TradeStalker's
R.B.I. Trader's Update
7 / 15 / 2008
(Published Since 1996)
...............................................
Dateline: 6:05 pm eastern time, 7/15/2008
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The market gapped down on Tuesday and the selling continued
until the SP futures reached 1220.75 about 40 minutes into
the trading day. Buyers stepped to the plate and the market
rallied back to the Monday lows. The SP futures just missed
filling its gap, and from 1224.50 they dropped 13 points to
1211.50 just before noon. That move was reversed, and the
market worked its way to a 1233.50 high just after 1pm. The
market backed off, but a 12.25 point pullback to the 1221.25
level on the SP futures stopped the selling and the market
bounced back. A pop to a lower high at 1228.50 was reversed,
but the pullback held the 1222.00-1221.50 updated support
and turned back up. The rally took the market to new highs
for the day, but the move fizzled and reversed after
reaching 1235.50 on the SP futures. The selling started with
about 40 minutes left in stock trading, and with the
1222.00-1221.50 zone unable to hold, the market sold off
into the close.
The bear market action continues. Except for the poor
internals, the market acted pretty well after a big gap down
open and a first hour reversal. However, the market refuses
to hold on to gains, and the last hour regurgitation by the
bulls turned all of the trends back down. So the beat goes
on.
We get the CPI before the open on Wednesday, and the FOMC
Minutes at 2pm.The market was, for the most part, trend down
on Monday and trend up on Tuesday. This should lead to more
volatility, and maybe a big move. The SP futures need to get
back over the 1221.50-1222.00 zone and not quickly reverse
to get the market back into neutral territory. The market is
a short on bounces unless that area is broken and held on
Wednesday.
The initial resistance is at the 1215.00 level on the SP
futures and 1808.00 level on the Nasdaq futures. The key
resistance is at the 1221.50-1222.00 area on the SP futures
and 1819.00-1820.00 area on the Nasdaq futures. If the
market gets back over those areas, and doesn't quickly
reverse, then the door would be open for a sprint towards
the 1235.50-1236.00 area on the SP futures and 1833.00-
1834.00 area on the Nasdaq futures.
The initial support is at the 1210.50-1209.75 area on the SP
futures and 1798.00-1797.00 area on the Nasdaq futures. If
those areas do not hold, then a drop towards the 1201.00-
1200.50 area on the SP futures and 1783.00-1782.00 area on
the Nasdaq futures could be in the cards. If the market gets
back down there and can reverse back to the upside, a decent
rally could begin. However, if those are broken and not
quickly reverse, then the 1196.50-1195.50 area on the SP
futures and 1766.00-1765.00 area on the Nasdaq futures are
likely in the cards. If the market doesn't turn around from
there, then the market could unwind pretty fast. The major
is at the 1173.00-1172.00 area on the SP futures, which
could be a magnet, and also a good spot for a rally to
begin.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1215.00
1221.50-1222.00
1228.50 minor
1235.50-1236.00
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1210.50-1209.75
1201.00-1200.50
1196.50-1195.50
1173.00-1172.00 major
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1808.00
1819.00-1820.00
1833.00-1834.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1798.00-1797.00
1783.00-1782.00
1766.00-1765.00
September 2008 Dow futures resistance
symbols: emini = ymu8
10940
11000-11008
11192-11196
September 2008 Dow futures support
symbols: emini = ymu8
10906-10899
10836-10834
10789-10782
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
665.20
667.70-668.10
674.50-675.00
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
657.30-656.50
650.50-649.70
646.00-645.50
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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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