TradeStalker's
R.B.I. Trader's Update
5/27/2008
(Published Since 1996)
...............................................
Dateline: 7:09 pm eastern time, 5/27/2008
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After a flat open on Tuesday, the SP futures popped up to
the 1381.50 initial resistance and then reversed and dropped
4.50 points to 1377.00. That move was quickly reversed and
the market rallied to higher highs. After the SP futures
reached a 1384.25 high, the market pulled back a bit and
then popped into the 1382-1383 updated resistance and
reversed. Per the intraday update, the lower high reversed
and the market sold off until noon eastern time. The SP
futures reached 1372.75, which was just over the key support
zone and turned back up. The SP futures got over the
1377.00-1377.50 zone and it held, but the SP futures had
some trouble at the 1381.00 level. Quick pullbacks of 2.75
points and 2.50 points came off that 1381.00 level, but once
it was broken, the 1385.00-1385.50 zone was reached.
However, the 1384.00 level held and the SP futures popped to
1387.75, which was just under the updated 1388.00-1389.00
target/resistance zone. The market backed off and the SP
futures reached 1383.75, but they instantly reversed and the
market moved sideways into the close.
The market was very oversold and the rally started around
noon from the key support area on the SP futures. If this
move isn't a fake-out, then it could last another day or so
and could go the 1398.75-1399.50 area on the SP futures for
the first good test of the market's strength. If that
cluster of resistance doesn't turn the market back down,
then the move could go as far as the 1414.50-1415.50 zone if
it really gets going on the upside. First though, the market
needs to avoid another reversal from up here.
On Wednesday, look for any early strength to set up a
shorting opportunity as soon as the move stalls/reverses
back down. If the market obliges and the market heads lower,
then the beware that the first decent pullback should set up
a buying opportunity, especially if a pullback reaches and
reverses from the 1381.00-1380.25 area on the SP futures and
the 1985.75-1984.75 area on the Nasdaq futures. As long as
those zones are held, the buyers will be in charge. If they
don't hold, then the market could head down to the 1376.00
level on the SP futures, which is as far as a pullback
should go if the market is going to avoid trouble and a
potential test of, or a break of, through the key 1373.00-
1372.50 area on the SP futures.
The initial resistance is at the 1387.75 level on the SP
futures and the 1997.00 level on the Nasdaq futures. If
those levels are broken and the market doesn't quickly
reverse, then the next big hurdles would be at the 1389.75-
1390.25 area on the SP futures and the 1999.75-2001.50 area
on the Nasdaq futures. If those are not a problem and those
areas are cut through, then the 1393.25 level on the SP
futures and the 2005.25 level on the Nasdaq futures would be
next. The next key resistance would be at the 1398.75-
1399.50 area on the SP futures and the 2014.50-2015.50 area
on the Nasdaq futures.
The initial support is at the 1383.75 level on the SP
futures and the 1992.25 level on the Nasdaq futures. If
those are broken, then it looks like the 1381.00-1380.25
area on the SP futures and the 1985.75-1984.75 area on the
Nasdaq futures could be pivotal. If those areas don't hold,
then there is some support around the 1378.50-1378.00 area
on the SP futures and the 1980.25-1979.50 area on the Nasdaq
futures. If broken, then there is some minor support at the
1375.50 and 1971.25 levels, and then the major support at
the 1373.00-1372.50 area on the SP futures and the 1965.75-
1964.75 area on the Nasdaq futures. If those are not able to
hold, then a reversal would need to occur very fast,
otherwise the downside will likely accelerate.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1387.75
1389.75-1390.25
1393.25
1398.75-1399.50
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1383.75
1381.00-1380.25
1378.50-1378.00
1375.50
1373.00-1372.50
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
1997.00
1999.75-2001.50
2005.25
2014.50-2015.50
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
1992.25
1985.75-1984.75
1980.25-1979.50
1971.25
1965.75-1964.75
June 2008 Dow futures resistance
symbols: emini = ymm8
12572
12592-12594
12618
12667-12673
June 2008 Dow futures support
symbols: emini = ymm8
12536
12524-12516
12502-12497
12468
12446-12440
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
724.70
736.30-736.60
738.80
743.80-744.20
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
732.00
730.20-729.80
728.50-728.20
726.80
724.30-723.80
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
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permission.
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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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