TradeStalker's
R.B.I. Trader's Update
6 / 23 / 2008
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 6/23/2008
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 higher on Monday, but early strength was
sold about 15 minutes into the trading day and the market
backed off. The SP futures dropped from 1325.50 down to
1317.50 over the next 20 minutes, and then buyers stepped to
the plate. The SP futures bounced back to 1324.00, but the
move fizzled and when the 1320.50 level broke, it sent the
market down to make new lows for the day. The SP futures
reached 1316.25, which was just over the 1316.00-1315.50
support and then bounced feebly to 1321.00. That move was
quickly reversed and the market sold off to test the lows
again. The test passed as the SP futures reached 1316.75 and
then reversed. The market went back up to test the highs but
fell short. The SP futures reached 1324.00 and then after
making a 1-2-3 type of top, the market reversed and chopped
its way towards the lows by the close.
On Tuesday we get the Consumer Confidence number 30 minutes
into the trading day. On Monday, the SP500 cash and futures
had an inside day, while all the other averages made lower
lows than they made last Friday. Also, the blue chip
averages finished near unchanged, but the small cap and tech
averages were sold off pretty hard.
The market is still very oversold, but the momentum and
trends need to turn around before the odds favor the long
side. We will likely get more two sided action before the
Wednesday FOMC decision is released. Until things change,
the bounces should offer good shorting opportunities when
they fizzle and stall. The market needs to begin making
higher highs and higher lows daily chart before a trend
change occurs bigger picture.
On Wednesday morning, look for a buying opportunity if there
is early weakness and the move stalls and/or reverses back
to the upside. If that plays out in the first 40 minutes of
trading and then the market rallies back to the initial
resistance areas, then it should set up a shorting
opportunity if the move stalls. However, if the market plows
through that resistance and then takes out the highs from
Monday, then a decent counter-trend rally can be in gear.
The initial resistance is at the 1320.50 level on the SP
futures and the 1930.25 level on the Nasdaq futures. Those
last hour highs from Monday tested a few times before
dropping late on Monday and need to be exceeded to get
anything going on the upside. If those are broken, then the
key resistance is at the 1324.00-1324.50 area on the SP
futures and the 1938.50-1941.50 area on the Nasdaq futures.
If those are both broken, then the tide could be turning for
a rally into end of month. The next resistance would be at
the 1329.50-1330.50 area on the SP futures and the 1949.50-
1950.50 area on the Nasdaq futures.
The initial support is at the 1316.50-1315.50 area on the SP
futures and the 1915.50-1914.50 area on the Nasdaq futures.
If those are broken in the early going and the market
reverses back up through them, then a decent rebound could
be underway. If that doesn't play out, then the next support
is at the 1309.50-1308.50 area on the SP futures and the
1908.50-1907.75 area on the Nasdaq futures. If the market
gets there and cannot reverse course, then the 1304.00-
1303.00 area on the SP futures and the 1899.75-1898.25 area
on the Nasdaq futures could be in the cards before the
market gets turned back around to the upside.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1320.50
1324.00-1324.50
1329.50-1330.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1316.50-1315.50
1309.50-1308.50
1304.00-1303.00
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1930.25
1938.50-1941.50
1949.50-1950.50
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1915.50-1914.50
1908.50-1907.75
1899.75-1898.25
September 2008 Dow futures resistance
symbols: emini = ymu8
11848
11877-11883
11952-11957
September 2008 Dow futures support
symbols: emini = ymu8
11812-11809
11758-11752
11758-11752
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
725.70-726.10
728.00-728.40
732.20-732.80
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
718.00-717.50
714.20-713.90
709.70-709.40
---------------------------
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