TradeStalker's
R.B.I. Trader's Update
7/14/2008
(Published Since 1996)
...............................................
Dateline: 6:28 pm eastern time, 7/14/2008
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The market opened much higher on Monday, but the emotional
strength was sold and the market was driven lower. The SP
futures reached 1256.00 just 2 minutes after the open and
sold off 15.75 points to 1240.25 in just 33 minutes, and
then the market bounced back. The bounce stalled at 1247.25,
and a slinky pattern formed before the market dropped to new
lows. The SP futures reached the 1236.00-1235.50 support
zone and tried to bounce, but there was no oomph to the move
and the trend down action continued. The SP futures fell to
test Friday's low and bounced off of a 1225.75 low, but
there was a lid at the 1232.00 level and the market backed
down again. A slightly lower low was made at 1224.75, and
the market reversed and took out that 1232.00 level on the
way to a 1234.75 high. The move ran out of steam and the
market dropped again. The 1225.75 level held and the market
quickly reversed. The market caught a bid and shot higher in
the last hour. However, after running up to 1238.75 on the
SP futures, the market reversed again and then sold off to
close near the lows for the day.
On Tuesday we get Retail Sales before the open. In order to
put a dent in the downside momentum, the 1238.25-1238.75
area on the SP futures and the 1819.25-1820.00 area on the
Nasdaq futures will need to be broken, and not quickly
reversed. On the bottom side, the SP futures tested the
1225.75-1225.00 area 4 times now, and that must be defended
or the they could slide towards the 1218.00-1217.00 area
before a reversal attempt.
If there is early strength on Tuesday, get short when the
upside stalls out / reverses. If that plays out, beware that
if the Monday lows are broken, and then they are quickly
reversed, it could spark a quick rally. In the case of a
lower open, be on lookout for a reversal in the early going.
If there is early weakness that stalls and reverses from
that 1218.00-1217.00 area on the SP futures, it could begin
a tradable bounce. Thereafter, the short side on the bounces
should still offer the better odds trading opportunities.
The initial resistance is at the 1238.25-1238.75 area on the
SP futures and 1819.25-1820.00 area on the Nasdaq futures.
If a bounce doesn't fail at those levels, then things could
be changing short term. The 1245.75 level on the SP futures
and 1828.50 level on the Nasdaq futures should be tough to
get through, but if those levels are not a problem, then the
major resistance at the 1257.50-1258.50 and 1846.50-1848.00
would be next. Don't hold your breath.
The initial support is at the 1225.75-1225.00 area on the SP
futures and 1797.50-1796.75 area on the Nasdaq futures.
Those areas will need to hold, or be quickly reversed if
broken, otherwise the market is still in trouble. The
1218.00-1217.00 area on the SP futures and 1785.75-1784.75
area on the Nasdaq futures could be magnets if that support
doesn't hold. If those areas are broken, then we could see
the market work its way towards the 1209.00-1208.00 area on
the SP futures and 1775.25-1774.50 area on the Nasdaq
futures before any kind of turn around occurs.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1238.25-1238.75
1245.75
1257.50-1258.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1225.75-1225.00
1218.00-1217.00
1209.00-1208.00
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1819.25-1820.00
1828.50
1846.50-1848.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1797.50-1796.75
1785.75-1784.75
1775.25-1774.50
September 2008 Dow futures resistance
symbols: emini = ymu8
11115-11119
11152
11224-11229
September 2008 Dow futures support
symbols: emini = ymu8
10988-10982
10922-10918
10826-10822
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
667.70-668.20
674.20
680.20-680.40
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
659.90-659.50
654.50-654.20
648.20-647.80
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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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