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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 - 05/27/03 - 05/30/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P - For Tuesday
05-27-03: 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 -
932.10 day channel and 932.50 intra-day channel also 933 peak and
933.40 day channel with GBX prices also 933.70 minor weekly channel
and 935 day top (major area) / 939.30 weekly top and
941.60 GBX weekly top (major area) / 944.50
long-term major day channel and 944.30 day gap (very
major area) / 949.50 weekly top (major)
/ 953 monthly channel and 953.20 weekly channel
also 953.30 weekly top and 954.80 weekly chart's top (very
major area) / 962.30 day gap (major)
/ 966 weekly chart's top and 966.40 June contract's weekly top (major
area) / 972.30 major weekly channel
(very major area) / 978
monthly channel (very major area).
Support: For
the June contract -
929.50 base and 926.70 day bottom (major area) / 923.50 newly
developed major weekly channel and 922.10 day bottom (very
major area) / 920.70 major day
channel and 919.90 weekly channel also 919.80 GBX bottom and 918.60
base (very major area)
/ 916.50 minor weekly channel and 914.50 day
bottom also 914.50 minor day channel and 913.20 GBX bottom (very
major area) / 911.20 weekly bottom and 910.50 day
bottom (major area) / 900.50
day bottom and 899 weekly bottom also 897.70 monthly channel (very
major area) / 895.30 GBX weekly bottom (major
area) / 885 weekly bottom (very
major area).
Comments:
Friday's trading range remained inside the neutral
area closing the week lower leaving the chart neutral between the
953.20 and 919.90 weekly trading range. The daily neutral range
today is between 933.70 and 920.70. Remain defensive between
these areas until a breakout to either side can develop.
Day
trades: For the June contract -
Aggressive traders can sell rallies near 932 - 935
area or buy dips near 924 - 920 area, whichever side comes first to
complete the trade. (Use a buy stop and rev. long at 937).
(Use a protective sell stop at 916. Do not rev. short).
Buy stop at 937 for obj. near 940 - 944 area.
Buy stop at 957.80 for obj. near 962.30 gap and
possibly near 966 top.
Sell stop at 907 for obj. near 902 - 897.70 area.
Sell stop at 892 for obj. near 888 - 885 area.
Bulletin - (Originally sent 5/27/02 11:09 am et) The buy stop at 937 was hit putting traders into long positions. The rally up to 940 - 944 area completes the trade. The market is showing resistance at the 944.50 area, which is the long-term major channel on the daily chart. Aggressive traders can consider short positions for a retracement from this resistance. Aggressive traders can sell near 944 - 943 area for an obj. near 937. (Use a protective buy stop at 947.80). Bulletin - (Originally sent 5/27/02 3:39 pm et) Since The 953 major monthly channel is a significant resistance it can still be considered a selling area. Aggressive traders can sell near 951.5- - 953 area for obj. near 947 - 944 area. (Continue to use a buy stop and rev long at 957.80). Bulletin - (Originally sent 5/27/02 4:14 pm et) Traders wishing to hold short positions overnight can do so and continue to use a buy stop in the overnight market at 958. Results: 05/27/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Wednesday 05-28-03: 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 -
950.30 intra-day channel also 950.80 and 951 peaks (major
area) / 951.70 and 952 peaks also
952.50 newly developed long-term day channel and 953.30 day top
also 954.80 weekly chart's top (very
major area) / 962.30 day gap (major)
/ 966 weekly chart's top and 966.40 June
contract's weekly top (very
major area) / 972.30 major
weekly channel (very major
area) / 978 monthly channel
(very major area) /
986 day top (major) / 990.10
monthly closing price also 993.80 and 995.80 weekly top (very
major area).
Support: For
the June contract -
947.80 and 947.50 intra-day channels also 946 base (major
area) / 944.60, 942.20 and 940.60 base (major
area) / 930.50 newly developed day
channel (very major area)
/ 927 and 926.70 day bottoms also 925.50 day channel (major
area) / 923.50 major weekly channel
and 922.10 day bottom (very
major area) / 919.90 weekly
channel also 919.80 GBX bottom and 918.60 base (very
major area) / 916.50 minor
weekly channel and 916 minor day channel (very
major area) / 914.50 day bottom and 913.20 GBX
bottom (major area) / 911.20 weekly bottom and
910.50 day bottom (major area) / 900.50
day bottom and 899 weekly bottom also 898.60 weekly closing gap
and 897.70 monthly channel (very
major area).
Comments:
The rally on Tuesday brought prices up near a
very critical resistance area that can prove to be significant
enough to stimulate selling for retracements down near the weekly
channel support at 923.50. Trades above the 953.30 - 954.80
area can bring prices up to challenge the 966 top and
possibly near the 972.30 - 978 resistance area. A trade
today below the 944.60 - 940.60 area is slightly bearish but only
a trade below the 930.50 and 923.50 area can bring any solid
bearishness back to the chart. Remain defensive today inside
the 954.80 - 947.50 neutral trading area.
