TradeStalker's
R.B.I. Trader's Update
6 / 05 / 2008
(Published Since 1996)
...............................................
Dateline: 6:45 pm eastern time, 6/5/2008
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The market opened higher on Thursday and reached 1388.25
before there was a reaction. The SP futures pulled back 4.25
points and turned back up and rallied to a high at 1394.50.
Another reaction caused a 4.50 point pullback on the SP
futures, and with the 1390.00 level holding the market up,
the market took off again to the upside. The move stalled
out at the 1397.75-1398.50 area on the SP futures and the
market backed off, then poked to a higher high at 1399.25
level and reversed. The SP futures pulled back 4.50 points
to 1394.75 and then traded sideways for about 15 minutes.
Once that symmetry was broken, the market sold off quickly
to 1390.25 on the SP futures, and then the market turned
back up. The rally was a strong one and it took the market
to new highs in the final minutes of trading. The SP futures
reached 1405.75 and the Nasdaq futures reached 2060.25 and
they closed the day near those highs.
The low was made on the open and the high was made on the
close on Thursday. We get the Jobs data before the open on
Friday. The end of day run-up was nearly parabolic, so if
there is follow through strength on Friday it should set up
a shorting opportunity as soon as the move stalls out. If
the market obliges, then the first decent pullback should
set up a buying opportunity. The 1400.00-1399.50 area on the
SP futures and 2053.00-2052.25 area on the Nasdaq futures
need to hold on a normal pullback, otherwise the intraday
trends will roll over. Bigger picture, the 1390.50-1390.00
area on the SP futures along with 12500-12490 area on the
Dow CASH will need to hold on a sell-off to keep the bullish
daily pattern in good shape.
Look for resistance at the 1406.50-1407.00 area on the SP
futures and 2062.50-2064.00 area on the Nasdaq futures. If
those areas are not a problem, then we could see the
1412.00-1412.50 area on the SP futures and 2070.50-2072.00
area on the Nasdaq futures reached fairly quickly. If the
market doesn't reverse from those zones, then the key
resistance is at the 1415.50-1416.50 area on the SP futures
and 2076.50-2078.00 area on the Nasdaq futures. If the
market gets up there, and the move stalls/reverses, then it
would set up a good shorting opportunity with a fairly tight
stop.
There should be good support at the 1400.00-1399.50 area on
the SP futures and 2053.00-2052.25 area on the Nasdaq
futures. If the market pulls back gently to those areas and
stalls or turns up, the it should offer a decent entry on
the long side. However, if those areas are broken and the
market doesn't quickly reverse, then we could see a test of
the 1390.50-1390.00 area on the SP futures and 2039.25-
2038.50 area on the Nasdaq futures. If the market drops fast
to those areas and turns up, it's a good opportunity to get
long with a tight stop. However, if those areas are broken,
then things are back in to downtrends and a move to the
1386.25-1385.50 area on the SP futures and 2027.00-2026.25
area on the Nasdaq futures would need to be quickly reversed
to avoid an ugly end to what has been a good week for the
bulls.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1406.50-1407.00
1412.50-1413.50
1415.50-1416.50
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1400.00-1399.50
1390.50-1390.00
1386.25-1385.50
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2062.50-2064.00
2070.50-2072.00
2076.50-2078.00
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
2053.00-2052.25
2039.25-2038.50
2027.00-2026.25
June 2008 Dow futures resistance
symbols: emini = ymm8
12625-12629
12684-12689
12712-12719
June 2008 Dow futures support
symbols: emini = ymm8
12573-12568
12498-12494
12467-12462
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
765.50-766.00
770.20-770.60
772.80-773.40
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
759.20-758.80
755.00-754.60
749.50-749.10
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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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