TradeStalker's
R.B.I. Trader's Update
6 / 04 / 2008
(Published Since 1996)
...............................................
Dateline: 6:25 pm eastern time, 6/4/2008
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In last night's update I wrote:
"On Wednesday look for early weakness to stall/reverse
to set up a buying opportunity"
The SP futures opened lower on Wednesday and then reversed
after 5 minutes of trading, and the rally was started. The
1383.50 level was important, and once it was broken it was
good support on 3 pullbacks. However, I also warned to
"...look for a potential turn if the market reaches the
1388.50-1389.50 area on the SP futures".
After running up to 1388.50, a direct hit on the
resistance/reversal zone, the SP futures made a little 1-2-3
top and reversed course. They and fell 9.25 points to
1379.25 shortly after 1 pm eastern time, and then the market
bounced right back. The market rallied back to 1386.25 on
the SP futures, but the move ran out of steam and the market
rolled over again. The SP futures fell 9.50 points to
1376.75 and the market bounced again. The move took the SP
futures to the 1382.00 level and the market rolled over
again. The SP futures fell 10.50 points to 1371.50 and was
able to bounce back again, this time to 1378.75 on the SP
futures. It didn't stick, and the SP futures backed off 5.25
points to 1373.50 and then rallied into the close.
On Thursday look for early weakness to set up a buying
opportunity, like it did on Wednesday, just as soon as the
move stalls/reverses. If that plays out, then beware that
rallies haven't been sticking and the first rally will
likely reverse as soon as the move stalls out. For now, with
the market swinging back and forth, the SP futures will be
range-bound unless there is a break and hold over the
1388.50-1389.25 area on a rally, or under the 1372.00-
1371.50 area on a sell-off.
The initial resistance is at the 1379.75 level on the SP
futures and 2022.75 level on the Nasdaq futures, and if
broken then there should be pretty strong resistance at the
1381.75-1382.25 area on the SP futures and 2025.75-2026.50
area on the Nasdaq futures. If those are exceeded and the
market doesn't quickly reverse, then the door is opened for
a test of the 1388.50-1389.25 and 2036.50-2038.00 areas from
Wednesday. That is a key area on the SP futures, and if it
is reached and not rejected right away, then we could
continue on up to the 1393.00-1393.50 area on the SP futures
and 2042.50-2044.00 area on the Nasdaq futures.
The initial support is at the 1373.50 level on the SP
futures and 2015.25 level on the Nasdaq futures. If those
are held, and then the market turns up, it could start a
"rising W" type of pattern and it would point higher.
However, if those break then the 1372.00-1371.50 area on the
SP futures and 2008.50-2008.00 area on the Nasdaq futures
are probably going to be tested and those areas must be
defended by the bulls. If the market can not hold over those
areas, then we could see a pretty fast drop towards the
1366.50-1365.50 area on the SP futures and 1992.00-1990.50
area on the Nasdaq futures. If those don't hold, then there
is pretty good support around the 1362.00-1361.50 area on
the SP futures, and if the market gets hit hard then the
1358.50-1357.75 area would be major support.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1379.75
1381.75-1382.25
1388.50-1389.50
1393.00-1393.50
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1373.50
1372.00-1371.50
1366.50-1365.50
1362.00-1361.50 Could be a magnet if key support breaks
1358.50-1357.75 Major area if things get ugly
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2022.75
2025.75-2026.50
2036.50-2038.00
2042.50-2044.00
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
2015.25
2008.50-2008.00
1992.00-1990.50
June 2008 Dow futures resistance
symbols: emini = ymm8
12421
12434-12438
12502-12508
12552-12557
June 2008 Dow futures support
symbols: emini = ymm8
12361
12343-12339
12292-12286
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
744.80
746.60-747.10
750.50-751.00
754.50-754.80
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
741.60
740.30-739.80
734.00-733.50
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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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