Day
trades: For the June contract -
Aggressive traders can buy dips near 948.50 -
947.50 or sell rallies near 953 - 955 area, whichever side comes
first to complete the trade. (Use a buy stop and rev. long
at 958.70). (Use a sell stop and rev. short at 945).
Aggressive traders can buy dips near 933 - 930.50
area for obj. near 938 - 941 area. (Use a protective sell
stop at 928. Do not rev. short).
Buy stop at 958.70 for obj. near 962.30 gap and
possibly near 966 top area.
Sell stop at 945 for obj. near 942 - 941 area.
Sell stop at 938 for obj. near 933 - 930.50.
Bulletin - (Originally sent 5/28/02 10:12 am et) Short positions were taken at 954. The sell-off down to 950.30 is proving to hold support where traders should consider taking profits. Exit short positions at the market. The market is trading at 951 at this time Bulletin - (Originally sent 5/28/02 1:26 pm et) The buy stop was hit at 958.70, putting traders into long positions. The market is proving the resistance at 962 - 966 to be significant enough to possibly reverse the momentum to the downside. Long positions taken should now use a protective sell stop at 949. Bulletin - (Originally sent 5/28/02 1:54 pm et) The market continues to show resistance for possible retracements to the downside. Long positions are now subject to having the stops at 949 to be hit. It is recommended for traders to exit long positions and cut losses. The market is trading at 952.80 at this time. This trade is considered complete with a loss. Results: 05/28/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Thursday 05-29-03: 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 -
955.20 intra-day channel and 955.80 peak (major
area) / 957.70 peak and 959 intra-day gap also
959.50 (major area) / 962.30 day gap (major)
/ 966 weekly chart's top and 966.40
June contract's weekly top (very
major area) / 972.30
major weekly channel (very
major area) / 978
monthly channel (very
major area) / 986 day top (major)
/ 990.10 monthly closing price also
993.80 and 995.80 weekly top (very
major area).
Support: For
the June contract -
950.50 base and 949.60 day bottom also 949.50 day gap and
948.80 GBX bottom (major area) / 936
intra-day channel and 935.50 rev. peak also 933.90 day
channel with GBX prices (major area) / 928
long-term day channel and 927 day bottom (very
major area) / 923.50
major weekly channel and 922.10 day bottom (very
major area) / 919.90
weekly channel also 919.80 GBX bottom and 918.60 base
(very major area)
/ 917 minor day channel and 916.50
minor weekly channel (very
major area) / 914.50 day bottom and 913.20
GBX bottom (major area) / 911.20 weekly
bottom and 910.50 day bottom (major area)
/ 900.50 day bottom and 899 weekly
bottom also 898.60 weekly closing gap and 897.70 monthly
channel (very major
area).
Comments:
Wednesday, the market refused to follow
through above the 962.30 gap after breaking above the
954.80 top, which can possibly be a signal that a top is
developing. The settling price on Wednesday at the
lower end of the trading range can prove to be a negative
signal for a retracement into lower prices. At
this time, only a trade above the 966.40 top area and
above the 972.30 - 978 area can prove a major uptrend is
intact. A trade today below the 948.80 GBX bottom is
slightly bearish but only a trade below 936 and 923.50
areas can bring any solid bearishness back to the chart.
Remain defensive inside the 959 - 949 neutral trading
area.
Day
trades: For the June contract -
Aggressive traders can sell rallies near
954 - 957 area for obj. near 951 - 949 area. (Use a
buy stop and rev. long at 961.70).
Aggressive traders can buy dips near 937
- 935 area for obj. near 941 - 943 area. (Use a sell
stop and rev. short at 933).
Buy stop at 961.70 for obj. near 963 -
966 area.
Buy stop at 969.50 for obj. near 972 and
possibly near 975 - 978 area.
Sell stop at 945 for obj. near 940 - 938
area and possibly near 936.
Sell stop at 933 for obj. near 929 - 927
area.
Bulletin - (Originally sent 5/29/02 10:54 am et) The buy stop was hit at 961.70 putting traders into long positions. The market is showing resistance at the 962.30 gap area and completes the trade and can now stimulate selling pressure. If profits were not taken at the 962.20 area then exit long positions at the market and cut losses. Bulletin - (Originally sent 5/29/02 1:32 pm et) The sell-off down to the 951 - 949 area meets the obj. for short positions taken at the 962.20 area and completes the trade. Results: 05/29/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Friday 05-30-03: 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 -
953 and 954 peaks (major area) / 958.50
and 958.80 peaks (major) / 961.20 and
961.40 peaks also 962.20 day top and 962.30 day gap (major
area) / 966 weekly
chart's top and 966.40 June contract's weekly top
(very major area)
/ 972.30 major weekly channel
(very major area)
/ 978 monthly channel (very
major area) / 986 day top (major)
/ 990.10 monthly closing price
also 993.80 and 995.80 weekly top (very
major area).
