TradeStalker's
R.B.I. Trader's Update
10 / 23 / 2008
(Published Since 1996)
...............................................
Dateline: 7:12 pm eastern time, 10/23/2008
We had some email issues today. Our apologies. Hopefully
they are fixed by now. If you aren't using our "chat room"
page, you should. It's at:
http://www.tradestalker.com/RBIchat.htm
There is additional commentary and the updates aren't
hindered with email issues. Also, I might be putting on a
headset and walking folks through a few trades soon.
In addition, case you haven't heard, we are having a one-
week sale of "Read the Greed - Live!". If you ever wondered
"what's he looking at when he says it's a 123 top?" or
"how'd he get support/resistance there, and how was it
traded?" then wonder no more. I'm giving away the farm here,
but for just 7 days. This is an effort to help YOU with your
trading. This low price will not be seen again. To get in on
this deal you need to go here:
http://www.tradestalker.com/RTGLive-SALE.htm
Okay, back to the future....
regards, Mike
An early pop was sold on Thursday and the SP futures dropped
from 908.50 to 881.50 in the first 30 minutes of trading.
The market reversed went on a run up to 923.25 SP futures
and then the move fizzled. A pull back to 909.25 on the SP
futures held and then they bounced to a lower high at 917.75
and reversed. That triggered another 123 top and then
selling came in. The downside only paused at 873.50 and
after a "tiny" 12 point bounce they fell to an 856.00 low
and turned up. The bounce had some gusto, but reversed from
880.00 and the market pulled back. A higher low was made at
858.50 and it reversed and a 123 bottom pattern set up a
rally to the 894.00 updated resistance. The first attempt to
push through failed, and the SP futures fell from 893.25
back to 873.50 and then reversed back up. The 884.00 level
was broken through in the last 30 minutes and held, and the
SP futures rallied back to 916.50 by the close.
All of the averages except for the Dow again made new lows
for the year on Thursday, and the market made a nice
comeback at the end of the day. The averages all made good
bottoming patterns before taking off at the end of the day.
This move has a decent chance of following through given
that the market had a pretty good bid coming off of the lows
on Thursday. How long the upside lasts before another drop
occurs is up in the air, but a decent reflex rally is due.
On Friday look to short early strength if there is a turn
back down in the first 20-40 minutes of trading. If that
plays out, then beware that the first decent pullback should
set up a buying opportunity. As long as the initial support
is not broken, the market will be "ok" and the bulls will
feel more comfort. However, if the initial support is broken
then the trends roll back over and the bounces would be
shorting opportunities.
The initial resistance at the 916.50-917.00 area on the SP
futures and 1254.75-1256.75 area on the Nasdaq futures. If
those are not cleared then the market is still in trouble.
If they are cleared and not quickly reversed, then the
922.50-923.25 area on the SP futures and 1264.25-1265.50
area on the Nasdaq futures would be the next hurdles. If the
market gets above those areas, and doesn't reverse, then we
could see the buying begin to feed upon itself and drive
prices higher. The next big resistance would be at the
930.50-931.00 area on the SP futures and 1282.50-1284.50
area on the Nasdaq futures. If the market gets that far, and
the move backs off, it could begin a decent selloff. If
something happens to kick the upside in gear, then we could
see the 950.50-951.50 area on the SP futures and 1303.75-
1305.00 area on the Nasdaq futures.
The initial support is at the 896.50-896.00 area on the SP
futures and 1236.00-1234.50 area on the Nasdaq futures. If
those areas are broken, then the market could get hit with
selling again. The next support is at the 884.00-883.50 area
on the SP futures and 1228.75-1227.75 area on the Nasdaq
futures. If the market doesn't hold those areas, then
another drop towards the 873.50-872.50 area on the SP
futures and 1197.00-1195.00 area on the Nasdaq futures is
likely. If those do not hold, then the 856.00 level on the
SP futures and 1175.25 level on the Nasdaq futures need to
hold or else we will go towards the 840.00-838.00 area on
the SP futures which would need to hold to avoid going for
the 768 level or lower.
December 2008 SP futures resistance
symbols: emini = esz8 / big contract =spz8
916.50-917.00
922.50-923.25
930.50-931.50
950.50-951.50
December 2008 SP futures support
symbols: emini = esz8 / big contract =spz8
896.50-896.00
884.00-883.50
873.50-872.50
856.00
840.00-838.50
December 2008 Nasdaq futures resistance
symbols: emini = nqz8 / big contract = ndz8
1254.75-1256.75
1264.25-1265.50
1282.50-1284.50
1303.75-1305.00
December 2008 Nasdaq futures support
symbols: emini = nqz8 / big contract = ndz8
1236.00-1234.50
1228.75-1227.75
1197.00-1195.00
1175.25
December 2008 Dow futures resistance
symbols: emini = ymz8
8784-8789
8808-8816
8892-8896
8989-9002
December 2008 Dow futures support
symbols: emini = ymz8
8677-8622
8532-8524
8359-8353
8213
7791-7783
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
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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