TradeStalker's
R.B.I. Trader's Update
7 / 13 / 2008
(Published Since 1996)
...............................................
Dateline: 5:38 pm eastern time, 7/13/2008
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The Friday action started with a big gap down open and that
reversed after about 15 minutes of trading. The SP futures
rallied to 1247.00 and then reversed. It was a trend down
day until reversing off of a new yearly low at 1225.75 on
the SP futures and then the market bounced back. The
volatility really picked up in the afternoon. After a rally
to 1241.00 on the SP futures, they dropped pretty fast to
1229.75 and then turned up. That move took off with gusto
and the SP futures rallied all the way up to 1258.50. That
was the initial resistance for the day, and the parabolic
move then quickly reversed. The SP futures dropped 22.75
points to 1235.75 and then firmed up into the close.
Until the market can show some ability to hold on to gains,
the short side on the rallies should offer the better
trading opportunities. The SP500 cash reached 1225 on
Friday. That's another new low for the year and years ending
with an "8" normally don't do that. It's usually just the
opposite, with a rally into the election. That's not good
for the market and we could see the 50% retracement of the
rally from 769 to 1576 at 1172.50 reached before any kind of
turn around will begin. Short term, the 1258.50 level on the
SP futures must be exceeded and held on a pullback, to get
out of trouble.
The initial resistance is at the 1258.00-1258.50 area on the
SP futures and the 1845.50-1846.25 area on the Nasdaq
futures. If the market is still weak, a rally back to those
areas will be sold. If those are broken and the market
doesn't quickly reverse, then we could see a run up towards
the 1265.00-1265.50 area on the SP futures and the 1853.50-
1854.25 area on the Nasdaq futures. That would be a good
move in this environment, so if the market gets up there,
beware of a reversal. If that doesn't happen and the market
has reason to rally in a strong fashion, then we could see
the 1270.00-1270.50 area on the SP futures and the 1864.50-
1864.75 area on the Nasdaq futures. That's as far as a rally
should go, if we get a decent rally.
The initial support is at the 1236.00-1235.50 area on the SP
futures and the 1808.50-1807.50 area on the Nasdaq futures.
Those areas will need to hold, otherwise the 1230.00 level
on the SP futures and the 1798.50 level on the Nasdaq
futures will likely be tested. If those levels are not
defended, then the 1225.50-1225.00 area on the SP futures
and the 1788.75-1788.00 area on the Nasdaq futures will need
to hold and make a double bottom or else a move to the
1218.00-1217.00 area on the SP futures and the 1775.75-
1774.75 area on the Nasdaq futures is next. If the market
gets hit again on Monday, then the 1209.00-1208.00 area on
the SP futures and the 1762.00-1760.50 area on the Nasdaq
futures would be the last good support zones in the way of a
bad day for the market on Monday.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1258.00-1258.50
1265.00-1265.50
1270.00-1270.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1236.00-1235.50
1230.00
1225.50-1225.00
1218.00-1217.00
1209.00-1208.00
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1845.50-1846.25
1853.50-1854.25
1864.50-1864.75
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1808.50-1807.50
1798.50
1788.75-1788.00
1775.75-1774.75
1762.00-1760.50
September 2008 Dow futures resistance
symbols: emini = ymu8
11229-11231
11281-11283
11330-11334
September 2008 Dow futures support
symbols: emini = ymu8
11058-11051
10990
10965-10962
10894-10888
10826-10822
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
679.00-679.30
684.20-684.50
688.50-688.80
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
668.70-668.30
663.00
657.90-657.50
651.50-651.20
646.50-646.00
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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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