.................................................
TradeStalker's
R.B.I. Trader's Update
05 /03 / 2007
(Published Since 1996)
...............................................
Dateline: 8:05 pm Eastern time, 5/03/2007
The market opened higher and finally cut through the
overhead resistance on Thursday. The move stalled after
rallying to the 1508.00-1508.50 zone on the SP futures, and
then pulled back to the 1504.25 level in early afternoon.
Buyers stepped to the plate and started a ragged move back
to a token higher high occurred around 3pm. A small pullback
followed, but the market held its uptrend and firmed into
the close.
The Dow, SP500 and Nasdaq 100 all made new cycle highs on
Thursday. The Russell 2000 has yet to confirm, and it sank
fast at the close. The market doesn't seem comfortable
sitting up here at new highs just yet. The pops were quickly
rejected on Thursday. The good thing is that the "breakout"
area held on a pullback. However, the "breakout" could be a
fake-out if the 1504.00 level is broken, and the market
doesn't quickly snap right back. Along with that, the 13200
level looks like a key support level. The market should be
ok as long as a pullback holds at/ just over those levels,
but things could change if they break.
We get the Jobs numbers on Friday morning. If there is a gap
in either direction, be on lookout for a reversal in the
first hour. After that, look for potential setups around the
support and resistance areas.
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
Thursday, May 03, 2007
Market Comment 05/03/07 - Intra-Day Update
.................................................
TradeStalker's
R.B.I. Trader's Update
05 / 03 / 2007
Intraday Update
...............................................
Dateline: 1:11 eastern time, es7m= 1506.5 nq7m= 1906
We had a reaction off the 1508.00-1508.50 zone, and it
shows there was decent selling into that strength. On the
bottom side, the pullback reversed at 1504.50 level,
which it needs to hold. If that level doesn't hold, and the
ES breaks (and closes) under the 1502-1501 area, the
charts would not look good.
Good Trading,
Mike
TradeStalker's
R.B.I. Trader's Update
05 / 03 / 2007
Intraday Update
...............................................
Dateline: 1:11 eastern time, es7m= 1506.5 nq7m= 1906
We had a reaction off the 1508.00-1508.50 zone, and it
shows there was decent selling into that strength. On the
bottom side, the pullback reversed at 1504.50 level,
which it needs to hold. If that level doesn't hold, and the
ES breaks (and closes) under the 1502-1501 area, the
charts would not look good.
Good Trading,
Mike
Wednesday, May 02, 2007
Market Comment 05/02/07 - Nightly Update
.................................................
TradeStalker's
R.B.I. Trader's Update
05 /02 / 2007
(Published Since 1996)
...............................................
Dateline: 8:06 pm Eastern time, 5/02/2007
The market opened higher on Wednesday and didn't stop until
reaching the 1498.50-1499.50 resistance area. The market
backed off just 1.50 points on the SP futures, and not
wanting to roll over, the market pushed its way back up to
the 1503.50-1504.50 resistance area, and paused again. And
again, the pullback was small and the market went back to
test the highs. That resistance was rejected again, but the
dip didn't stick so they tried a third time. After touching
1504.75 on the SP futures, the move finally fizzled with 90
minutes left. There was another little 123 top pattern that
started at 2:45pm, and the day finished with the first 4+
point pullback since the Tuesday afternoon low.
The 1504.50-1504.75 area on the SP futures has been a lid
overhead for quite awhile now. Treat that as the top of a
wide range. If there is finally a push through that zone, it
should spark more short covering. If it's going to be a
clean breakout, then that area would be exceeded and then
hold on the first pullback. Unless / until that occurs, the
market is vulnerable again.
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
TradeStalker's
R.B.I. Trader's Update
05 /02 / 2007
(Published Since 1996)
...............................................
Dateline: 8:06 pm Eastern time, 5/02/2007
The market opened higher on Wednesday and didn't stop until
reaching the 1498.50-1499.50 resistance area. The market
backed off just 1.50 points on the SP futures, and not
wanting to roll over, the market pushed its way back up to
the 1503.50-1504.50 resistance area, and paused again. And
again, the pullback was small and the market went back to
test the highs. That resistance was rejected again, but the
dip didn't stick so they tried a third time. After touching
1504.75 on the SP futures, the move finally fizzled with 90
minutes left. There was another little 123 top pattern that
started at 2:45pm, and the day finished with the first 4+
point pullback since the Tuesday afternoon low.
