarket has really been on a roller-coaster ride lately, withsome very good trading opportunities. The trading rangeshave really widened out and the Thursday lows should be keynow short term. The late move off of the 1423.00 level onthe SP futures, 1770.25 on the Nasdaq futures, and 796.80level on the Russell futures will need to hold on anotherdrop, and they should hold short term. The VIX gave a coupleof buy signals at Thursday's close,and Friday ends thequarter. If those are tested, and the market doesn't getturned around, then we could end the quarter with a mini-panic.

On Friday be on the lookout for more two-sided action. Ifthere is early strength and it fizzles around initialresistance, it would make a good shorting opportunity. Onthe flip side, if there is a test of the Thursday lows, thatcould set up a good buying opportunity IF the move flattensout after a few probes and then turns back up. Aside fromthat, the upside appears to be limited. If there is a strongrally, then the 1442.00-1442.50 area on the SP futures couldbe a spot where another decent swing trade on the short sidesets up.

The first hurdles would be at the 1434.50 level on the SPfutures and the 1792.75 level on the Nasdaq futures. Ifthose are not a problem, then there should be pretty strongresistance at the 1436.50-1437.50 area on the SP futures andthe 1800.00-1801.50 area on the Nasdaq futures. If there isa good move up, be on the lookout for a shorting opportunityaround the 1442.00-1442.50 area on the SP futures and the1814.00-1814.75 area on the Nasdaq futures.

Look for support at the 1427.50-1426.75 area on the SPfutures and the 1777.00-1776.00 area on the Nasdaq futures.If those are not held, then we could test Thursday's lows atthe 1423.00 level area on the SP futures and the 1770.25level on the Nasdaq futures. If those are NOT able to hold,then things could turn ugly. Watch the 1421.00 level on theSP futures for a potential turn-around. If that levelbreaks, the next decent support should be found around the1418.50-1417.75 area on the SP futures and the 1764.50-1762.50 area on the Nasdaq futures.

Good Trading,

Mike Reed
Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/29/07

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 29 / 2007
Intraday Update
...............................................

Dateline: 11:46 eastern time, es7m= 1433 nq7m= 1787

I wouldn't trust the long side very long. We would need to get over 1436.50 and hold over it. The NQ can not get out of trouble, so sell strength.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

www.TradeStalker.comhttp://www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899

Market Comment 03/28/07

.................................................
TradeStalker's
R.B.I. Trader's Update
3/28/2007
(Published Since 1996)
...............................................

Dateline: 6:07 pm Eastern time, 3/28/2007

The market gapped down on Wednesday and then traded sidewaysfor an hour just over the 1432 level on the SP futures. The"cigar" pattern broke to the downside when Bernanke'sopening statement was released. It was an air-pocket drop asthe SP futures fell to 1424.00 in about 20 minutes beforereversing. The first bounce stopped after testing thebreakdown areas and the market pulled back to just over thereversal area and held. Buying came back in and the SPfutures rallied to fill the gap, then pulled back again.After the Intraday Update, the SP futures went through the1432.25-1431.75 and that broke the upside symmetry. Themarket bounced, but failed to make a new high, and themarket rolled over. The sell off stopped at the 1426.75level (updated 1428-1426 cover area), then bounced back tothat 1431.75-1432.25 area with 30 minutes left in stocktrading. That was pivotal most of the day, the SP futuresstopped at 1432.25 and weakened into the close.

The market action late last week and again this week, turnedon a light-bulb. The alert was given on Sunday night andagain last night, that sharp sell-offs were likely. TheSP500 has lost 20 points on a closing basis so far thisweek. There have been several decent rallies, however, thatjust cannot stick. This is corrective action at best, butacting more like bear market action this week.

We get GDP and Initial Claims data before the open onThursday. This is normally a bullish time of the month, butthat upside bias was no sure thing last month! The marketlooks like it will be "okay" as long as the initial supportcan hold. However, it would be better if the initialresistance can be exceeded and held on a pullback.

Look for resistance at the 1432.00-1432.50 area on the SPfutures and the 1798.00-1799.00 area on the Nasdaq futures.If the market gets there and doesn't fizzle out, then thenext resistance is at the 1435.50-1436.50 and 1807.50-1809.00 areas. If those are reached and the market doesn'treverse, then we could go for the 1442.25-1442.75 area onthe SP futures and the 1814.00-1815.00 area on the Nasdaqfutures.

The initial support is at the 1426.75-1426.00 area on the SPfutures and the 1787.50-1787.00 area on the Nasdaq futures.If those are broken, then the 1424.00-1423.50 area on the SPfutures and the 1782.50-1782.00 area on the Nasdaq futureswould be next. If those don't hold, then there should besome support at the 1421.00 level on the SP futures and the1777.50 level on the Nasdaq futures. If those levels arebroken, then it looks like the 1418.50-1417.75 area on theSP futures and the 1773.25-1772.50 area on the Nasdaqfutures would need to hold. If they cannot hold, we could bein another mini melt-down type of move.

