TradeStalker's
R.B.I. Trader's Update
5/20/2008
(Published Since 1996)
...............................................
Dateline: 6:15 pm eastern time, 5/20/2008
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The market opened under the Monday lows on Tuesday and just
couldn't get turned around and the market sold off pretty
steadily. A bounce off of the 1414.75 level fizzled at the
1419.00 old support on the SP futures, and then they sold
off to the 1412.00 support. After a bounce to 1417.75
failed, the market sold off again as the SP futures made a
low at 1409.00. There was a move back to the 1412.50-1413.00
new resistance area, but the pullback was just 2.25 points
and then the market popped over that resistance. The move
reversed off of 1415 on the SP futures, and a quick drop to
test the lows followed. Buying and short covering turned the
market right back up and the market put together a pretty
good rally in to the close.
On Wednesday expect two-sided trading action. If there is
early strength, look for the move to stall/reverse to set up
a good shorting opportunity. If that plays out, and the
Tuesday lows can hold, then the first decent pullback should
set up a buying opportunity. As long as that double bottom
on the SP futures can hold, the market will be "ok" and not
vulnerable to a hard selloff. However, if that area breaks
and the market doesn't turn right back up, then we could see
the market go for the 1403.00-1402.50 area on the SP futures
on this leg down.
The initial resistance is at the 1418.50-1419.00 area on the
SP futures and 2010.00-2011.00 area on the Nasdaq futures.
The market closed just under those areas on Tuesday, so if
there is some follow through buying then a turn could come
from the 1422.25-1422.75 area on the SP futures and 2017.50-
2018.50 area on the Nasdaq futures. If the market doesn't
have a problem with those areas, then a move back to the
1427.00-1427.75 area on the SP futures and 2024.00-2025.00
area on the Nasdaq futures is likely. If those areas are
exceeded, then the door is open for a retest of the Monday
high areas, or slightly lower, before another selloff
starts.
The initial support is at the 1413.00-1412.50 area on the SP
futures and 2002.50-2001.50 area on the Nasdaq futures. If
the market pulls back and can turn up from those areas, then
there should be more to go on the upside. However, if those
are broken, then the 1409.00-1408.50 area on the SP futures
and 1992.25-1990.25 area on the Nasdaq futures would be
next. If those break, and the market doesn't quickly
reverse, then the door is open for a drop towards the
1403.00-1402.50 area on the SP futures and 1984.50-1982.50
area on the Nasdaq futures.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1418.50-1419.00
1422.25-1422.75
1427.00-1427.75
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1413.00-1412.50
1409.00-1408.50
1403.00-1402.50
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2010.00-2011.00
2017.50-2018.50
2024.00-2025.00
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
2002.50-2001.50
1992.25-1990.25
1984.50-1982.50
June 2008 Dow futures resistance
symbols: emini = ymm8
12858-12864
12921-12926
13032-13038
June 2008 Dow futures support
symbols: emini = ymm8
12821-12817
12779-12775
12698-12693
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
739.00-739.40
741.30-740.80
745.660-746.20
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
734.00-723.60
728.80-728.30
725.40-724.90
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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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