Support: For
the June contract -
947.80 and 947.50 base also 945.70 bottom (major)
/ 942.60 minor down channel (major) /
940 intra-day channel and base also 937.30 minor day
channel (major area) / 930.70 major day
channel (major area) / 927 and 926.70
day bottoms (major area) / 923.50
major weekly channel (very
major area) / 922.10 day bottom (major)
/ 919.90 weekly channel and 919.80
GBX bottom also 918.60 base and 917.50 minor day channel
(very major area)
/ 914.50 day bottom and 913.20 GBX bottom (major
area) / 911.20 weekly bottom and 910.50 day
bottom (major area) / 900.50
day bottom and 899 weekly bottom also 898.60 weekly
closing gap and 897.70 monthly channel (very
major area).
Comments:
The sell-off on Thursday from the
962.30 gap area proved the significance of the area and
can be a signal that a major top formation is in
progress. A trade above the 962.30 gap can bring
prices up to the 966 major weekly top and possibly
near the 972.30 and 978 channel resistances. A
trade above 978 will be considered a breakout and a
confirmation of a new major uptrend. A trade today
below the 940 - 937.30 area is bearish but only a trade
below the 923.50 weekly channel can prove to reverse the
momentum to the downside. Remain defensive inside
the 954 - 947.50 neutral trading area.
Day
trades: For the June contract -
Aggressive traders can sell rallies
near 952 - 954 area and if possible near 956 for obj.
near 949 - 947 area. (Use a protective buy stop at
963.70. Do not rev. long).
Aggressive traders can buy dips near
949 - 947 area for obj. near 952 - 954 area. (Use
a sell stop and rev. short at 945).
Aggressive traders can attempt short positions
near 965 - 967 area for obj. near 961 - 958 area and
possibly near 956. (Use a buy stop and rev. long
at 969.50).
Sell stop at 945 for obj. near 942.60 -
940 area and possibly near 938.
Sell stop at 935 for obj. near 931.50 -
930.50 area.
Buy stop at 969.50 for obj. near 972
and possibly near 975 - 978 area.
Results: 05/30/03
The week in review - 6/02/06 - 6/06/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL
GUIDE FOR DAY TRADING THE S & P
S
& P - For Monday 06-02-03: 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 -
964 newly developed monthly channel and 964.80
peak also 965.90 weekly top and 966 monthly top (very
major area) / 968.95 major weekly
channel (very major
area) / 974.10 minor weekly upper
channel (major area) / 986 day
top (major) / 990.10 monthly
closing price and 991.20 monthly channel (very
major area) / 993.80 and 995.80
weekly tops also 995.80 and 996.50 monthly tops (major
area) / 1007.30 weekly top and 1009.10
weekly closing price (major area).
Support:
For the June contract -
963 intra-day channel and 962.50 base (major
area) / 960.50 and 959.30 base (major
area) / 957.90 monthly channel also
955.50 day channel with GBX prices and 954.50
intra-day channel (very
major area) /
947.50 monthly channel also 946.20 intra-day
channel and 945.70 day bottom (very
major area) / 940.80 day channel (very
major area) / 935.70 major weekly
channel also 933.20 major day channel and
932.20 weekly closing price (very
major area) / 929.70 minor weekly
channel and 927 weekly bottom (very
major area) / 921.80 minor weekly
channel and 921.10 bottom also 919.80 GBX bottom
and 918.50 minor day channel (major area)
/ 914.50 day bottom and 913.20 GBX bottom also
911.20 weekly bottom (very
major area).
Comments:
The rally on Friday brought
prices up to a very major resistance but managed
to close the end of the month at it's highest
settling price in ten months leaving the chart in
bullish condition. A trade above 968.95 and
974.10 can bring prices up to challenge the 991.20
monthly channel area. A trade below 957.90 -
955.50 area is slightly bearish but only a trade
below the 947.50 monthly channel can bring some
significant bearishness back to the chart.
Remain defensive inside the 968.95 - 957.90
neutral trading area.
Day
trades: For the June contract -
Aggressive traders can buy dips
near 963 - 957.90 area or sell rallies near 968 -
974 area, whichever side comes first to complete
the trade. (Use a sell stop and rev. short
at 952.50). (Use a buy stop and rev. long at
977.50).
Buy stop at 977.50 for obj. near
983 - 986 area and possibly near 990.
