TradeStalker's
R.B.I. Trader's Update
6 / 03 / 2008
(Published Since 1996)
...............................................
Dateline: 6:42 pm eastern time, 6/3/2008
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The market opened higher on Tuesday and immediately turned
down. The first decent pullback lasted about 20 minutes and
from 1385.25 on the SP futures, the market shot higher. The
SP futures ran up to 1393.00 and pulled back. The bulls gave
it another try on the upside, but the move reversed after
making double tops and the market rolled over. After
breaking 1388.00 support, the market formed a slinky pattern
and then dropped fast. The SP futures reached 1372.50, right
at the key 1373.00-1372.50 area, and the market made a
little double bottom at that zone. However, the bounce
fizzled and the market pushed lower one more time. The
washout took the SP futures down to 1369.25 and then they
reversed quickly back over the 1370 level. With one hour
left in stock trading, the market finally pushed higher with
some oomph, and the market went into a grinding move higher
for 40 minutes. The SP futures stalled out after reaching
1383.50 and then pulled back into the close.
On Wednesday look for early weakness to stall/reverse to set
up a buying opportunity. If that plays out, the initial
resistance will need to be exceeded and not quickly reversed
to get anything going on the upside. The short side should
continue to offer the better opportunities unless/ until the
initial resistance is broken. Even then, with bounces not
able to stick lately, the rally should have some reactions
around resistance zones. We could still see the 1366.50-
1366.00 area on the SP futures on this leg down.
The initial resistance is at the 1383.25 level on the SP
futures and the 2007.75 level on the Nasdaq futures. If
those are not a problem, then look for a potential turn if
the market reaches the 1388.50-1389.50 area on the SP
futures and the 2018.50-2019.25 area on the Nasdaq futures
and the move fizzles. If that doesn't happen and the market
plows through those areas, then we could go for the 1393.00-
1393.50 area on the SP futures and the 2029.25-2030.50 area
on the Nasdaq futures.
The initial support is at the 1377.00-1376.25 area on the SP
futures and the 1994.00-1992.75 area on the Nasdaq futures.
If those are tested and not reversed, then a test of the
1372.50 level on the SP futures and the 1984.50 level on the
Nasdaq futures is probably in the cards. If those levels
break and the market doesn't turn around, then the 1370.00-
1369.50 area on the SP futures and the 1978.75-1977.75 area
on the Nasdaq futures will need to create double bottoms,
otherwise another sizable spill could be underway.
NOTE: There will be no intraday updates unless
it's in the last 90 minutes of trading due to a
birthday party. I'll be the guy at Chuck E Cheese
banging my head against the wall. ;^)
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1383.25
1388.50-1389.50
1393.00-1393.50
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1377.00-1376.25
1372.50
1370.00-1369.50
1366.50-1366.00
1358.50-1357.75 Major if the market gets hit hard
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2007.75
2018.50-2019.25
2029.25-2030.50
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
1994.00-1992.75
1984.50
1978.75-1977.75
June 2008 Dow futures resistance
symbols: emini = ymm8
12454
12472-12476
12531-12537
June 2008 Dow futures support
symbols: emini = ymm8
12397-12393
12370
12339-12334
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
741.50
743.50-743.90
747.20-747.50
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
736.60-736.30
733.30
731.10-730.70
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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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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