TradeStalker's
R.B.I. Trader's Update
6 / 12 / 2008
(Published Since 1996)
...............................................
Dateline: 6:17 pm eastern time, 6/12/2008
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The market opened higher on Thursday, after reaching the key
1336-1334 support zone on Wednesday's close, and rallied to
1355.50 on the September SP futures. A pullback to 1347.75
followed, and then the market went back up to test the
highs. The move fizzled at 1355.00 on the SP futures, and
after some churning the market started to roll over to the
downside. I noted if the 1351.50 level was not broken, then
we could head for 1343-1342 area.. The SP futures then
popped to exactly 1351.50, and then broke lower and fell
steadily until the SP futures reached 1342.25 just after
2pm, and the market bounced back. The bounce fizzled at the
1346.50 level on the SP futures and the selling resumed as
the SP futures fell to 1333.25. The move reversed from there
and the market regained about half of the drop by the close.
We get the CPI before the open on Friday. The market is
still very oversold, and the late day come-back was a plus
after making new lows on this leg down. On Friday we will
likely see more two-sided action, so look for opportunities
in both directions. If there is early strength and the move
stalls/ reverses in the first 20-40 minutes of trading, it
should set up a shorting opportunity. On the downside, it
looks like the initial support needs to hold on a pullback,
otherwise the move could test or break the Thursday lows.
The initial resistance is at the 1344.75 level on the SP
futures and 1940.00 level on the Nasdaq futures. If those
are exceeded, then there should be pivotal resistance at the
1346.00-1346.50 area on the SP futures and 1943.50-1944.25
area on the Nasdaq futures. If the market can not break and
hold those areas, then the market is still vulnerable and
could sell of sharply. However, if those areas are broken,
and the market can hold them on a pullback, then there would
be minor resistance at the 1351.50 level on the SP futures
and 1948.75 level on the Nasdaq futures. If those are
broken, then a test of the 1355.00-1355.50 area on the SP
futures and 1960.50-1961.75 area on the Nasdaq futures
should offer good resistance if the market is still in
bearish mode.
The initial support is at the 1339.00-1338.25 area on the SP
futures and 1930.25-1928.75 area on the Nasdaq futures. If
those areas do not hold, then the door is open for a test of
the 1334.00-1333.25 area on the SP futures and 1920.50-
1919.25 area on the Nasdaq futures. If the market gets down
there again, beware of a potential double bottom to form.
However, if the market can't hold those areas, then a move
to the 1330.50-1329.75 area on the SP futures and 1915.50-
1915.25 area on the Nasdaq futures could be magnets. If the
market doesn't reverse from there, then we will likely go
for the 1324.50-1324.00 area on the SP futures and 1910.25-
1909.25 area on the Nasdaq futures.
Sept 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1344.75
1346.00-1346.50
1355.00-1355.50
1351.50
Sept 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1339.00-1338.25
1334.00-1333.25
1330.50-1329.75
1324.50-1324.00
Sept 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
19440.00
1943.50-1944.25
1948.85
1960.50-1961.75
Sept 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1930.25-1928.75
1920.50-1919.25
1915.50-1915.25
1910.25-1909.25
Sept 2008 Dow futures resistance
symbols: emini = ymu8
12165
12214-12219
12235
12269-12276
Sept 2008 Dow futures support
symbols: emini = ymu8
12126-12122
12089-12084
12041-12036
11983-11978
Sept 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
723.10
725.50-725.90
728.00
730.90-731.30
Sept 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
719.80-719.30
717.20-716.70
713.40-712.80
709.10-708.60
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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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