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Archived S & P Daily Reports THERE IS RISK OF LOSS IN ALL TRADING. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALL RESULTS ARE HYPOTHETICAL. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
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The week in review - 04/28/03 - 05/02/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Monday 04-28-03: NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE
NOT mentioned, they should be placed below the second
support area listed or above the second resistance
area listed, or 22 points from the (trade entry point),
whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second resistance area
listed.
Resistance:
For the June contract -
899.50 and 900.50 peaks (major area) / 901.90,
902.20 and 902.50 peaks (major area) / 904.70 day
channel (major) / 906.90 GBX channel and 907.50
peak also 908.80 peak (major area) / 910.70
day top and 911 peak also 911.30 minor day channel and 912.60 GBX
top (very major area)
/ 914.90 newly developed weekly channel and
916.70 day top also 917.10 long-term major weekly channel and 917.70
day gap (very major area)
/ 918.30 GBX weekly top and 919.40 weekly top (major area)
/ 924 day top also 926 and 926.50 weekly closing prices (major
area) / 928.80 day session closing price and 930.50 day top
(major area) / 933.50 June
contract's weekly top and 935 weekly charts top also 934 major daily
channel (very major area)
/ 936 monthly closing price and 936.50 GBX weekly top (major
area) / 939.10 major weekly channel (very
major area).
Support: For
the June contract -
896.90 major weekly channel and 895 minor day
channel (very major area)
/ 891.20 weekly closing price and 889.90 minor
weekly channel (very major
area) / 886.50 minor day channel and 885 weekly
bottom (major area) / 880.70
minor weekly channel and 880 GBX daily channel (very
major area) / 878.50 weekly closing price and 878.10
day bottom also 877.70 GBX bottom and 876.80 day bottom (major
area) / 873.90 minor weekly channel
and 873.50 minor day channel (very
major area) / 868.50 weekly day session bottom and
868.70 weekly closing price and gap also 865.70 weekly bottom (major
area) / 861.60 weekly bottom to
860.50 rev. peak also 856.70 day gap and 855.10 GBX bottom (very
major area).
Comments:
The sell-off on Friday from the major
resistance area brought prices down near the major support area
leaving the chart totally neutral inside two trading areas.
The daily trading area is between 906.70 and 895. The weekly
trading area is between 917.10 and 880.70. A trade to either
side of the weekly trading area can prove to point a direction.
Remain defensive until a breakout is seen to either side.
Day
trades: For the June contract -
Aggressive traders can sell
rallies near 901 - 904 area and if possible near 906 for obj. near
898 - 895 area. (Use a buy stop and rev. long at 909).
Aggressive traders can buy dips near 896 - 895 area
for obj. near 899.50 - 901 area. (Use a sell stop and rev.
short at 893).
Aggressive traders can attempt short positions near
914 - 917 area for obj. near 909 - 906 area. (Use a buy stop
and rev. long at 921.70).
Aggressive traders can attempt long positions near
882 - 880.70 area for obj. near 886 - 888 area. (Use a sell
stop and rev. short at 876).
Buy stop at 909 for obj. near 914 - 917 area.
Buy stop at 921.70 for obj. near 924 - 926.50 area
and possibly near 929 - 933 area.
Sell stop at 893 for obj. near 891 - 889.90 area.
Sell stop at 884.90 for obj. near 882 - 880.70
area.
Sell stop at 876 for obj. near 873 - 870 and
possibly near 868.20 gap.
Bulletin - Originally sent 04/28/03 (10:47 am est) Short positions were taken at 901 on the opening and completed with a sell-off down to 899, which was near enough to the 898 obj. and completed the first trade. The rally up to 909 hit the buy stop putting traders into long positions. Since the major resistance at 914.90 is so significant, it is recommended for traders to consider taking profits near the 912 area. The rally up to 912 completes this trade. Bulletin - Originally sent 04/28/03 (1:49 pm est) The rally up to the 914 - 917 sell area put traders into short positions at 914. The sell-off down to 909.70 is near enough to 909 obj. and completes the trade. Bulletin - Originally sent 04/28/03 (2:25 pm est) Since the 917.10 is the long-term major weekly channel and significant enough to possibly hold back any further rallies, traders can consider selling the 915.50 - 917 area again. The obj. will be 910 - 908 area. (Continue to use a buy stop and rev. long at 921.70). Results: 04/28/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Tuesday 04-29-03: NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against
the trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE
NOT mentioned, they should be placed below the second
support area listed or above the second resistance
area listed, or 22 points from the (trade entry point),
whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second resistance area
listed.
Resistance:
For the June contract -
915 and 916 peaks (major area) / 917
peak and 917.90 day top also 918.10 major day channel and 919.40
weekly top (very major area)
/ 924 day top also 926 and 926.50 weekly closing prices (major
area) / 930.50 day top (major) / 933.50
June contract's weekly top and 935 weekly chart's top also 934
major daily channel (very
major area) / 936 monthly closing price and 936.50
GBX weekly top (major area) / 939.10
major weekly channel (very
major area) / 953.30 June's
weekly top and 954.80 weekly chart's top (very
major area) / 966 major
weekly top (very major).
Support: For
the June contract -
913.50 base and 912.70 intra-day channel and base (major
area) / 909.70 and 906.50 base (major area)
/ 902 day channel (major) / 899
day bottom and 898.60 weekly closing gap also 897.50 minor day
channel and 896.90 major weekly channel and 895.30 GBX bottom
(very major area) /
888.50 minor channel and 885 weekly bottom (major area)
/ 882 minor day channel and 880.70 minor
weekly channel (very major
area) / 878.50 weekly closing price and 878.10 day
bottom also 877.70 GBX bottom and 876.80 day bottom (major
area) / 873.90 minor weekly channel
(very major area).
Comments:
The rally on Monday brought prices up to the
major resistance leaving the chart neutral to slightly bullish.
A trade above the 918.10 - 919.40 area can bring prices up to
challenge the 933.50 top and possibly near 939.10. A
trade above 939.10 will be considered a breakout for prices to
challenge the 954.80 and 966 top area and possibly as high as 990.
A trade today below 909.70 - 902 area is slightly bearish but only
a trade below the 896.90 - 895 area can bring any solid
bearishness back to the chart. Remain defensive inside the
918.10 - 906.50 neutral area.
Day
trades: For the June contract -
Aggressive traders can sell
rallies near 916 - 918 area for obj. near 910 - 907 area.
(Use a buy stop and rev. long at 922.70).
Aggressive traders can buy dips near 902 - 897
area for obj. near 908 - 909 area. (Use a sell stop and rev.
short at 894).
Buy stop at 922.70 for obj. near 926 - 930 area
and possibly near 933.
Sell stop at 894 for obj. near 889 - 885 area and
possibly near 882.
Bulletin - Originally sent 04/29/03 (10:38 am est) Short positions were taken at 917 on the opening. The rally up to the buy stop at 922.70 put traders into long positions and a loss on the first trade. Long positions can continue to use a protective sell stop at 912. Aggressive traders can use a sell stop at 912 for an obj. near 910 - 907 area. Bulletin - Originally sent 04/29/03 (11:29 am est) The Sell stop was hit at 912 putting traders into short positions. The sell-off down to 910 -909.80 completes the trade. The market is showing support at the 909.80 area that can prove to be significant enough to stimulate rallies. As long as the market can remain above the 902 support prices can move up. Aggressive traders can buy near 913 - 911 area for obj. near 919 - 922 and possibly near 926. (Use a sell stop and rev short at 892). (Conservative traders can use a protective sell stop at 905.70. Do not rev short). Results: 04/29/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Wednesday 04-30-03: NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against
the trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE
NOT mentioned, they should be placed below the second
support area listed or above the second resistance
area listed, or 22 points from the (trade entry point),
whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second resistance area
listed.
Resistance:
For the June contract -
916.90 intra-day channel also 917.30, 917.90 and 918.60 peaks also
918.80 gap (major area) / 922.73
newly developed long-term day channel and 923.70 day top also 924
day top and 926 weekly closing price (very
major area) / 930.50 day top (major)
/ 933.50 June contract's weekly top and
933.60 day channel also 934.50 day gap from Dec. 2, 2002 and 935
weekly chart's top (very
major area) / 936 monthly closing price and 936.50
GBX weekly top (major area) / 939.10
major weekly channel and 943.50 minor monthly channel (very
major area) / 953.30 June
contract's weekly top and 954.80 weekly chart's top (very
major area) / 966 major
weekly top (very major area).
