TradeStalker's
R.B.I. Trader's Update
6 / 16 / 2008
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 6/16/2008
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Please excuse this resend. The labels for the futures tables
at the bottom of the update were incorrect. The numbers are
for the September futures, not June futures as it was
labeled
earlier. This has been fixed in the tables below.
Mike
The market opened lower on Monday and just above the
1351.75-1351.00 key support area on the SP futures, and
turned up immediately. After some choppy upside, the market
got going on the upside and the SP futures went to the
1362.50-1363.00 initial resistance before reversing. Off of
the 1363.50 high, the market pulled back but held at the
updated 1357.25 level. The market reversed back up from
there, and the market rallied back towards the highs, as the
market turned range-bound. The SP futures reversed from
1362.75 and quickly dropped to 1357.50, and that drop was
reversed just as fast as the market sprinted right back up
to the 1362.75 level. After a hesitation, they pushed
through to new highs and the SP futures rallied to 1367.50
before pulling back. The pullback held right at the updated
1362.50 level on the SP futures, and the market turned back
up. The averages tested their highs, but fell just shy
before reversing back down . The 1362.50 level on the sp
futures was broken, leaving a 1-2-3 top in place. The market
bounced, but that pop up move was sold and the market
slipped lower into the close.
We get the PPI and Housing Starts data before the open on
Tuesday. The intraday charts are forming rising wedge
patterns, and the late break under 1362.50 on the SP futures
put a topping pattern in place. The market must get over the
1366.00-1367.50 area on the SP futures and not quickly
reverse to avoid potential trouble on Tuesday. If there is
early weakness, then the 1357.75-1357.25 area on the SP
futures will have to be defended, otherwise the market will
be under pressure again and the market would be vulnerable
to a decent sized sell-off on Tuesday.
The initial resistance is at the 1364.50 level on the SP
futures and 1997.50 level on the Nasdaq futures. If those
are cleared, then the 1367.00-1367.50 area on the SP futures
and 2002.50-2003.00 area on the Nasdaq futures would be
next. The market made double tops at those areas on Monday,
and if they are not rejected, then the market should pop to
the 1369.50-1370.25 area on the SP futures and 2008.50-
2010.25 area on the Nasdaq futures. Those are short term key
resistance areas, so if the move doesn't reverse from those
zones, then we could head back towards the 1379.50-1380.50
area on the SP futures on this leg up before things turn
back down.
The initial support is at the 1358.50 level on the SP
futures and 1987.00 level on the Nasdaq futures, and then
what should be key support at the 1357.75-1357.25 area on
the SP futures and 1980.50-1979.00 area on the Nasdaq
futures. If those areas are not defended, then the market
could hit an air-pocket type of move towards the 1352.50-
1352.00 area on the SP futures and 1963.75-1963.00 area on
the Nasdaq futures. If those areas do not hold, then the
1346.50 level on the SP futures and 1952.75 level on the
Nasdaq futures need to hold if the market is going to avoid
a deeper sell-off towards the 1341.75-1340.50 area on the SP
futures.
Sept 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1364.50
1367.00-1367.50
1369.50-1370.25
Sept 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1358.50
1357.75-1357.25
1352.50-1352.00
1346.50
Sept 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1997.50
2002.50-2003.00
2008.50-2010.25
Sept 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1987.00
1980.50-1979.00
1963.75-1963.00
1952.75
Sept 2008 Dow futures resistance
symbols: emini = ymu8
12295
12320-12325
12347-12351
Sept 2008 Dow futures support
symbols: emini = ymu8
12251
12238-12233
12213-12206
12184
Sept 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
741.50
744.00-744.50
748.20-748.60
Sept 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
736.80
734.80-734.50
730.00-729.60
726.80
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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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