Market Comment 04/15/07 - Nightly Update

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TradeStalker's
R.B.I. Trader's Update
4/15/2007
(Published Since 1996)
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Dateline: 5:31 pm Eastern time, 4/15/2007

The market ended the week on an up note. On Thursday andFriday the market was sold off early and then it camerallying into the close. The pullbacks have been 6.25-7.25points on the SP futures and 13.25-14.00 points on theNasdaq futures. As long as the pullbacks don't go anyfarther than that, the market should be in decent shape fora bit longer.

That said, look for the "sell early, buy the first decentpullback" type of pattern in the early going on Monday. Ifthere is early strength that reverses, then that firstpullback should be bought after dropping 6.25-7.25 points onthe SP futures. You will need to do the math. If there isnot any follow through buying, then the 1455.00-1454.50support zone would be the key support zone.

Look for resistance at the 1461.50-1463.00 area on the SPfutures and the 1833.25-1835.50 area on the Nasdaq futures.Above those areas, look for minor resistance around the1464.50 level and the 1839.50 level on the Nasdaq futures.If those are not a problem, then we could go for the1467.75-1468.25 area on the SP futures and the 1843.75-1844.50 area on the Nasdaq futures.

The initial support is at the 1460.00-1459.50 area on the SPfutures and the 1829.00-1828.25 area on the Nasdaq futures.If those break and the market doesn't quickly turn back up,then look for support at the 1458.25 level on the SP futuresand the 1824.00 level on the Nasdaq futures. If those don'thold, then be on alert for a turn after a drop of 6.25-7.25points on the SP futures and 13.25-14.00 points on theNasdaq futures. If that aligns with one of the support areasabove, it should be especially key. The next good fixedsupport would be down at the 1455.00-1454.50 area on the SPfutures and the 1819.00-1818.25 area on the Nasdaq futures.If those break, then the 1452.00 level on the SP futures andthe 1813.50 level on the Nasdaq futures would be next.

Good Trading,
Mike Reed