TradeStalker's
R.B.I. Trader's Update
6 / 24 / 2008
(Published Since 1996)
...............................................
Dateline: 6:30 pm eastern time, 6/24/2008
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The market gapped down on Tuesday and sold off for 35
minutes before reversing. That was the timeframe for a
reversal, and the SP futures turned up from a 1305.25 low
(major support was at the 1304.00-1303.00 area) and they
bounced to 1311.25 and the move stalled out. The Nasdaq fell
to a lower low, but the SP futures made a 1-2-3 bottom
formation and the rally was in gear. The move stalled after
getting to the 1320.50-1321.00 area on the SP futures, but
finally pushed through to make a high at 1328.00 by early
afternoon. After pulling back, there was a pop to a lower
high at 1325.50 that reversed, and that set up a short
trade. After the market broke to the downside, the updated
resistance at the 1321.75-1322.25 area was tested and
rejected and the selling kind of snowballed. The SP futures
dropped to 1313.25 with 20 minutes left in stock trading and
then churned into the close.
We get the Fed release around 2:15 pm eastern time on
Wednesday. If there is a trending move into the Fed release,
the move tends to be reversed. If the market doesn't trend
into the release, and even if it does, there should be a
quick back-and-forth type of movement after the release, and
then the market sorts things out and should begin a trending
move into the late trading. Beware of those to set up trade
opportunities. If you are fairly new at this, then the
sidelines is a good position to take until the Thursday
session.
If the market opens lower on Wednesday, a buying opportunity
should present itself if the move can reverse from, or
above, the initial support zones. If that plays out, then
the resistance at the 1321.00-1321.50 area on the SP futures
and 1921.50-1922.50 area on the Nasdaq futures could be
pivotal if they are tested. However, if that early dip and
rally doesn't pan out, then a test of the Tuesday lows could
be in the cards. Those were aggressively bought on Tuesday,
and the bulls need to defend those areas to avoid a
potential trip below the 1300 level on the SP futures before
a turn around can occur.
The initial resistance is at the 1317.50 level on the SP
futures and 1915.50 level on the Nasdaq futures. If those
are cleared then the 1321.00-1321.50 area on the SP futures
and 1921.50-1922.50 area on the Nasdaq futures would be
next. If the market is weak, those areas won't be broken. If
they are broken, and the market doesn't quickly reverse,
then the 1327.50-1328.00 area on the SP futures and 1934.50-
1935.00 area on the Nasdaq futures could be tested. The way
the market has been acting, those would be sold if reached.
If things have changed, and those areas are cleared, then
there should be good resistance at the 1332.50-1333.25 area
on the SP futures and 1942.50-1943.25 area on the Nasdaq
futures. If the market gets wings, then a rally towards the
1336.50-1337.00 area on the SP futures and 1949.50-1950.25
area on the Nasdaq futures is possible.
The initial support is at the 1313.75-1313.00 area on the
SP futures and 1908.75-1907.75 area on the Nasdaq futures.
If the market can not bounce off of those areas, then look
for some support at the 1310.75-1310.00 area on the SP
futures and 1901.25-1900.25 area on the Nasdaq futures. If
the Tuesday lows were significant, those shouldn't be
broken. If those do break, then a test of the 1305.50-
1303.00 area on the SP futures and 1895.00-1892.50 area on
the Nasdaq futures must hold. If it doesn't, then we should
see the 1298.50-1297.50 area on the SP futures and 1886.50-
1884.75 area on the Nasdaq futures. If those are reached,
and the market doesn't reverse, then a panic sell-off is
underway and the 1285-1282 zone could be seen before buyers
step to the plate.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1317.50
1321.00-1321.50
1327.50-1328.00
1332.50-1333.25
1336.50-1337.00
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1313.75-1313.00
1310.75-1310.00
1304.00-1303.00
1298.50-1297.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1915.50
1921.50-1922.50
1934.50-1935.00
1942.50-1943.25
1949.50-1950.50
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1908.75-1907.75
1901.25-1900.25
1895.00-1892.50
1886.50-1884.75
September 2008 Dow futures resistance
symbols: emini = ymu8
11825
11848-11852
11899-11902
11952-11957
11999-12004
September 2008 Dow futures support
symbols: emini = ymu8
11788-11783
11758-11752
11720-11708
11654-11648
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
711.30
714.50-714.90
718.60-719.10
722.00-722.40
724.80-725.30
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
706.00-705.50
703.00-702.50
698.70-697.90
694.20-693.70
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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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.
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