.................................................
TradeStalker's
R.B.I. Trader's Update
4/8/2007
(Published Since 1996)
...............................................
Dateline: 5:47 pm Eastern time, 4/8/2007
The market gapped down on Thursday morning, then turned up and trended higher into the afternoon. The SP futures got over the 1450 level and held, which opened the door for a move to the 1454.00-1454.50 resistance zone. The SP backed off from that resistance into the Thursday close, but it was just 2.50 SP points and held over the 1451.00 level.
The Jobs data on Friday morning sent the stock index futures even higher. This is unusual, happening on a Friday and giving folks all weekend to ponder.
The SP futures got up to 1459.00. If the market opens up there on Monday, that would get the SP500 cash to the 1450 level. Some of the daily indicators are getting very overbought and the sentiment has made a big move from super bearish a month ago to very bullish as we approach the 1461.57 high on the SP500 cash.
On Monday let's look to sell into early strength IF there is a reversal, or a stall around the 1461.00-1462.00 area on the SP futures. If the market obliges and pulls back to around 1455.00 on the SP futures and/or 1831.50 on the Nasdaq futures, look for a potential reversal back up. If this doesn't play out, then let the market find a trend and go with it.
Good Trading,
Mike Reed
Sign up for our FREE TRIAL, and you'll get my nightly market comment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell. http://www.TradeStalker.com
Sunday, April 08, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment