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August 27, 2008 Trading Advisory Newsletter
Stock Trading Advisory Newsletter is provided by tradestalker.com.
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 28 / 2008
Intraday Update
...............................................
Dateline: 10:07 eastern time, es8u= 1289.5 nq8u=
1912
The big 1293-1294 zone on the ES and 1915.50-1916.50
area on the NQ has held the market down. A break of
1288 is needed to reverse the trend and take the ES
to 1285 at least.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 28 / 2008
Intraday Update # 2
...............................................
Dateline: 12:45 eastern time, es8u= 1294.5 nq8u=
1916
The ES held 1288 and rallied to the 1296.50-1297.25
zone.
If 1292.50 is broken then a top could be in.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 28 / 2008
Intraday Update # 3
...............................................
Dateline: 2:24 eastern time, es8u= 1296.5 nq8u= 1917
The market looks like it might be topping out. The
NQ is looking like a good short for a swing trade.
If there is a rally back towards the 1919 level or a
bit higher, scale in puts should offer a good trade
over the next few trading days.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
08 / 28 / 2008
Intraday Update # 4
...............................................
Dateline: 3:25 eastern time, es8u= 1297.5 nq8u= 1918
There is support at 1293.50 on the ES and 1911 on
the NQ.
A close below those levels would be a bearish omen.
Good trading,
Mike
.................................................
TradeStalker's
R.B.I. Trader's Update
8 / 27 / 2008
(Published Since 1996)
...............................................
Dateline: 6:15 pm eastern time, 8/27/2008
After a flat open on Wednesday, the SP futures
popped up to 1275.75 and reversed. But after a 5.25
point pullback to 1269.50, good buying came in and
the market sprinted higher. The rally stalled and
reversed from just under the 1280.50- 1281.00
resistance area, but the pullback undercut the
updated 1273.50 support by 1 tick before reversing
and rallying to new highs for the day. The SP
futures reached 1285.25 which happened to be at the
1285.00-1285.50 resistance area and then pulled back
to the 1280.50 updated support. The market bounced
off of the 1280.75 level and per the 4th intraday
update that pop back up to 1283.75 reversed and set
up a good shorting opportunity. The SP futures
dropped to 1279.75 before turning back up. The rally
took the SP futures back to the 1284.75 level and
then they reversed again. The selloff was a
different end of the day, as the 1279.50 level
turned into resistance and the SP futures dropped to
1276.25 in the last 10 minutes of stock trading. The
SP futures stalled out and after getting through
1279.50, they ran up to 1283.00 by the close.
The market ended the day trapped in a narrow range.
We get Jobless Claims and Preliminary GDP before the
open on Thursday, and that's probably why. The
Nasdaq has been a half of a step ahead of the rest
of the market lately. It didn't end the day well,
but it did hold at a support area. The market
sentiment is getting overly bullish again, so if the
market can hold together into Friday, it should set
up a sizable selloff if everything comes together.
On Thursday, look for a shorting opportunity in the
early going if the market goes up and tests the
initial resistance and stalls/ reverses. If that
occurs, be sure to keep an eye on the Nasdaq futures
for the turn, as they were aggressively sold at the
1915.50-1916.50 area. If a pop up to those areas
acts that way, then it should set up a very good
trade on the short side. On the other side of the
coin, if the market opens lower and the initial
support can hold and the market stalls and reverses,
then it should set up one more decent run to the
upside. Aside from that, the market will need to
break and hold above or below the afternoon ranges
in order to get a directional move going in either
direction. The reward/risk is in favor the short
side given the double top at resistance on the SP
futures and a poor close for the Nasdaq futures.
The initial resistance is at the 1285.00-1285.50
area on the SP futures and the 1915.50-1916.50 area
on the Nasdaq futures. If the market gets through
those areas and doesn't quickly reverse, then the
next big hurdles are at the 1293.00-1294.00 area on
the SP futures and the 1932.00- 1932.50 area on the
Nasdaq futures. If those are reached and not sold,
then a move towards the 1296.50-1297.25 area on the
SP futures and the 1937.50-1938.25 area on the
Nasdaq futures is likely before a reversal occurs.
If the market gets up there and shows no sign of
reversing, then the 1302.50-1303.50 area on the SP
futures and the 1943.50- 1945.00 area on the Nasdaq
futures would be big resistance short term.
The initial support is at the 1276.75-1276.25 area
on the SP futures and the 1897.00-1896.00 area on
the Nasdaq futures. If those areas don't hold, then
a short term top could be in place. The next support
is at the 1273.00-1272.50 area on the SP futures and
the 1890.00-1889.25 area on the Nasdaq futures. If
those are cut through, then the 1269.50-1268.50 area
on the SP futures and the 1884.75-1883.50 area on
the Nasdaq futures would need to hold to avoid a bad
day. The next support would be at the
1266.00-1265.75 area on the SP futures and the
1882.75-1882.00 area on the Nasdaq futures, and then
the major support is down at the 1263.00-1262.50
area on the SP futures and the 1877.00-1876.50 area
on the Nasdaq futures.
September 2008 SP futures resistance
symbols: emini = esu8 / big contract =spu8
1285.00-1285.50
1293.00-1294.00
1296.50-1297.25
1302.50-1303.50
September 2008 SP futures support
symbols: emini = esu8 / big contract =spu8
1276.75-1276.25
1273.00-1272.50
1269.50-1268.50
1266.00-1265.75
1263.00-1262.50
September 2008 Nasdaq futures resistance
symbols: emini = nqu8 / big contract = ndu8
1915.50-1916.50
1932.00-1932.50
1937.50-1938.25
1943.50-1945.00
September 2008 Nasdaq futures support
symbols: emini = nqu8 / big contract = ndu8
1897.00-1896.00
1890.00-1889.25
1884.75-1883.50
1882.75-1882.00
1877.00-1876.50
September 2008 Dow futures resistance
symbols: emini = ymu8
11549-11553
11633-11636
11677-11682
11726-11731
September 2008 Dow futures support
symbols: emini = ymu8
11464-11462
11440-11437
11419-11414
11370-11368
11344-11340
September 2008 Russell futures resistance
symbols: emini = er2u8 / big contract = er2u8
736.00-736.30
739.40-739.90
742.50-742.80
746.30-746.60
September 2008 Russell futures support
symbols: emini = er2u8 / big contract = er2u8
729.00-728.60
726.70-726.20
723.40-723.10
718.90-718.50
715.90-715.50
---------------------------
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.
Members have been benefiting from these updates
since 1996. Join our group by going here:
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