TradeStalker's
R.B.I. Trader's Update
6/01/2008
(Published Since 1996)
...............................................
Dateline: 5:12 pm eastern time, 6/1/2008
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The market ended the week on a choppy note. The SP futures
traded in a narrow 7 point range on Friday. The market was
holding on the pullbacks, but the bounces wouldn't stick. In
the second intraday update I warned of a potential reversal
if the SP futures got close to 1405.50. They popped to
1405.00 and dropped to the bottom of the afternoon range
reaching 1400.50 but bounced back. The pop failed like the
rest and a drop to 1398.00 occurred and then the market
bounced to close off the lows.
Normally a narrow range day at/near a high sets the stage
for a sell-off. The end-of-month maneuvering is out of the
way, and by Monday/Tuesday the time-of-month bias to the
upside will be gone. The indicators aren't saying much right
now, with most of them still in neutral, but the crowd got a
bit more bullish on Friday.
The SP futures reversed sharply from 1407.00 on Thursday and
on Friday that wasn't exceeded. Also, even though the market
was up on Friday, the bounces weren't able to stick. The SP
futures spent the afternoon holding above 1404.50, and after
breaking down at the close, they came back and settled right
at that level, and that's a small negative also. So, the
market is acting like it's about ready to head lower, and a
break under the initial support areas that is not quickly
reversed would turn the trends down.
On Monday look for shorting opportunities unless there is a
break over the 1405.50-1407.00 area on the SP futures and
the 2044.00-2045.00 area on the Nasdaq futures that isn't
quickly reversed. If those areas are cleared and they hold,
then we can see a run towards the 1414.50-1415.50 area
before the market turns back down. If that area is broken,
and the move keeps going, then we could see a little
parabolic run up towards the 1422-1424 area on the SP
futures.
There is resistance at the 1404.50 level on the SP futures
and the 2040.00 level on the Nasdaq futures. The key
resistance is at the 1406.50-1407.00 area on the SP futures
and the 2044.00-2045.00 area on the Nasdaq futures. If the
market doesn't double top at those areas, then the upside
could continue on up to the 1414.50-1415.50 area on the SP
futures and the 2052.50-2054.00 area on the Nasdaq futures.
The initial support is at the 1398.00-1397.75 area on the SP
futures and the 2032.50-2032.00 area on the Nasdaq futures.
If those are broken, then things could be changing short
term to a "sell the bounces" mode. The next support is at
the 1394.00-1393.50 area on the SP futures and the 2026.75-
2025.00 area on the Nasdaq futures. If those are held, then
a decent rebound could begin. If they don't, then look for a
move towards the 1388.50-1388.00 area on the SP futures and
the 2020.25-2019.75 area on the Nasdaq futures. If those
aren't defended, then it can get a bit ugly and the 1381.00-
1380.00 area on the SP futures and the 2012.50-2011.00 area
on the Nasdaq futures could be seen. If the market gets hit
really hard, then watch the 1377.75 level on the SP futures
and the 2004.00 level on the Nasdaq futures for a potential
turn back up.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1404.50
1406.50-1407.00
1414.50-1415.50
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1398.00-1397.75
1394.00-1393.50
1388.50-1388.00
1381.00-1380.00
1377.75
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2040.00
2044.00-2045.00
2052.50-2054.00
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
2032.50-2032.00
2026.75-2025.00
2020.25-2019.75
2012.50-2011.00
2004.00
June 2008 Dow futures resistance
symbols: emini = ymm8
12687
12722-12726
12792-12798
June 2008 Dow futures support
symbols: emini = ymm8
12602-12598
12589-12585
12554-12549
12495-12490
12459
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
749.40
751.00-751.50
757.50-758.30
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
745.70-745.40
742.50-742.10
737.20-736.80
730.50-730.10
728.50
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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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