Support: For
the June contract -
914, 913 and 912 intra-day channels (major area)
/ 911.50 and 911 base also 909.80 day bottom (major area)
/ 906 minor day channel (major area) / 900
minor day channel and 899 day bottom also 898.60 weekly closing
gap, 886.90 major weekly channel and 895.30 GBX bottom (very
major area) / 888.50 minor
weekly channel and 886 GBX channel also 885 weekly bottom (very
major area) / 878.50 minor day channel and 878.10
day bottom also 877.70 GBX bottom and 876.80 day bottom (major
area) / 873.90 minor weekly channel
(very major area).
Comments:
The whiplashing action on Tuesday at the major
resistance area leaves the chart neutral. The fact that the
market could not close above 917.70, which was last weeks highest
closing price, leaves the chart slightly bearish for Wednesday.
Overall this neutral to bearish condition give uncertainty in the
direction. Only a trade above 926.50 can possibly bring
prices higher. A trade today below the 909.80 - 906 area is
slightly bearish but only a trade below 900 - 895.30 area can
trigger selling to challenge the 886 - 880.70 area. Remain
defensive inside the neutral area between 922.70 and 906 area.
Day
trades: For the June contract -
Aggressive traders can sell
rallies near 916 - 919 area and if possible near 922 or buy dips
near 912 - 909.80 and if possible near 906, whichever
side comes first, to complete the trade.
(Use a buy stop and rev. long at 927). (Use a sell stop and
rev. short at 903).
Buy stop at 927 for obj. near 930 - 933 area.
Buy stop at 946.50 for obj. near 950 - 953 area.
Sell stop at 903 for obj. near 900 and possibly
near 898.60 gap.
Sell stop at 894.80 for obj. near 891.50 - 888.50
area.
Bulletin - Originally sent 04/30/03 (10:08 am est) Short positions were taken on the opening at 915.50. The trade was completed with a sell off down to 910. Because of the neutral conditions, long positions were taken at 911 and completed with the rally up to the 916 - 917.30 area. The neutral conditions can remain but all trades in this area are now considered a high risk. Results: 04/30/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S & P
- For Thursday 05-01-03: NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against
the trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside
a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops
ARE NOT mentioned, they should be placed below the
second support area listed or above the second
resistance area listed, or 22 points from the (trade entry
point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance:
For the June contract -
916.90 intra-day channel and 917 peak (major area)
/ 919.30 minor day channel and 920.80 peak
also 921.50 long-term day channel and 921.50 day top (very
major area) / 923.70 day top also 924 day top
and 926 weekly closing price (major area) /
930.50 day top (major) / 933.50
June contract's weekly top and 933.60 day channel also 934.50
day gap from Dec. 2, 2002 and 935 weekly chart's top (very
major area) / 936 monthly closing price and
936.50 GBX weekly top (major area) / 939.10
major weekly channel and 943.50 minor monthly channel (very
major area) / 953.30 June
contract's weekly top and 954.80 weekly chart's top (very
major area) / 966 major
weekly top (very major
area).
Support: For
the June contract -
915 newly developed minor day channel also 915 and 914.50 base (major
area) / 910.30 minor day channel also 910 and 909.80
bottoms also 909.50 day channel (major area) / 905.10
major day channel and 904.20 GBX channel also 903 minor day
channel (very major area)
/ 899 day bottom and 898.60 weekly closing gap also 896.30 day
bottom and 895.30 GBX bottom (major area) / 888.50
minor weekly channel and 886 GBX channel also 885 weekly bottom
(very major area)
/ 880.70 minor weekly channel and 878.50
minor day channel also 878.10 day bottom and 877.70 GBX bottom
also 876.80 day bottom (very
major area) / 873.30 minor
weekly channel (very major
area).
Comments:
Wednesday's trading range remained inside the
neutral area leaving the chart neutral again between 919.30 and
905.10. A breakout to either side can prove to point a
direction. A trade above 939.10 - 943.50 area will confirm
the major uptrend intact. A trade below 880.70 will bring
the major downtrend back into play. Remain defensive
inside the 919.30 - 905.10 neutral range.
Day
trades: For the June contract -
Aggressive traders can buy
dips near 912 - 909.50 area and if possible near 905.10 for obj.
near 914.50 - 915.50 area. (Use a sell stop and rev. short
at 901).