The 1504.50-1504.75 area on the SP futures has been a lid
overhead for quite awhile now. Treat that as the top of a
wide range. If there is finally a push through that zone, it
should spark more short covering. If it's going to be a
clean breakout, then that area would be exceeded and then
hold on the first pullback. Unless / until that occurs, the
market is vulnerable again.
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 05/02/07 - Intra-Day Update
.................................................
TradeStalker's
R.B.I. Trader's Update
05 / 02 / 2007
Intraday Update
...............................................
Dateline: 12:41 eastern time, es7m= 1501 nq7m= 1899
The ES just made a double top (123 top) at resistance.
Since that area has been repeatedly rejected, a pop
over would be a "fake-out" or explosive. However, another
failure and selloff could leave a bigger picture top in place.
Good Trading,
Mike
TradeStalker's
R.B.I. Trader's Update
05 / 02 / 2007
Intraday Update
...............................................
Dateline: 12:41 eastern time, es7m= 1501 nq7m= 1899
The ES just made a double top (123 top) at resistance.
Since that area has been repeatedly rejected, a pop
over would be a "fake-out" or explosive. However, another
failure and selloff could leave a bigger picture top in place.
Good Trading,
Mike
Tuesday, May 01, 2007
Market Comment 05/01/07 - Nightly Update
.................................................
TradeStalker's
R.B.I. Trader's Update
05 /01 / 2007
(Published Since 1996)
...............................................
Dateline: 6:34 pm Eastern time, 5/01/2007
The market opened higher on Tuesday, but that "strength" was
sold and the market sold off to test Monday's lows. After
the 10am releases, the market broke through those lows and
went down to 1482.25 on the SP futures about 60 minutes into
the trading day. A reversal off the lows got the upside
going, but the move stalled just under the updated
resistance at 1490.50-1491.25 on the SP futures, and the
market went back to test its lows. The SP futures made a
higher low, and the reversal stoked more buying. The rally
paused at the updated resistance, but then punched through
and made it to 1493.00 by 3pm. That was a 50% retracement of
the week's range and the market pulled back a bit, and then
rebounded to end the day near the highs.
The intraday patterns show "W" bottoms off the Tuesday lows.
The SP futures stopped at its 50% retracement from the
Monday high to Tuesday low. This could turn in to a wide
range, and if that's the case the SP futures settled right
in the middle of that.
The market ended the day in uptrends, so let's look for the
"sell early, buy the first decent pullback" type of pattern
in the early going. The trends will point higher as long as
the initial support is not broken. However, it looks like a
break of the initial support areas, that isn't quickly
reversed, would be a red flag.
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
TradeStalker's
R.B.I. Trader's Update
05 /01 / 2007
(Published Since 1996)
...............................................
Dateline: 6:34 pm Eastern time, 5/01/2007
The market opened higher on Tuesday, but that "strength" was
sold and the market sold off to test Monday's lows. After
the 10am releases, the market broke through those lows and
went down to 1482.25 on the SP futures about 60 minutes into
the trading day. A reversal off the lows got the upside
going, but the move stalled just under the updated
resistance at 1490.50-1491.25 on the SP futures, and the
market went back to test its lows. The SP futures made a
higher low, and the reversal stoked more buying. The rally
paused at the updated resistance, but then punched through
and made it to 1493.00 by 3pm. That was a 50% retracement of
the week's range and the market pulled back a bit, and then
rebounded to end the day near the highs.
The intraday patterns show "W" bottoms off the Tuesday lows.
The SP futures stopped at its 50% retracement from the
Monday high to Tuesday low. This could turn in to a wide
range, and if that's the case the SP futures settled right
in the middle of that.
The market ended the day in uptrends, so let's look for the
"sell early, buy the first decent pullback" type of pattern
in the early going. The trends will point higher as long as
the initial support is not broken. However, it looks like a
break of the initial support areas, that isn't quickly
reversed, would be a red flag.
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 05/01/07 - Intra-Day Update
.................................................
TradeStalker's
R.B.I. Trader's Update
05 / 01 / 2007
Intraday Update
...............................................
Dateline: 11:35 eastern time, es7m= 1490 nq7m= 1880
There should be resistance around the 1490.50-1491.25
area. If the market is going to turn back down, that area
shouldn't be exceeded.
Good Trading,
Mike
TradeStalker's
R.B.I. Trader's Update
05 / 01 / 2007
Intraday Update
...............................................
Dateline: 11:35 eastern time, es7m= 1490 nq7m= 1880
There should be resistance around the 1490.50-1491.25
area. If the market is going to turn back down, that area
shouldn't be exceeded.
Good Trading,
Mike
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