Good Trading,

Mike Reed

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/28/07

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 28 / 2007
Intraday Update
...............................................

Dateline: 1:04 eastern time, es7m= 1442.5 nq7m= 1803

The 1432.25-1431.75 area will need to hold in order to get one more leg up. If that area breaks, and they don't turn right back up, they could go for 1428-1426 at least.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/27/07

.................................................
TradeStalker's
R.B.I. Trader's Update
3/27/2007
(Published Since 1996)
...............................................

Dateline: 7:22 pm Eastern time, 3/27/2007

The market opened lower on Tuesday, and the first bounceattempt came from just under the 1438.50-1438.00 supportarea. There was a pop from there, but it was sold and therewas another washout to 1436.00 just before noon. There was arally off of that level, but it reversed after poking 1 tickover updated resistance. The selling took the SP futures tothe 1438.00 updated support level, and then the marketturned up and rebounded to 1442.25 on the SP futures beforeselling off a bit into the close.

This market has been acting like something is wrong outthere on the horizon. We get sharp selling early, then agrinding rally back that eventually fizzles. On the plusside, the sharp drops get bought once the downside momentumstalls. That could also be a negative, making bulls feelinvincible. When there is a selloff that just grinds withonly tiny pops, we could see it snowball.

Fed Chairman Bernanke speaks on Wednesday. He has done agood job of giving the market what it wants to hear. Themarket is on shaky ground, so he better not disappoint. Inafter hours trading there was some crazy action that startedwhen that 1438.00 level broke at 4:53pm. If there is a bigdown open, that could reverse and give an opportunity on thelong side in the early going. Thereafter, unless there is amove over the initial resistance areas that holds, favorshorting the bounces as soon as they run out of steam andfizzle.

Initial resistance is at the 1442.25-1442.75 area on the SPfutures and 1814.00-1815.00 area on the Nasdaq futures. Ifthose are exceeded, and held, then the market could be backin decent shape. If that occurs, then look for the 1449.50-1451.00 area on the SP futures and 1824.00-1824.50 area onthe Nasdaq futures. Those are the lids that need to beexceeded for the market to get out of the top of the ranges.

The first decent support should be at the 1438.25-1437.75area on the SP futures and 1807.50-1806.25 area on theNasdaq futures. Below those areas, the 1433.75-1432.50 areaon the SP futures and 1799.75-1798.00 area on the Nasdaqfutures would be next. If the market can not make its"usual" bounce off of those areas, then we should see themarket fall towards the 1428.50-1427.50 area on the SPfutures and 1793.25-1791.00 area on the Nasdaq futures. Ifthe market gets down here, and still can not hold, then itcould mean bigger trouble. Key support would be at that old1421.00 level on the SP futures that turned into thelaunching pad last Wednesday.

Good Trading,
Mike Reed

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/27/07

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 27 / 2007
Intraday Update
...............................................

Dateline: 12:34 eastern time, es7m= 1440.5 nq7m= 1811

IF the ES can hold here and punch thru the 1441.00-1441.75 area then we could get going on the upside. Below, they must hold 1438 now to avoid trouble.

Good Trading,
Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.
www.TradeStalker.comhttp://www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899

Market Comment 03/26/07

.................................................
TradeStalker's
R.B.I. Trader's Update
3 / 26 / 2007
(Published Since 1996)
...............................................

Dateline: 5:50 pm eastern time, 3/26/2007

After a flat open on Monday, the market bounced back a bitand then was hit with selling at 10 am. The selloff wasquick as the SP futures dropped 13 points very fast, thenbounced from the 1433.75-1432.50 area on the SP futures. Thefirst bounce didn't stick, and the market went back to makedouble bottoms at that support. The rally turned out to be agood one, only pausing and pulling back mildly from theupdated 1444.00-1444.50 resistance zone. The SP futuresrallied to just under the 1449.50-1451.00 resistance zonewhile the Nasdaq futures just missed its 1824.00-1824.50area in the final minutes of stock trading. After stocksclosed, the SP futures dropped 4 points to settle well belowfair value.

We get the Consumer Confidence number at 10 am on Tuesday.The SP and Nasdaq futures backed away from what looks likesolid overhead resistance after stocks closed on Monday.Look to short early strength on Tuesday, and especially ifit fizzles at the initial resistance areas. If the marketobliges and pulls back, the first selloff should provide abuying opportunity *if* the selloff selling can stall andturn up from a support zone.

Look for initial resistance at the 1449.50-1451.00 zone onthe SP futures and 1824.00-1824.50 area on the Nasdaqfutures. If the market doesn't reverse from those areas,then we could try for the yearly highs. That looks like along shot right now. But, if the market can get over initialresistance and not quickly reverse, then we could go for the1457.50-1458.00 and/or 1838.50-1840.50 areas before a turnaround.

