TradeStalker's
R.B.I. Trader's Update
6 / 29 / 2008
(Published Since 1996)
...............................................
Dateline: 5:21 pm eastern time, 6/29/2008
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On Friday we were expecting two-sided action and got it. We
were looking to buy early weakness that reversed, and the SP
futures fell to 1280.25 and reversed to the upside and
rallied to 1291.00 (not far under the key 1292.75-1293.25
zone) before stalling and reversing. After pulling back to
1285.50, the market popped back up to slightly lower highs
and reversed again. The SP futures fell from 1290.50 down to
just above the 1278.00-1277.50 support zone, and off of a
1279.00 low the market bounced back and formed a channel in
the process. When that was broken to the downside, the
selling picked up some steam and the SP futures fell to the
1272.50-1272.00 support area. Off of a 1272.75 low on the SP
futures, the market bounced back. The SP futures broke
through the 1278.00 level and that opened the door for
further gains. The SP futures reached 1285.25 and then
pulled back. However, the updated support at 1277.25 was
reached and held and the market turned back up and rallied
to test that 1285.25 high near the close.
The market was hammered last week. Monday is the last day of
the quarter, and then the Independence Day holiday will give
us a short week. The market is on the verge of a make, or
break, move it appears. The fact that the market had good
buying come in at a good support area, and that the Nasdaq
made a real nice come back to close almost unchanged, is a
good sign for the bulls. Not able to push through 1285 on
the SP futures and 11400 on the Dow cash, however, kept the
bears in control.
On Monday the initial support and resistance zones should be
key early. If the market can get over the initial
resistance, and not quickly reverse, then a decent rally
could be in gear. However, if those are not cleared and the
initial support does not hold, then a test of the Friday
lows is likely. That 1272.50-1272.00 area on the SP futures
needs to hold, along with 11300 on the Dow cash, or the
downside could continue until the SP futures go down to test
/ break the 1258.75-1257.00 area before this bear phase
gets a respite.
The initial resistance is at the 1284.50-1385.00 area on the
SP futures and 1873.50-1874.25 area on the Nasdaq futures.
If those are broken, and not quickly reversed, then we
should see resistance at the 1292.75-1293.25 and 1878.75-
1880.00 area on the Nasdaq futures. If the market is strong
enough to get through those areas, then the door is open for
a rally back towards the 1298.00-1298.50 area on the SP
futures and 1888.50-1888.75 and 1892.50-1892.25 area on the
Nasdaq futures. If the market gets that far, and the move
doesn't reverse, then things have turned around and a test
of the 1301.75-1302.25 area on the SP futures and 1892.50-
1892.25 area on the Nasdaq futures would be key resistance
short term.
The initial support is at the 1278.00-1277.25 area on the SP
futures and 1857.00-1855.75 area on the Nasdaq futures. If
those are not defended, then the 1272.50-1271.75 area on the
SP futures and 1844.00-1843.25 area on the Nasdaq futures
would be in the cards. If the market can hold those areas,
and reverse, then a double bottom at support could start a
decent rally. However, if those areas do not hold, then the
1268.00-1267.50 area on the SP futures and 1836.00-1834.50
area on the Nasdaq futures would need to hold. If those
areas are broken, and the market doesn't quickly reverse
with some gusto, then a drop to the 1258.75-1257.00 area on
the SP futures and 1822.50-1820.00 area on the Nasdaq
futures would need to hold, otherwise the downside could
gather momentum as there finally is some panic selling.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1284.50-1385.00
1292.75-1293.25
1298.00-1298.50
1301.75-1302.25
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1278.00-1277.25
1272.50-1271.75
1268.00-1267.50
1258.75-1257.00 major
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1873.50-1874.25
1878.75-1880.00
1888.50-1888.75
1892.50-1892.25
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1857.00-1855.75
1844.00-1843.25
1836.00-1834.50
1822.50-1820.00
September 2008 Dow futures resistance
symbols: emini = ymu8
11391-11395
11498-11502
11583-11587
11604-11608
September 2008 Dow futures support
symbols: emini = ymu8
11332-11328
11290-11284
11238-11233
11142-11137
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
699.80-700.10
705.40-705.80
708.10-708.50
710.30-710.70
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
696.10-695.60
691.30-690.90
687.80-687.40
683.70-683.20
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
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Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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