Aggressive traders can sell rallies near 918 -
919.30 area and if possible near 921.50 for obj. near 915.50 -
914.50 area. (Use a buy stop and rev. long at 927).
Buy stop at 927 for obj. near 930 - 933 area.
Buy stop at 946 for obj. near 949 - 953 area.
Sell stop at 901 for obj. near 898.60 gap and
possibly near 896.
Sell stop at 894.80 for obj. near 891 - 888.50
area.
Sell stop at 876 for obj. near 873.30.
Sell stop at 870 for obj. near 868 - 865 area.
Bulletin - Originally sent 05/01/03 (12:00 pm est) The buy stop was hit at 901 putting traders into short positions. The market is proving to show support at this area for a possible recovery rally. It is recommended for traders to enter a protective buy stop at 908.50 to protect all short positions at this time. Bulletin - Originally sent 05/01/03 (2:02 pm est) The buy stop was hit at 908.50 to exit short positions and enter long. The rally up to 913.50 is near enough to the 914.50 obj. to complete the trade. Bulletin - Originally sent 05/01/03 (3:13 pm est) The rally up to the 918 - 919.30 area put traders into short positions at 918.50. The sell-off down to the 915.50 area meets the obj. and completes the trade. Results: 05/01/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S &
P - For Friday 05-02-03: NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are
against the trend or a high dollar risk when wide stops are
used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops
ARE NOT mentioned, they should be placed below the
second support area listed or above the second
resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after
the market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance:
For the June contract -
917.40 minor day channel and 918.80
intra-day channel and peak also 919.50 newly developed monthly
channel and day top (very
major area) / 920.50
long-term day channel also 921.50 day top (very
major area) / 923.70 and 924 day tops also 926
weekly closing price (major area) / 930.50
day top (major) / 933
day channel and 933.50 June contract's weekly top also 934.50
day gap and 935 weekly chart's top (very
major area) / 936 monthly closing price and
936.50 GBX top (major area) / 939.10
major weekly channel and 940.80 newly developed monthly
channel (very major area)
/ 953 monthly channel and 953.30 weekly
top also 954.80 weekly chart's top (very
major area) / 966 major
weekly top and 987 major monthly channel (very
major area).
Support: For
the June contract -
913.50 intra-day channel and 913.40 base (major area)
/ 907.30 base (major) / 903.60 newly
developed day channel (major) / 901.50
minor day channel also 901.50 minor monthly channel and 900.50
day bottom (very major
area) / 899 day bottom
and 898.60 weekly closing gap also 897.70 newly developed
monthly channel and 895.30 GBX bottom (very
major area) / 888.50
minor weekly channel (very
major area) / 885 weekly bottom (major)
/ 880.70 minor weekly channel and 880
minor day channel (very
major area) / 878.10 day bottom and 877.70 GBX
bottom also 876.80 day bottom (major area) / 873.30
minor weekly channel (very
major area).
Comments:
The whiplashing action on Thursday leaves
the chart neutral inside the 919.50 - 897.70 newly developed
monthly trading range. A breakout to either side can
point a direction. Remain defensive inside the first
neutral daily range between 917.40 and 913.40.
Day
trades: For the June contract -
Aggressive traders can sell
rallies near 917 - 919 area or buy dips near 914 - 913 area,
whichever side comes first to complete the trade. (Use a
buy stop and rev. long at 922.50). (Use a sell stop and
rev. short at 910).
Aggressive traders can buy dips near 902 -
898 area for obj. near 907 - 911 area. (Use a sell stop
and rev. short at 894.70).
Buy stop at 922.50 for obj. near 925 - 926
area.
Buy stop at 927.50 for obj. near 930.50 - 933
area.
Sell stop at 910 for obj. near 907 - 904 area
and possibly near 902.
Sell stop at 894.70 for obj. near 891 -
888.50 area.
