TradeStalker's
R.B.I. Trader's Update
7 / 20 / 2008
(Published Since 1996)
...............................................
Dateline: 4:33 pm eastern time, 7/20/2008
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The market started last week will more selling, but after
reaching a new low for the year at 1200.75 on the SP futures
the market turned up and put together a rally that finally
stuck. By Thursday morning the SP futures reached 1263.00,
and then finally took a breather. On Friday we had
unexpected overnight strength, and the SP futures popped up
to our 1262.50-1263.00 resistance zone. The selling was
contained as the pullbacks held the 1252.00-1251.50 support
zone and the market closed the week on an up note.
The market kind of spun its wheels on Friday. The narrow
range at a high, along with a short term overbought status,
should lead to a pullback. On Monday look for early strength
to set up a shorting opportunity as soon as the move
stalls/reverses. If the market obliges, and a selloff stops
and turns from the initial support areas, then the pullback
would set up a buying opportunity. However, if the initial
support areas are reached and not quickly reversed, then the
short term trends could be rolling over. If that occurs,
then the downside could gather a bit of steam.
The initial resistance is at the 1262.50-1263.00 area on the
SP futures and 1832.50-1833.25 area on the Nasdaq futures.
If those are cleared and not quickly reversed, then the next
hurdles would be at the 1266.25-1267.00 area on the SP
futures and 1841.00-1842.00 area on the Nasdaq futures. If
the market gets there, and has no problem breaking trough
those areas, then a move towards the 1271.50-1272.50 area on
the SP futures and 1851.25-1852.75 area on the Nasdaq
futures could be in the cards before there is a decent
pullback.
The initial support is at the 1251.50-1250.75 area on the SP
futures and 1819.25-1818.25 area on the Nasdaq futures.
Those areas should be key support short term. If the bulls
don't defend those zones, then a move towards the 1245.75-
1245.00 area on the SP futures and 1807.75-1807.00 area on
the Nasdaq futures is likely. If the market gets there and
then turns up, a decent snap-back rally could occur.
However, if buyers don't step to the plate at those areas,
then a move to the 1239.25-1238.50 area on the SP futures
and 1798.25-1797.50 area on the Nasdaq futures would need to
hold. If they don't, then another trip down to test the lows
could be in the making.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1262.50-1263.00
1266.25-1267.00
1271.50-1272.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1252.00-1251.50
1245.75-1245.00
1239.25-1238.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1832.50-1833.25
1841.00-1842.00
1851.25-1852.75
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1819.25-1818.25
1807.75-1807.00
1798.25-1797.50
September 2008 Dow futures resistance
symbols: emini = ymu8
11510-11514
11554-11559
11614-11618
September 2008 Dow futures support
symbols: emini = ymu8
11405-11399
11337-11332
11278-11274
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
693.80-694.40
697.10-697.50
701.20-701.70
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
687.80-687.20
682.80-682.50
674.50-673.80
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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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