MarketClub Options Trading
MarketClub Review
Rockwell Trading Coaching
Rockwell Trading Mentoring
MarketClub
INO TV Trading Education
Free Options Trading Education
midPhase coupon
1&1
BlueHost Review
Hostgator Review
INO TV Videos
Trading Advisory Newsletter (September 05, 2008)
Stock Trading Advisory Newsletter is provided by tradestalker.com.
.................................................
TradeStalker's
R.B.I. Trader's Update
09 / 5 / 2008
Intraday Update
...............................................
Dateline: 10:59 eastern time, es8u= 1219 nq8u= 1748
The 1226.50-1227.00 zone on the ES must be cleared,
and not quickly reversed, to put a dent in the
downside momentum. The 1214.00-1212.50 area on the
ES and 1741.50- 1738.50 would be the next support
for the market to test.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
09 / 5 / 2008
Intraday Update # 2
...............................................
Dateline: 11:45 eastern time, es8u= 1224 nq8u= 1755
The 1741.50-1738.50 area on the NQ held while the ES
made a 1216.50 low. This 1226.50-1227.00 zone on the
ES will fail here if there's another drop coming.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
09 / 5 / 2008
Intraday Update # 3
...............................................
Dateline: 12:38 eastern time, es8u= 1233 nq8u= 1770
The ES pushed thru 1226.50-1227.00 and ran to
1232.50, which coincided with the 60ema on the 5
minute chart, and that was rejected. The pullback
held at the 1226.50 prior resistance. If the 1226
level breaks, then a test of the lows is still
possible this afternoon. If the 1234.50 level is
broken then look for resistance on a run up to the
1239.50-1240 area.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
09 / 5 / 2008
Intraday Update # 4
...............................................
Dateline: 1:46 eastern time, es8u= 1233 nq8u= 1765
The moves are fast but it looks like the highs might
be in especially if the NQ is leading. If 1230 on
the ES is broken then we should test 1226.00 and
maybe test the lows. If 1236.50 is broken, then a
pop up towards 1239.50-1240.00 will likely fail. The
market opened lower on Thursday and under the key
support that was at the Wednesday lows. There was a
quick reversal off of the 1262.50-1261.50 support
zone on the SP futures, but the bounce from 1261.50
to 1268.00 fizzled and the downside reasserted
itself. As it was noted last night:
"...if the Wednesday low areas are not able to hold,
then we could see a pretty good drop as stops gets
triggered"
That was the case and it was reiterated at 10:41 am
when I wrote "a collapse is likely". It was
basically trend-down into 2 pm, as the 20 period ema
on the 5 minute chart and the 5 and 15 period sma's
on the 13 minute charts acted as dynamic resistance
most of the day. After getting to 1236.75 on the SP
futures, the market made a feeble bounce. The SP
futures poked over the 1244.75 level for about 10
seconds before turning right back down, and after
some churning the market rolled over and made new
lows (with the SP futures reaching the
1235.00-1234.50 zone) in the final minutes of
trading.
We get the Jobs number before the open on Friday. It
probably won't matter unless there is something very
unexpected reported. The market can not hold on to a
rally, and the break-out under the 1266 level on the
SP500 cash and futures is a negative. Unless there
is a move over the initial resistance areas, that
isn't quickly reversed again, the bounces will set
up good shorting opportunities as soon as the upside
fizzles. A break and hold over the initial
resistance will be necessary to get a decent bounce
going.
On Friday look for shorting opportunities on the
rallies that stall/reverse. The trends and momentum
are pointing lower, so don't fight the trend. It
will take a close back over the 1266 level to change
things short term, so even a good one day rally will
likely set up a good shorting opportunity. A break
and hold over the initial resistance areas would be
a plus, very short term. However, a move over those
areas that then breaks back down through them would
be a fake-out and start another drop. A crashette
type of drop could occur under the current
conditions.
The initial resistance is at the 1245.00-1245.75
area on the SP futures and 1792.00-1793.00 area on
the Nasdaq futures. If those areas are reached, and
the move stalls out, it's a shorting opportunity
with a pretty tight stop. If those are not a
problem, then the next hurdles are at the 1252.25-
1252.75 area on the SP futures and 1812.50-1814.00
area on the Nasdaq futures. That is as far as a
bounce should go if the market is going to revisit
the lows soon. If those areas are both exceeded, and
the market doesn't reverse, then a move towards the
1261.50-1262.50 area on the SP futures and
1822.75-1824.00 area on the Nasdaq futures could be
in the cards.
The initial support is at the 1235.00-1234.50 area
on the SP futures and 1773.50-1772.50 area on the
Nasdaq futures. If those are broken, then there is
minor support at the 1230.00-1229.50 area on the SP
futures and 1766.75-1765.50 area on the Nasdaq
futures. There should be better support at the
1225.00-1224.50 area on the SP futures and 1758.50-
1757.50 area on the Nasdaq futures. If the market
can not hold those areas, then a slide towards the
1214.00-1212.50 area on the SP futures and
1741.50-1738.50 area on the Nasdaq futures is in the
cards. If the downside snowballs, the drop could
test the 1200.75 level on the SP futures. If that
happens, and 1200 doesn't hold, then we will likely
see the 1184-1182 area on the SP futures reached on
this leg down.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1245.00-1245.75
1252.25-1252.75
1261.50-1262.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1235.00-1234.50
1230.00-1229.50
1225.00-1224.50
1214.00-1212.50 - key
1200.75
1184-1182 - a target for a low on this leg down
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1792.00-1793.00
1812.50-1814.00
1822.75-1824.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1773.50-1772.50
1766.75-1765.50
1758.50-1757.50
1741.50-1738.50
September 2008 Dow futures resistance
symbols: emini = ymu8
11265-11267
11320-11325
11397-11402
September 2008 Dow futures support
symbols: emini = ymu8
11182-11177
11135-11129
11108-11102
11007-10998
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
722.10-722.40
726.50-727.10
731.60-732.10
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
717.70-717.30
715.40-715.00
711.20-710.70
705.60-705.10
---------------------------
Real Time subscribers can view these updates on the
web at this site:
http://www.tradestalker.com/members
HOW THE DAY WENT: The early drop reached 1216.50 on the ES, just
over the last good support zone, however it was the
NQ that lead the way. It nailed our 1741.50- 1738.50
zone and turned up. And once the 1226.50 new
resistance was broken on the ES, it went into
trend-up mode. I misjudged the market in the early
afternoon. However, near the end of the day Members
were told to short the NQ and the ES reversed from
its 1245.00-1245.75 key resistance and we had a
decent drop into the close. This weekend's update
will have us ready to go come Monday morning. New
trial subscribers, the intraday updates are copied
below the nightly update support and resistance
tables.
Members have been benefiting from these updates
since 1996. Join our group by going here:
http://www.tradestalker.com/order-page.htm
If you don't have the Read the Greed Ebook, You
can get a bonus package here:
http://www.tradestalker.com/special-ebook-offer.htm