Bulletin - Originally sent 05/02/03 (9:40 am est) Long positions were taken on the opening at 911. (Continue to use the sell stop and rev. short at 910). Bulletin - Originally sent 05/02/03 (9:45 am est) Long positions were taken at 911. The rally up to 914.70 is hitting a newly developed down channel line where long positions should now exit and take profits. The market is trading at 914.50. This completes the first trade. Bulletin - Originally sent 05/02/03 (9:52 am est) Since the resistance at 918.80 is so significant short positions were taken at 917. The obj. is near 914 - 913 area. (Continue to use a buy stop and rev. long at 922.50). Bulletin - Originally sent 05/02/03 (11:53 am est) The buy stop was hit at 927.50 putting traders into long positions. The market is showing resistance in this area for a possible retracement down. It is recommended for traders to exit long positions at the market and cut loses. The market is trading at 926 at this time. Results: 05/02/03
The week in review - 05/05/03 - 05/09/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P - For Monday
05-05-03: NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very significant),
and (significant) is of the least value. Very
aggressive trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE NOT
mentioned, they should be placed below the second support
area listed or above the second resistance area listed,
or 22 points from the (trade entry point), whichever is the
lesser amount. NOTE: The
first support area becomes the resistance after the market
trades through the second support area listed.
The first resistance area becomes the support after the market
trades through the second resistance area listed.
Resistance:
For the June contract -
928.80 newly developed weekly channel and 929.70 peak also 930 weekly
top (major area) / 933 day
channel and 933.50 June contract's weekly top also 934.50 day gap and
935 weekly chart's top (very
major area) / 936 monthly closing price and 936.50 GBX
top (major area) / 938.40
weekly channel and 940.80 monthly channel (very
major area) / 953 monthly
channel and 953.30 weekly top also 954.80 weekly chart's top (very
major area) / 966 major weekly
top (very major area)
/ 978 major monthly channel (very
major area).
Support: For
the June contract -
926.50 and 926.30 base also 924.20 base and 923.70 rev. peak (major
area) / 921.30 intra-day channel and
gap also 920.50 minor day channel and 919.50 rev. monthly channel
(very major area) / 912
major weekly channel also 910.50 day bottom (very
major) / 906.70 major day
channel and 905.60 minor weekly channel also 904.90 minor day channel (very
major area) / 902 weekly channel
and 900.50 day bottom (very major
area) / 899 weekly bottom also
898.60 weekly gap and 897.70 monthly channel (very
major area) / 895.30 GBX weekly bottom (major)
/ 891.20 weekly closing price and 890.50 minor
weekly channel (very major area)
/ 885 weekly bottom and 882 minor day channel (major area).
Comments:
The rally on Friday brought prices up near the
major weekly tops and weekly channels leaving the chart very
defensive. A trade above the 938.40 weekly channel and 940.80
monthly channel will be considered a breakout for higher prices.
A trade today below the 920.50 day channel is slightly bearish but
only a trade below the 897.70 monthly channel can bring any solid
bearishness back to the major chart. Remain defensive inside the
940.80 - 897.70 major monthly trading range and the 933 - 920.50 daily
range.
Day
trades: For the June contract -
Aggressive traders can buy dips
near 922 - 919.50 area for obj. near 928 - 929 area. (Use a sell
stop and rev. short at 917).
Aggressive traders can sell rallies near 936 - 938
area and if possible near 940 for obj. near 930 - 928 area. (Use
a buy stop and rev. long at 944).
Sell stop at 917 for obj. near 913.50 - 912 area.
Buy stop at 944 for obj. near 949 - 953 area.
Results: 05/05/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S & P
- For Tuesday 05-06-03: NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against
the trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside
a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops
ARE NOT mentioned, they should be placed below the
second support area listed or above the second
resistance area listed, or 22 points from the (trade entry
point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance:
For the June contract -
927 intra-day channel also 928 and 928.30 peaks (major
area) / 930 intra-day channel and 931.50 peak (major
area) / 933.30 day channel and
933.50 day top also 934.50 day gap and 935 weekly chart's top (very
major area) / 936 monthly closing price and
936.50 GBX weekly top (major area) / 938.40
weekly channel and 940.80 monthly channel (very
major area) / 953 monthly
channel and 953.30 weekly top also 954.80 weekly chart's top
(very major area)
/ 966 major weekly top
(very major area) / 978
major monthly channel (very
major area).
Support: For
the June contract -
925.50 intra-day channel also 925.20 base and 924 base and
923.50 day bottom (major area) / 921.30
intra-day gap and 919.50 rev. monthly channel (major
area) / 912 major weekly channel
and 910.50 day bottom also 909.80 major day channel (very
major area) / 907 minor day channel and 905.70
GBX channel (major area) / 900.50
day bottom and 899 weekly bottom also 897.70 monthly channel
(very major area)
/ 895 GBX bottom (major) / 891.20
weekly closing price and 890.50 minor weekly channel (very
major area) / 885 weekly bottom and 883.50 minor
day channel (major area).
