TradeStalker's
R.B.I. Trader's Update
6 / 19 / 2008
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 6/19/2008
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After a flat open the market popped up and reversed from
1344 on the SP futures, and they dropped 11.50 points to
1332.50 before buyers stepped to the plate. The rebound was
turned back from the 1342.50-1343.00 zone, and that was a
lid for 2 afternoon pullbacks. The last drop stalled and
reversed from just over the 1336.50 support, and then the
market turned back up. The 1343 level was exceeded and
buyers piled on and drove the market higher. The SP futures
reached 1349.75 before reversing, and then the blue chips
gave back around half of the afternoon gains in the last
hour of trading.
With the strong Nasdaq, but relatively weaker SP and Dow,
the mixed bag makes for a tough call. If the Thursday highs
are reached, the market should have a very tough time
getting through them. Even if they do, the move likely won't
stick for very long before profits are taken on longs. On
Friday look for early strength to set up a good shorting
opportunity. If the market obliges, and if the initial
support can hold on a pullback and the move reverses, then
there could be another run on the upside. The market doesn't
act like it's going to fall apart, so a deeper drop that
breaks the Thursday lows and then reverses back up through
them would set up a trade on the long side, if only for a
scalp.
The initial resistance is at the 1344.50 level on the SP
futures and the 1994.50 level on the Nasdaq futures. Those
are minor levels, so if the market doesn't turn back from
there, then the big hurdles are at the 1349.75 level on the
SP futures and the 2001.75 level on the Nasdaq futures. The
market was only up there for a few minutes before reversing
on Thursday, so a move to those areas should be hard to get
through. If those are pushed through, then a move to the
1351.50-1352.00 area on the SP futures and the 2006.75-
2008.00 area on the Nasdaq futures could be reversal zones,
and a move over then back under the 1350 level on the SP
futures should trigger some selling. However, if the market
gets over that resistance and keeps going, then look for a
test of the 1358.00-1358.50 area on the SP futures and the
2015.50-2016.00 area on the Nasdaq futures.
The initial support is at the 1341.75 level on the SP
futures and the 1988.00 on the Nasdaq futures. If those
levels are broken, then the 1337.00-1336.50 area on the SP
futures and the 1976.00-1975.00 area on the Nasdaq futures
would be key support. If those areas are not able to hold,
then a test of the 1333.00-1332.25 area on the SP futures
and the 1960.50-1959.50 area on the Nasdaq futures is
probably in the cards. The market was well bid at those
areas on Thursday, so if the market gets there again beware
of a reversal. However, if those areas do not hold, then one
more push down to the 1326.50-1326.00 area on the SP futures
and the 1952.50-1951.50 area on the Nasdaq futures could be
in the cards. If the market is going to start a good rally,
the downside shouldn't be exceeded by much. If the market
cannot start a good rally from there, then the market is in
trouble and there could be an air-pocket type drop if those
aren't quickly reversed.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1344.50
1349.75
1351.50-1352.00
1358.00-1358.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1341.75
1337.00-1336.50
1333.00-1332.25
1326.50-1326.00
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1994.50
2001.75
2006.75-2008.00
2015.50-2016.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1988.00
1976.00-1975.00
1960.50-1959.50
1952.50-1951.50
September 2008 Dow futures resistance
symbols: emini = ymu8
12068
12115
12131-12137
12184-12189
September 2008 Dow futures support
symbols: emini = ymu8
12028
12007-12004
11981-11977
11932-11927
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
738.40
740.90
741.70-742.20
745.20-745.80
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
734.40
731.50-731.20
725.70-725.40
721.00-720.60
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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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