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August 26, 2008 Trading Advisory Newsletter
Stock Trading Advisory Newsletter is provided by tradestalker.com.
Dateline: 6:35 pm eastern time, 8/26/2008
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
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 27 / 2008
Intraday Update
...............................................
Dateline: 11:05 eastern time, es8u= 1275.5 nq8u=
1893
The ES was stopped just under the 1280.50-1281.00
area, and the NQ stopped just under its
1902.50-1903.25 area.
That might be it for the rally. A pullback should
hold the 1273.50 level to avoid a reversal.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 27 / 2008
Intraday Update # 2
...............................................
Dateline: 11:39 eastern time, es8u= 1274 nq8u= 1892
The ES made a 123 top, triggered by the break from
the lower high at 1277.50 and has reversed. The
1272.50- 1272.00 area must hold or the
1267.75-1267.00 area would be next.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 27 / 2008
Intraday Update # 3
...............................................
Dateline: 12:49 eastern time, es8u= 1284.5 nq8u=
1912
The pullback held at 1273.75 and launched another
sprint higher. The market is acting very well thus
far, and as long as a pullback holds the 1280.50
prior resistance the bulls will be in control.
Unless you are very nimble, it is not a move to
short at the moment. It would take a break of that
1280.50 level that doesn't quickly reverse to turn
the trend up move.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 27 / 2008
Intraday Update # 4
...............................................
Dateline: 1:35 eastern time, es8u= 1281.5 nq8u= 1910
I muffed the last update as the ES rejected the
1285.00- 1285.50 zone and pulled back. Thus far
though, the pullback held above 1280.50. At this
juncture, shorting a bounce off of this support with
a stop just over the 1285.00-1285.50 zone should
offer a good shorting opportunity. Just don't fall
in love with either side at these levels.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 27 / 2008
Intraday Update # 5
...............................................
Dateline: 3:04 eastern time, es8u= 1282 nq8u= 1908
After the last update the ES popped to 1383.75 and
then dropped to 1279.75. The bounce back stopped at
the 1285.00- 1285.50 resistance and reversed again.
If that zone is broken the move could extend towards
the 1288.50 level.
However, if the 1279.50 level is broken, the trend
roll over and a drop towards the 1274.50-1274.00
area should be in the cards.
---------------------------
Real Time subscribers can view these updates on the
web at this site:
http://www.tradestalker.com/members
HOW THE DAY WENT: We wanted to short early strength, then buy the
first decent pullback that reversed. The ES popped
up to 1275.75 and then dropped 5.25 points to
1269.50 before turning up. Our last resistance zone
was at the 1285.00-1285.50 zone on the ES. I goofed
up and sent an update telling the group to avoid the
short side while we were at that zone. That got
clarified in time to trade react to a double top
there and they sold off to 1276.25 before the close.
New trial members note that the intraday updates are
below the nightly support and resistance tables.
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