TradeStalker's
R.B.I. Trader's Update
7 / 07 / 2008
(Published Since 1996)
...............................................
Dateline: 6:05 pm eastern time, 7/07/2008
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The market opened higher on Monday and the SP futures
rallied through the 1273 resistance, but the move stalled
out after reaching 1275.00 and the market pulled back. A
bounce to a lower high at 1273.50 was reversed, and the
market headed back to test the early lows. Once the 1268.00
level was broken, the bears defended that level on a bounce,
and then the downside gathered some steam. The selling was
steady as the SP futures reached 1242.00 just after 1pm. A
bounce failed and the market averages all dropped to make
slightly lower lows. The SP futures reached 1240.75 and
quickly reversed, and then the market bounced back. The
1248.50-1249.00 area on the SP futures was tested, and then
the SP futures fell back to 1242.00 before turning back up.
That 1248.50-1249.00 area on the SP futures was then broken,
and a rally started with an hour left in stock trading. The
SP futures rallied to 1265.00 while the Nasdaq futures
almost reached the morning high, but the bulls couldn't hold
the gains and the market sold off into the close.
The SP500 cash and futures made outside days, with higher
highs and lower lows than last Thursday. The two-sided
action will likely continue on Tuesday. In the early going,
look for an early drop that reverses to set up a trade on
the long side. If there is early strength instead, then it
should set up a shorting opportunity as soon as the upside
momentum stalls. Thereafter, look for reactions around
support and resistance zones until the market gets out of
the Monday ranges.
The initial resistance is at the 1264.25-1265.00 area on the
SP futures and 1849.00-1850.00 area the Nasdaq futures. If
the market gets back to those areas, and does not quickly
reverse, then the 1274.50-1275.00 area on the SP futures and
1858.75-1860.50 area the Nasdaq futures. If the market gets
back up to those areas, they should be tough to get through.
However, if those areas are cleared, and the rally doesn't
stall and then reverse, then it would open the door for a
strong rally and the big hurdles would be at the 1285.75-
1286.25 area on the SP futures and 1880.50-1882.00 area the
Nasdaq futures.
The initial support is at the 1251.50-1251.25 area on the SP
futures and 1831.00-1830.00 area the Nasdaq futures. If
those areas are broken, then there should be pretty strong
support at the 1248.50-1248.00 area on the SP futures and
1819.25-1818.50 area the Nasdaq futures. If those are tested
and the market turns back up, then it could begin a decent
rally. If those areas are not held, then a test of the
1242.00-1241.00 area on the SP futures and 1804.00-1803.00
area the Nasdaq futures would need to hold. That's where the
buying started on Monday, and both the bulls and bears would
like to see those areas again to get long and/or cover
shorts. If the market drops back down there and can not turn
around, then the 1237.00-1236.00 area on the SP futures will
probably be seen before the market turns around.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1264.25-1265.00
1274.50-1275.00
1285.75-1286.25
1292.50-1293.25
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1252.00-1251.25
1248.50-1248.00
1242.00-1241.00
1237.00-1236.00
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1849.00-1850.00
1858.75-1860.50
1880.50-1882.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1831.00-1830.00
1819.25-1818.50
1804.00-1803.00
September 2008 Dow futures resistance
symbols: emini = ymu8
11307-11311
11377-11385
11473-11478
September 2008 Dow futures support
symbols: emini = ymu8
11205-11200
11179-11172
11109-11104
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
664.50-665.00
671.00-671.50
682.30-682.70
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
656.20-656.00
654.80-654.20
650.70-650.20
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
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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