TradeStalker's
R.B.I. Trader's Update
7 / 22 / 2008
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 7/22/2008
** Please Note: Mike sends out numerous updates throughout
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NOTE: Due to a family outing, there will be no Intraday
Updates on Wednesday. The next update will be sent on
Wednesday night.
The market gapped down on Tuesday and the SP futures barely
broke the 1250.50-1249.50 support before getting its footing
and reversing. Off of a 1248.75 low, the first good "bounce"
took the SP futures to 1260.25 before stalling and
reversing. The pullback stopped at 1254.75 and buyers came
back in and the market made a run to the 1262.50-1263.00
resistance area on the SP futures. After a pullback to
1258.50 the market quickly reversed and popped back up to
make double tops. The 1263.50 level on the SP futures was
the lid, and the SP futures then sold off to 1257.50. In
very slow and choppy trading action, the SP futures went
back to the 1262.50-1263.00 area again, and just before 2 pm
they reversed again. A pullback to 1257.00 was reversed and
the market bounced back. With less than 90 minutes left in
stock trading, the SP futures finally broke out above the
1263.50 level and took off to the upside. The 1261.50 level
wasn't challenged, and the move accelerated in a straight up
move into the close.
We get the Fed's Beige Book release at 2 pm on Wednesday.
The SP futures rallied 21 points in the last 2 hours of
trading on Tuesday. On Wednesday, if there is early strength
it will set up a very good shorting opportunity as soon as
the upside stalls / reverses. If the market obliges, then
the initial support will need to hold on a pullback.
Otherwise, a drop to test the breakout areas from Tuesday
afternoon is likely.
The initial resistance is at the 1278.00-1278.75 area on the
SP futures and 1828.50-1829.00 area on the Nasdaq futures.
If the market gets back up there, and the move stalls or
quickly reverses, it should start a decent pullback.
However, if the market doesn't reverse from those areas,
then there should be some resistance at the 1282.00-1282.50
area on the SP futures and 1834.00-1834.50 area on the
Nasdaq futures. If those are not a problem, then a move
towards the 1287.50-1288.25 area on the SP futures and
1842.00-1843.00 area on the Nasdaq futures should reverse.
If the market gets up there, and is not sold, then a test of
the major, short term, resistance is at the 1292.00-1293.00
area on the SP futures. This zone should be key this month,
otherwise a high could come in August.
The initial support is at the 1269.00-1268.25 area on the SP
futures and 1815.50-1814.50 area on the Nasdaq futures. If
those are broken, and the market doesn't reverse, then a
drop towards the 1263.00-1262.25 area on the SP futures and
1807.50-1806.00 area on the Nasdaq futures could be in the
cards. If those areas a reached, and the market can reverse,
then a decent bounce could occur. If those areas do not
hold, then the key support is at the 1257.50-1257.00 area on
the SP futures and 1796.75-1796.00 area on the Nasdaq
futures. If those are broken, and the market doesn't
reverse, then a big reversal could be under way.
NOTE: Due to a family outing, there will be no Intraday
Updates on Wednesday. The next update will be sent on
Wednesday night.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1278.00-1278.75
1282.00-1282.50
1287.50-1288.25
1292.00-1293.00 MAJOR
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1269.00-1268.25
1263.00-1262.25 KEY, especially on close
1257.50-1257.00
1249.75-1249.25
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1828.50-1829.00
1834.00-1834.50
1841.00-1843.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1815.50-1814.50
1807.50-1806.00
1796.75-1796.00
September 2008 Dow futures resistance
symbols: emini = ymu8
11603-11608
11639-11642
11658-11663
September 2008 Dow futures support
symbols: emini = ymu8
12537-12533
11478-11473
11452-11447
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
718.60-719.10
721.70-722.00
726.00-726.40
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
712.60-712.20
708.60-708.10
704.00-703.40
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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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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