TradeStalker's
R.B.I. Trader's Update
6 / 08 / 2008
(Published Since 1996)
...............................................
Dateline: 5:05 pm eastern time, 6/8/2008
Trading updates are posted through out the day to "real
time" subscribers on our Instant Messenger Site. Go here to
sign up now! http://www.tradestalker.com/order-page.htm
The market opened lower on Friday and off of the 1390.50-
1390.00 key support on the SP futures, they bounced about 5
points and reversed. Once the 1390 level was broken, the
downside accelerated. The updated support at 1376.75-1376.00
on the SP futures gave the market a bounce, but it failed
just under the updated resistance at 1382.00 and the market
headed lower. The major support at the 1372-1371 zone on the
SP futures was cut through like it wasn't even there as the
market broke to new lows. There was a bounce off of 1367.75
on the SP futures, but after a brief poke over 1375.00, it
reversed and the market headed to new lows. Only the closing
bell could stop the bleeding as the SP futures fell to the
1358.50 support in the last few minutes of trading.
The market rallied strongly on Thursday, but then dropped
449 points on the Dow, 47.25 points on the SP futures, and
73.25 points on the Nasdaq futures. The VIX had finally
dropped back to its 10 day average close on Thursday's
rally, but then exploded over 26% on Friday. The drop on
Friday was the 8th largest point loss ever for the Dow, as
shorts really had a "field day" as the move was basically
trend-down.
The market closed on Friday right at a decent support area
on the SP futures. So, if the market can't hold the Friday
lows and rally out of the gate, then we could see another
early collapse on Monday. If there is follow through
weakness, then be on alert for a reversal in the first 20-40
minutes of trading. If that occurs, then beware that the
first decent bounce will likely be sold as soon as the
momentum stalls out. If it occurs at a resistance zone, so
much the better as it would set up a decent reward/risk
trade. For now, the bears will be in control unless/until
there is a move over the 1381.75-1382.25 area on the SP
futures and/or the 2023.75-2025.00 area on the Nasdaq
futures.
The initial resistance is at the 1368.50-1369.00 area on the
SP futures and the 2003.50-2004.00 area on the Nasdaq
futures. If the market is still very weak, then those areas
will not be exceeded. If they are, then the next good
resistance is at the 1375.50-1376.25 area on the SP futures
and the 2011.75-2013.25 area on the Nasdaq futures. If the
market doesn't have trouble at those areas, then the trends
could turn up. The next hurdles would be at the 1381.75-
1382.25 area on the SP futures and the 2023.75-2025.00 area
on the Nasdaq futures. If the market gets back there and the
move reverses, it could set up a fairly sharp drop.
The initial support is at the 1358.50-1358.00 area on the SP
futures and the 1987.00-1986.00 area on the Nasdaq futures.
If those areas are broken but then quickly reversed, it
should set up a decent rally attempt. However, if those are
broken and the market doesn't snap right back, then we
should test the 1352.50-1352.00 area on the SP futures and
the 1978.75-1978.00 area on the Nasdaq futures. Those should
hold if there is going to be a good reflex rally. If they
don't, then the 1348.00-1347.50 area on the SP futures and
the 1972.00-1970.25 area on the Nasdaq futures would need to
hold to avoid a trip towards the 1336-1335 area on the SP
futures.
June 2008 SP futures resistance
symbols: emini = esm8 / big contract =spm8
1368.50-1369.00
1375.50-1376.25
1381.75-1382.25
June 2008 SP futures support
symbols: emini = esm8 / big contract =spm8
1358.50-1358.00
1352.50-1352.00
1348.00-1347.50
1336-1335
June 2008 Nasdaq futures resistance
symbols: emini = nqm8 / big contract = ndm8
2003.50-2004.00
2011.75-2013.25
2023.75-2025.00
June 2008 Nasdaq futures support
symbols: emini = nqm8 / big contract = ndm8
1987.00-1986.00
1978.75-1978.00
1972.00-1970.25
June 2008 Dow futures resistance
symbols: emini = ymm8
12273-12276
12321-12326
12365-12369
June 2008 Dow futures support
symbols: emini = ymm8
12192-12187
12134-12127
12093-12088
June 2008 Russell futures resistance
symbols: emini = er2m8 / big contract = er2m8
742.80-743.30
749.70-750.10
754.20-754.70
June 2008 Russell futures support
symbols: emini = er2m8 / big contract = er2m8
739.70-739.30
734.30-733.80
730.60-730.20
---------------------------
REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899
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.
*************************************************
No comments:
Post a Comment