TradeStalker's
R.B.I. Trader's Update
9 / 28 / 2008
(Published Since 1996)
...............................................
Dateline: 5:59 pm eastern time, 9/28/2008
The market gapped down on Friday and reversed in the first
15 minutes and rallied back nicely. The move stalled and
reversed from 1295.75 on the SP futures and then gave back
12 points before turning up again. A rally from 1193.50 on
the SP futures fizzled after reaching 1211.50 on the SP
futures and they dropped 13 points to 1198.25 with an hour
left in trading. The last hour rally took the SP futures to
1220.75 and then the futures pulled back to settle at fair
value.
On Monday look to short early strength if it fizzles and
reverses and reverses in the first half hour of trading. If
that plays out, then beware that the first decent pullback
should set up a buying opportunity as long as there isn't a
break below the 1199.00-1198.50 area on the SP futures and
1650.50-1650.00 area on the Nasdaq futures. If he market
falls that far, and can not get turned back around, then the
trends will be rolling over and the market would be
vulnerable.
The initial resistance is at the 1220.50 level on the SP
futures and 1684.00 level on the Nasdaq futures. If those
are exceeded, then the 1223.50-1224.50 area on the SP
futures and 1691.50-1692.50 area on the Nasdaq futures would
be key hurdles. If those areas are reached and not quickly
reversed, then the door would be opened for a run towards
the 1233.50-1234.50 area on the SP futures and 1701.00-
1702.00 area on the Nasdaq futures. If there is no problem
there, then the 1237.50-1238.25 area on the SP futures and
1713.50-1714.50 area on the Nasdaq futures would be the next
hurdles. If those areas are reached, and the market does not
reverse, then the market will be strong and the pullbacks
will be bought into the late trading. The 1267.00-1268.00
area is major resistance.
The initial support is at the 1210.50-1210.00 area on the SP
futures and 1667.25-1666.25 area on the Nasdaq futures. If
those are broken, then the 1199.00-1198.50 area on the SP
futures and 1650.50-1650.00 area on the Nasdaq futures
should be key support. If those areas hold, then a reversal
is likely going to have legs. However, if those areas break
then the door is open for a further drop towards the
1193.50-1192.50 area on the SP futures and 1644.00-1643.00
area on the Nasdaq futures. If those break, then there is
key support at the 1188.00-1187.00 area on the SP futures
and 1637.50-1636.00 area on the Nasdaq futures. If those
break, then the major support short term is at the 1181.00-
1180.00 area on the SP futures.
December 2008 SP futures resistance
symbols: emini = esz8 / big contract =spz8
1220.50
1223.50-1224.50
1233.50-1234.50 - Key
1237.50-1238.25
1241.50-1242.50
1258.00-1259.00
1267.00-1268.00 - Major
December 2008 SP futures support
symbols: emini = esz8 / big contract =spz8
1210.50-1210.00
1199.00-1198.50
1193.50-1192.50
1188.00-1187.00
1181.00-1180.00
December 2008 Nasdaq futures resistance
symbols: emini = nqz8 / big contract = ndz8
1684.00
1691.50-1692.50
1701.00-1702.00
1713.50-1714.50
December 2008 Nasdaq futures support
symbols: emini = nqz8 / big contract = ndz8
1667.25-1666.25
1650.50-1650.00
1644.00-1643.00
1637.50-1636.00
December 2008 Dow futures resistance
symbols: emini = ymz8
11177
11203-11209
11293-11299
11342-11348
December 2008 Dow futures support
symbols: emini = ymz8
11068-11063
10982-10977
11928-11922
10832-10828
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
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permission.
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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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