Comments:
The sell-off on Monday from the resistance
managed to close down for the day, leaving the chart neutral and
defensive for possible retracements to the downside. A
trade above 938.40 and 940.80 will bring the bullishness back
for prices to challenge the 953 - 954.80 area. A trade
below the 923.50 - 919.50 area can bring prices down to
challenge the 912 major weekly support and possibly near
the 897.70 monthly channel support. A trade below
the 897.70 monthly channel is bearish and can challenge the
890.50 weekly channel and possibly lower. Remain defensive
inside the 933.30 - 912 neutral range and the 940.80 and 897
monthly range.
Day
trades: For the June contract -
Aggressive traders can buy
dips near 925.50 - 924 area for obj. near 928 and possibly
near 930. (Use a sell stop and rev. short at 919).
Aggressive traders can sell rallies near 928 -
930 area for obj. near 925.50 - 924 area. (Use a buy stop
and rev. long at 936.70).
Aggressive traders can sell rallies near 938.50
- 940 area for obj. near 935 - 933. (Use a buy stop and
rev. long at 944).
Aggressive traders can buy dips near 912 -
909.50 area for obj. near 918 - 921 area. (Use a sell stop
and rev. short at 980).
Buy stop at 936.70 for obj. near 938.50 - 940
area.
Buy stop at 944 for obj. near 948 - 953 area.
Sell stop at 919 for obj. near 914 - 912 area.
Sell stop at 908 for obj. near 905 - 903 and
possibly near 900 - 897.70 area.
Bulletin - Originally sent 05/06/03 (9:55 am est)
The first aggressive trade to buy at 925.50 should now be cancelled
because the trade is technically considered complete, even though we
did not catch the trade on time.
Bulletin - Originally sent 05/06/03 (1:26 pm est)
The buy stop at 936.70 was hit putting traders into long positions.
There is so much resistance in this area that it is now making long
positions very risky.
It is recommended for traders to exit all long positions and cut
losses.
Aggressive traders can attempt short positions in this area between
936.50 - 938 and if possible near 940. (Continue to use a buy
stop and rev. long at 944). The obj. for short positions is
for a retracement back down to the 932 - 928 area and possibly near
924. Traders can hold short positions overnight and continue
to use the buy stop at 944. There is a possibility for a
sell-off down to the 912 area one more time.
Bulletin - Originally sent 05/06/03 (2:23 pm est)
The sell-off down to 932 completes the short position trade taken at
937.
Results: 05/06/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday 05-07-03: NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major),
(very significant), and (significant) is of the least value.
Very aggressive trades -
are trades that are against the trend or a high dollar risk
when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter
or complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where
stops ARE NOT mentioned, they should be placed below
the second support area listed or above the
second resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after
the market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance:
For the June contract -
935 and 937.50 peaks (major area) / 938.60
newly developed long-term day channel and 939.50 day top
also 940.80 monthly channel (very
major area) / 953
monthly channel and 953.30 weekly top also 954.80 weekly
chart's top (very major
area) / 966 major
weekly top (very major
area) / 978 major
monthly channel also 982.20 major weekly channel (very
major area).
Support: For
the June contract -
931.90 minor day channel and 930.90 minor day channel with
GBX prices also 928.50 minor day channel (major
area) / 924.70 minor day
channel with GBX prices and 926 day bottom also 924.10 GBX
bottom and 923.50 day bottom (very
major area) / 913
major day channel and 912 major weekly channel also 910.50
day bottom and 909.50 and 907.50 minor channels (very
major area) / 902.50 minor channel (major)
/ 900.50 day bottom and 899
weekly bottom also 898.60 weekly gap and 897.70 major
monthly channel (very
major area) / 895.30 GBX weekly bottom (major)
/ 891.20 weekly closing price and
890.50 minor weekly channel (very
major area).
Comments:
The rally on Tuesday brought prices up to
a very major resistance that can possibly put a lid on
rallies and stimulate some retracements down near the 912
and 897.70 support areas again. A trade above the
940.80 monthly channel will be considered a
breakout for higher prices that can challenge the 953 and
966 areas. Only a trade below 897.70 can bring any
solid bearishness back to the chart. Remain defensive
today inside the 938.60 - 928.50 neutral area.
