TradeStalker's
R.B.I. Trader's Update
6 / 17 / 2008
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 6/17/2008
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The market gapped up on Tuesday, but the 1369.50-1370.25 key
resistance area on the SP futures wasn't broken and the
market sold off. The SP futures dropped from 1369.00 to
1362.50 and then bounced, but the move fizzled after getting
to 1367.00 and the market fell again. Another bounce also
failed and the SP futures went to the 1357.75-1357.25
support zone and the market bounced back a bit. The bounce
didn't stick and the SP futures fell to 1354.75 and then
turned up. The SP futures bounced back to 1361.25 and then
turned back. The downside took hold and selling took the
market to test the early afternoon lows. Off of 1356.00, the
SP futures popped back to 1359.75 and then headed lower
again as the market fell to new lows for the day. The SP
futures reached 1353.50 with just over 30 minutes left in
stock trading and then bounced back. The 1356.00 level was
reached, then the market dropped again as the SP futures
reached the 1352.50-1351.50 zone with 5 minutes left in
futures trading.
The Tuesday action was a trend day for the most part. In
addition, the SP and Dow cash and futures both made outside
days on Tuesday. In the Sunday night update I stated that
the market could extend its gains for a day or so and then
potentially set up for a sharp drop. At the moment, it looks
like it began on Tuesday's open.
Back to back trend days are rare, so on Wednesday expect
two-sided action with both sides being tradable. The market
will need to get over the 1360.75-1361.50 area on the SP
futures and not quickly reverse, to get the market out of
potential trouble. The better setups should occur on the
bounces that stall out as long as that area is not broken.
The initial resistance is at the 1356.00 level on the SP
futures and the 1989.25 level on the Nasdaq futures. If the
market doesn't turn down on a bounce to those levels, then
there should be strong resistance at the 1360.75-1361.50
area on the SP futures and the 1996.50-1997.50 area on the
Nasdaq futures. If the market is weak, then those areas will
be sold if reached. If those are exceeded, then the door is
open for a run up towards the 1365.00-1365.50 area on the SP
futures and the 2003.25-2004.00 area on the Nasdaq futures.
If the market gets there and does not reverse, then a rally
to test the 1369.50-1370.25 area on the SP futures and the
2008.50-2010.25 area on the Nasdaq futures could be in the
cards. If that occurs and the move stalls, it sets up
another good shorting opportunity.
The initial support is at the 1352.00-1351.25 area on the SP
futures and the 1980.25-1979.50 area on the Nasdaq futures.
If those areas are not quickly reversed, then the market
could be in for more trouble. The next support is at the
1347.00-1346.50 area on the SP futures and the 1975.00-
1974.25 area on the Nasdaq futures. If those are tested and
the market reverses, it could lead to a decent bounce.
However, if those are easily broken, then the market should
head towards the 1342.50-1342.00 area on the SP futures and
the 1963.75-1963.00 area on the Nasdaq futures. If the
market gets down there and it still shows no signs of
turning around, then only the 1336.50 level on the SP
futures and the 1952.75 level on the Nasdaq futures is in
the way of a test, or break, of last week's 1333.25 low on
the SP futures.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1356.00
1360.75-1361.50
1365.00-1365.50
1369.50-1370.25
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1352.00-1351.25
1347.00-1346.50
1342.50-1342.00
1336.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1989.25
1996.50-1997.50
2003.25-2004.00
2008.50-2010.25
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1980.25-1979.50
1975.00-1974.25
1963.75-1963.00
1952.75
September 2008 Dow futures resistance
symbols: emini = ymu8
12185
12224-12228
12275-12279
12347-12351
September 2008 Dow futures support
symbols: emini = ymu8
12151-12148
12104-12098
12072-12067
12002
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
738.90
741.40-741.70
743.00-743.30
747.70-748.20
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
736.40-736.10
732.50-732.20
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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