TradeStalker's
R.B.I. Trader's Update
7 / 23 / 2008
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 7/23/2008
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The market opened higher on Wednesday and barely pulled back
before more buying came in. The SP futures took off and
sprinted to 1291.25 before finally reversing. That was just
under the major resistance at the 1292.00-1293.00 area on
the SP futures, and the market dropped pretty fast to
1277.75 on the SP futures. They bounced back and then tested
that low before running up to 1286.50. After that the market
spent the rest of the day trading in a range between 1278
and 1284 on the SP futures.
It looks like the market is just about at a cross-road where
this becomes more than a bear market rally. The market has
had a very good rally off of the lows. However, that 1292-
1293 area was tested and rejected on Wednesday. To this
point, however, there was no damage done after that. It
looks like the SP futures need to stay over the 1277.50-
1276.50 zone to avoid a deeper pullback.
On Thursday look to buy an early pullback if it holds the
initial support areas, and then get short when the upside
stalls/reverses, as long as this occurs at, or under, the
initial resistance areas. If the market does *not* stall or
show signs of a turn at those areas, then don't fight it, as
a break and hold of those areas could lead to an
acceleration. If there happens to be a pop or drop through
the initial support or resistance zones, and the move
quickly reverses, that's a tell that the rejection could
gain momentum.
The initial resistance is at the 1286.25-1286.75 area on the
SP futures and the 1856.00-1856.75 area on the Nasdaq
futures. If those areas are not a problem, then the big
resistance is at the 1292.00-1293.00 area on the SP futures
and the 1868.00-1870.25 area on the Nasdaq futures. If the
market gets up there again and the move stalls out, it
should set up a good shorting opportunity with a fairly
tight stop. However, if those are not a problem, then we
could see the market go for the 1297.75-1298.50 area on the
SP futures and the 1878.75-1880.50 area on the Nasdaq
futures. If for some reason those are exceeded and the
market doesn't reverse, then a melt-up type move could get
the SP futures to the 1303.50-1304.00 area on this leg up.
The initial support is at the 1277.50-1276.50 area on the SP
futures and the 1840.50-1838.50 area on the Nasdaq futures.
If the market cannot quickly bounce off of those areas, then
it opens the door for a drop to the 1273.50-1272.75 area on
the SP futures and the 1828.50-1827.75 area on the Nasdaq
futures. If those are held, then a bounce back could occur.
If there is no hint of a bounce, then we should see the
1269.00-1268.25 area on the SP futures and the 1815.50-
1814.50 area on the Nasdaq futures. If those do not hold,
then major support is at the 1263.00-1262.25 area on the SP
futures and the 1807.50-1806.00 area on the Nasdaq futures.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1286.25-1286.75
1292.00-1293.00
1297.75-1298.50
1303.50-1304.00
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1277.50-1276.50
1273.50-1272.75
1269.00-1268.25
1263.00-1262.25
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1856.00-1856.75
1868.00-1870.25
1878.75-1880.50
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1840.50-1838.50
1828.50-1827.75
1815.50-1814.50
1807.50-1806.00
September 2008 Dow futures resistance
symbols: emini = ymu8
11642-11645
11684-11689
11747-11752
September 2008 Dow futures support
symbols: emini = ymu8
11559-11556
11542-11527
11478-11473
11426-11423
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
722.40-722.70
726.40-727.20
733.80-734.20
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
717.00-716.70
714.80-714.20
709.10-708.60
704.20-703.80
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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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