Day
trades: For the June contract -
Aggressive traders can buy
dips near 932 - 928.50 and or sell rallies near 935 - 938
area, whichever side comes first, to
complete the trade. (Use a sell stop and rev. short at
921). (Use a buy stop and rev. long at 944).
Aggressive traders can buy dips near 914 -
912 area and if possible near 910 for obj. near 918 - 921
area. (Use a sell stop and rev. short at 906.50).
Aggressive traders can sell rallies near
952 - 954 area for obj. near 945 and possibly near 942.
(Use a buy stop and rev. long at 957.80).
Sell stop at 921 for obj. near 914 - 912
area.
Sell stop at 906.50 for obj. near 902.50
and possibly near 900.50 - 897.70 area.
Buy stop at 944 for obj. near 947 - 949
area and possibly near 953.
Buy stop at 957.80 for obj. near 962 - 966
area.
Bulletin - Originally sent 05/07/03 (11:08 am est)
Long positions were taken on the
opening at 929.50. The rally up to 934.30 is near enough to
the 935 obj. to take profits and complete the trade.
Results: 05/07/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Thursday 05-08-03: NOTE: After
each support and resistance listed will designate a value
- (very major) holds the highest importance, then (major),
(very significant), and (significant) is of the least
value. Very aggressive
trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to
enter or complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where
stops ARE NOT mentioned, they should be placed below
the second support area listed or above the
second resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance
after the market trades through the second
support area listed. The first resistance
area becomes the support after the market trades
through the second resistance area
listed.
Resistance:
For the June contract -
930.80 and 931.20 peaks also 932.30 intra-day channel (major
area) / 933.70 intra-day
channel and 934.50 minor day channel (very
major area) / 936
peak and 937 day top also 937.70 long-term day channel
(very major area)
/ 939.50 day top and 940.80 monthly
channel (very major
area) / 953 monthly
channel and 953.30 weekly top also 954.80 weekly chart's
top (very major area)
/ 966 major weekly top (very
major area) / 978
major monthly channel also 982.20 major weekly channel
(very major area).
Support: For
the June contract -
928.30 base and 928 intra-day channel also 927.50 base (major
area) / 926.20 base and
925.30 minor day channel also 925.20 day bottom and 924.10
GBX bottom and 923.50 day bottom (very
major area) / 916 major day channel (major
area) / 912 major weekly
channel and 911.50 minor day channel also 910.50 day
bottom and 909.50 minor day channel (very
major area) / 903 minor day channel (major)
/ 900.50 day bottom and 899 weekly
bottom also 898.60 weekly closing gap and 897.70 major
monthly channel (very
major area) / 895.30 GBX weekly bottom (major)
/ 891.20 weekly closing price and
890.50 minor weekly channel (very
major area).
Comments:
The sell-off on Wednesday from the
major resistance area proves to be significant enough to
close the market down for the day, leaving the chart
neutral inside the 934.50 and 916 trading area. A
trade above the 934.50 and 937.70 area is slightly bullish
and a trade above 940.80 can bring prices higher. A
trade below 916 is slightly bearish but a trade below 912
- 909.50 can bring prices down to challenge the 897.70
monthly channel. Remain very defensive until a
breakout to either side of the 940.80 - 897.70 monthly
range can develop.
Day
trades: For the June contract -
Aggressive traders can buy
dips near 917 - 916 area for obj. near 923 - 924 area and
possibly near 927. (Use a protective sell stop at
915. Do not rev. short).
Aggressive traders can attempt long positions
near 912 - 911.50 area for obj. near 919 - 922 area.
(Use a sell stop and rev. short at 908.50).
Aggressive traders can sell rallies near
932 - 934.50 area for obj. near 928 - 926 area. (Use
a protective buy stop at 935.70. Do not rev. long).
Aggressive traders can sell rallies near
939 - 940 area for obj. near 935 - 932 area. (Use a
buy stop and rev long at 944).
Sell stop at 908.50 for obj. near 903.50
- 900.50 area.
Sell stop at 894 for obj. near 891.50 -
890.50 area.
Buy stop at 944 for obj. near 947 - 949
area and possibly near 953.
Bulletin - Originally sent 05/08/03 (12:21 pm est)
The rally from the support level this
morning just missed the buying opportunity at 917, and also missed the
selling opportunity at 932 area. S |