TradeStalker's
R.B.I. Trader's Update
8 / 26 / 2008
(Published Since 1996)
...............................................
Dateline: 6:35 pm eastern time, 8/26/2008
Learn how Mike Reed, a 25+ year veteran trader, finds his
nightly fixed support and resistance levels. Click here for
more details: http://www.tradestalker.com/RTGLive.htm
The market opened lower on Tuesday but after reaching
1263.50 on the SP futures the market turned up and rallied
to 1275.75 in just about an hour. The move stalled out, and
then after a small dip the SP futures popped to a lower high
at 1274.50 and reversed. The break through the 1271.75
updated support was broken and the market sold off to make
lower lows after the Fed Minutes were released. However,
buyers defended the 1263 level (which was tested for the 4th
time in the last 2 days) and the market turned back up. The
1266.00 level was broken (and then was barely broken by a
tick) and that sparked a move to the 1272.00 level on the SP
futures in the last minute of futures trading.
The daily indicators are in neutral, and the market has been
in a range for a few days now. The good news is that the
market put together a good rally off of that 1263.00 level
again on Tuesday, which has been a floor for the market this
week. The Nasdaq futures also rallied after making a lower
low on this leg down. That 1263.00-1262.50 area has been
tested enough, so if there is another trip down to that area
that isn't quickly reversed, then the market could be in
some pre-holiday trouble. It would be especially important
because we are now going into the timeframe that trends to
be bullish for the market -- end of month, along with a
Holiday weekend ahead.
In any case, the day ended with the market in uptrends so on
Wednesday look for a shorting opportunity if there is early
strength that stalls / reverses in the first 20-40 minutes
of trading. If that plays out, then the first decent selloff
should offer a buying opportunity as long as the 1266.00-
1265.75 area on the SP futures can hold. If that area
doesn't hold, then the market will be under pressure and
could end up cutting through the key support at the 1263.00-
1262.50 zone on the SP futures.
The initial resistance is at the 1272.00-1272.50 area on the
SP futures and 1892.50-1893.50 area on the Nasdaq futures.
If the move isn't sold at those areas, then we should see a
sprint towards the 1277.00-1277.50 area on the SP futures
and 1902.50-1903.25 area on the Nasdaq futures. If the
market gets up there, and the move stalls out as it gets
there, then beware of a reversal. If those areas are easily
cut through, then the next hurdles would be at the 1280.50-
1281.00 area on the SP futures and 1911.50-1913.00 area on
the Nasdaq futures. If those are not a problem getting
through, then a move back to the 1285.00-1285.50 area on the
SP futures and 1920.25-1921.25 area on the Nasdaq futures
could be in the cards before there is a sizable pullback.
The initial support is at the 1266.00-1265.75 area on the SP
futures and 1882.75-1882.00 area on the Nasdaq futures. If
those are tested early, and the market doesn't hold and turn
back up, then a test of the 1263.00-1262.50 area on the SP
futures and 1877.00-1876.50 area on the Nasdaq futures will
need to be reversed fast to avoid trouble. If that area on
the SP futures is broken by much, then the next big support
is at the 1257.50-1257.00 area on the SP futures and
1868.50-1867.25 area on the Nasdaq futures. If those are
broken, then major support is down at the 1252.50-1251.50
area on the SP futures.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1272.00-1272.50
1277.00-1277.50
1280.50-1281.00
1285.00-1285.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1266.00-1265.75
1263.00-1262.50
1257.50-1256.75
1252.50-1251.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1892.50-1893.50
1902.50-1903.25
1911.50-1913.00
1920.25-1921.25
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1882.75-1882.00
1877.00-1876.50
1868.50-1867.25
September 2008 Dow futures resistance
symbols: emini = ymu8
11432-11436
11479-11482
11508-11513
11548-11552
September 2008 Dow futures support
symbols: emini = ymu8
11370-11368
11344-11340
11298-11293
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
724.70-725.10
727.80-728.20
730.30-730.70
734.20-734.80
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
718.90-718.50
715.90-715.50
710.60-710.20
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
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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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