TradeStalker's
R.B.I. Trader's Update
8 / 3 / 2008
(Published Since 1996)
...............................................
Dateline: 5:05 pm eastern time, 8/3/2008
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The market rallied into Wednesday and early Thursday of last
week, but the SP futures were turned back from near the top
of the big trading range. After making a double top at
1285.00 on the SP futures, the market backed off pretty hard
from late Thursday to Friday morning. After making lows in
the first 30 minutes of trading on Friday, the market
bounced back and forth within channels on the intraday
charts as the market tried to get its footing after the
sharp drop.
As stated before I left, this market looks like the market
could stay in a big trading range for awhile. The SP futures
came close to the top of the range at 1291, but the double
top and rejection from the 1285 level put the market back
into downtrends. Also, the 1250.50-1249.75 area on the SP
futures still looks to be a key support zone. That area will
be a magnet if the initial support is broken and not quickly
reversed on Monday. The market needs to break the channels
that formed on Friday to get a decent move going.
On Monday look for early strength to set up a shorting
opportunity as soon as the move stalls / reverses,
especially if there's another reversal from the initial
resistance areas. If that plays out, then the first pullback
will set up a trade on the long side as long as any early
selling is turned back up from the initial support areas. If
those support areas are not defended, then shorting bounces
should offer the better opportunities as long as the initial
resistance zones are not broken and held.
The initial resistance is at the 1263.55-1264.50 area on the
SP futures and the 1837.75-1838.25 area on the Nasdaq
futures. If those are not rejected again, then the door is
open for a rally towards the 1271.50-1272.00 area on the SP
futures and the 1854.25-1855.50 area on the Nasdaq futures.
If the market gets up there, and doesn't turn back down
quickly, then a move could extend and test the big
resistance now at the 1284.50-1285.00 area on the SP futures
and the 1876.50-1878.50 area on the Nasdaq futures.
The initial support is at the 1254.00-1253.50 area on the SP
futures and the 1817.00-1816.50 area on the Nasdaq futures.
If the market goes under those levels, and cannot quickly
reverse, then the market should head for the 1250.50-1249.75
area on the SP futures and the 1808.00-1807.50 area on the
Nasdaq futures. Those would be key support. If broken, and
not quickly reversed, then a drop towards the 1244.00-
1243.50 area on the SP futures and the 1800.00-1798.50 area
on the Nasdaq futures would need to hold. If it doesn't,
then the market is in some trouble and the 1238.00-1237.50
area on the SP futures and the 1788.00-1787.00 area on the
Nasdaq futures would be key support that needs to hold,
otherwise a test of the 1225.50-1224.50 area on the SP
futures could be in the cards.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1263.55-1264.50
1271.50-1272.00
1284.50-1285.00
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1254.00-1253.50
1250.50-1249.75
1244.00-1243.50
1238.00-1237.50
1225.50-1224.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1837.75-1838.25
1854.25-1855.50
1876.50-1878.50
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1817.00-1816.50
1808.00-1807.50
1800.00-1798.50
1788.00-1787.00
September 2008 Dow futures resistance
symbols: emini = ymu8
11353-11358
11409-11413
11541-11544
September 2008 Dow futures support
symbols: emini = ymu8
11259-11254
11226-11222
11171-11165
11112-11106
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
718.80-719.30
721.60-722.20
729.50-729.90
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
711.80-711.50
704.80-704.50
700.80-700.30
697.60-697.10
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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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