Look for support at the 1443.50-1443.25 zone on the SPfutures and 1812.50-1812.00 area on the Nasdaq futures. Ifthose are not bought, then the next support is down at the1438.50-1438.00 and 1802.50-1801.75 zones. If those are cutthrough, then the short term key support is at the 1433.75-1432.50 area on the SP futures and 1793.25-1791.00 area onthe Nasdaq futures.

---------------------------
Good Trading,

Mike Reed
Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/26/07

.................................................
TradeStalker's
R.B.I. Trader's Update
03 / 26 / 2007
Intraday Update
...............................................
Dateline: 11:48 eastern time, es7m= 1439 nq7m= 1806

The action late last week set up this selloff. So far the market has been able to hold the last good support today at the 1433.75-1432.50 area on the ES. Thereshould be good resistance here near 1440.50. IF thatis exceeded, then look for the 1444.001444.50 zone.

Good Trading, Mike

Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.

Market Comment 03/25/07

.................................................
TradeStalker's
R.B.I. Trader's Update
3/ 25/ 2007
(Published Since 1996)
...............................................

Dateline: 5:54 pm eastern time, 3/25/2007

We wanted to short in the 1449.50-1450.50 area on the SPfutures and the 1824.50-1827.50 area on the Nasdaq futuresearly Friday. About 40 minutes into the trading day, the SPfutures reversed from 1451.00 while the Nasdaq futuresturned down from a 1824.50 high, and the market backed off.While the Nasdaq futures never could get back to that area,the SP futures tried twice more and failed both times. Theyreversed from 1450.50 just after noon and then from 1449.75at 3:24 pm, and the market ended the day on a down-swing.

The upside momentum is really waning here. The Fed movehasn't had any follow through and the narrow ranges afterthat move is normally a red flag. One month ago, going intothe end-of-month "normal" mark-up, everything was lookinggreat and then the bottom fell out. Right now the market hasa similar "feel", as the bids dry up on the pops into thatoverhead resistance. As long as the Friday high areas arenot exceeded and held, we could get another sharp drop.Unless that occurs, the focus should be on the short side onbounces. If those areas *are* cleared and the market doesn'tquickly reverse, then we could go for the old highs.

Look for strong resistance at the 1449.50-1451.00 area onthe SP futures and the 1818.00-1818.75 area on the Nasdaqfutures. If those are broken, then look for resistance atthe 1453.50-1454.00 area on the SP futures and the 1824.00-1824.50 area on the Nasdaq futures. If those are blownthrough, then we could go for the 1457.50-1458.00 area onthe SP futures and/or the 1829.00-1830.50 area on the Nasdaqfutures.

There should be pretty good support at the 1441.75-1441.00area on the SP futures and the 1805.75-1804.50 area on theNasdaq futures. If those are reached and the market cannotsnap right back, then things could be changing again. Thenext support is down at the 1437.50-1437.00 area on the SPfutures and the 1798.75-1796.50 area on the Nasdaq futures.That would be a sizable pullback and should hold. However,if those levels break, then we could be in another littlepanic phase. The last support before going back towards the1421 level on the SP futures is at the 1433.75-1432.50 areaon the SP futures and the 1790.75-1787.50 area on the Nasdaqfutures.

June 2007 SP futures resistancesymbols: emini = esm7 / big contract =spm7
1449.50-1451.00
1453.50-1454.00
1457.50-1458.00

June 2007 SP futures supportsymbols: emini = esm7 / big contract =spm7
1441.75-1441.00
1437.50-1437.00
1433.75-1432.50

June 2007 Nasdaq futures resistancesymbols: emini = nqm7 / big contract = ndm7
1818.00-1818.75
1824.00-1824.50
1829.00-1830.50

June 2007 Nasdaq futures supportsymbols: emini = nqm7 / big contract = ndm7
1805.75-1804.50
1798.75-1796.50
1790.75-1787.50

Dow resistancesymbols: $INDU/DJIA
12498-12512
12534-12542
12566-12573

Dow supportsymbols: $INDU/DJIA
12421-12408
12387-12380
12358-12353

June 2007 Russell futures resistancesymbols: emini = er2m7 / big contract = er2m7
817.10-818.00
820.00-820.50
822.40-822.90

June 2007 Russell futures supportsymbols: emini = er2m7 / big contract = er2m7
811.00-810.50
808.00-807.50
805.50-804.70

---------------------------
REMINDER:
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http://www.tradestalker.com/members
---------------------------
Good Trading,Mike Reed
Copyright (c) 2007 by TradeStalker.com, Ft Wayne, IN.TradeStalker Updates may not be redistributed without permission.