Sell stop at 952.50 for obj. near
949 - 947.90 area.
Sell stop at 944 for obj. near
942 - 940.80 area.
Bulletin - Originally sent 06/02/03 (12:37 pm est)
The 977.50 buy stop was
hit putting traders into long positions. The
market is now showing resistance at this area and
can stimulate selling.
It is recommended for
traders to exit long positions and cut losses.
The market is trading at 976.50 at this time.
Results: 06/02/03
A TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S & P - For Tuesday
06-03-03: 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 -
970.50 and 970.80
peaks (major) / 974.70 peak and
976 intra-day channel (major area)
/ 978.50 peak and 979.40 day top (very
major area) / 986 day top (major)
/ 990.10 monthly closing price and 991.20
monthly channel (very
major area) / 993.80 and 995.80
weekly tops also 995.80 and 996.50 monthly tops (major
area) / 1007.30 weekly top and 1009.10
weekly closing price (major area).
Support: For
the June contract -
967.60 day channel
and 965 day bottom (major area)
/ 963.30 weekly closing gap and 962.70 day
channel with GBX prices (major area)
/ 960.50 intra-day channel and 957.90 monthly
channel (very
major area) / 953 day bottom (major)
/ 949.50 intra-day channel and 949.20 day gap (major
area) / 945.70 day bottom and 943.50
minor day channel also 942.80 minor weekly
channel (very
major area) / 936 major day
channel and 935.70 major weekly channel (very
major area) / 930.50 and 929 day
channels also 929.70 minor weekly channel (very
major area) / 927 weekly bottom
and 926.70 day bottom (major area)
/ 922.10 day bottom and 921.80 minor weekly
channel also 919.80 GBX bottom also 919.50 minor
day channel (very
major area) / 914.50 day bottom
and 913.20 GBX bottom also 911.20 weekly bottom (very
major area).
Comments:
The
trading range on Monday remained above the
monthly closing price, which keeps the chart in
bullish territory. The sell-off from the
high on Monday puts the chart neutral and
defensive for a retracement down near the 957.90
support area and possibly near the 947.50
monthly support. Remain defensive inside
the 976 - 957.90 trading area.
Day
trades: For the June contract
-
Aggressive traders can
sell rallies near 970 - 974 area for
obj. near 963 - 960.50 area. (Use a buy
stop and rev. long at 982.50).
(Conservative traders can use a protective buy
stop at 977.50. Do not rev. long).
Aggressive traders can
buy dips near 960.50 - 957.90 area for
obj. near 965 - 967 area. (Use a sell stop
and rev. short at 952).
Buy stop at
982.50 for obj. near 985.50 - 986 area and
possibly near 989 - 991 area.
Sell stop at 952
for obj. near 949.50 - 947.50 area.
Sell stop
at 940 for obj. near 937 - 935.70 area.
Bulletin - Originally sent 06/03/03 (10:04 am est)
Short positions were
taken on the rally at 970. The
chart formation is supportive at this time.
It is recommended
for all traders to exit short positions and take
profits near 967.
Bulletin - Originally sent 06/03/03 (10:06 am est)
The sell off down to
967.30 is near enough to the 967 obj. and
completes the first trade.
Results: 06/03/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Wednesday 06-04-03: 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 -
972.60 peak and
973.30 day top also 974.70 peak (major
area) / 978 newly developed
long-term day channel also 978.50 peak and
979.40 day top (very
major area) / 986 day top
and 986.40 minor upper channel (major
area) / 990.10 monthly closing
price and 991.20 monthly channel (very
major area) / 993.80 and
995.80 weekly tops also 995.80 and 996.50
monthly tops (major area) /
1007.30 weekly top and 1009.10 weekly
closing price (major area).
Support: For
the June contract -
969.80 minor day
channel with GBX prices also 968.30
intra-day channel (major area)
/ 966 and 964 base area also 963.50 day
bottom to 963.30 day gap (major
area) / 957.90 monthly channel (very
major area) / 953 day bottom
(major) / 949.20 day gap
and 947.50 monthly channel also 947.50 minor
day channel (very
major area) / 945.70 day
bottom and 942.80 minor weekly channel (very
major area) / 938 major day
channel and 935.70 major weekly channel (very
major area) / 933 and 931
day channels and 929.70 minor weekly channel
(very major
area) / 922.10 day bottom
and 921.80 minor weekly channel also 920
minor day channel and 919.80 GBX bottom (very
major area).
Comments:
Tuesday's trading range remained inside the
neutral area but managed to close up for the
8th day in a row out of 9 trading days,
leaving the chart in bullish condition for
possible higher prices. A trade above
the 978 - 979.40 area can bring prices up to
challenge the 986 - 986.30 area and possibly
near the 991.20 major monthly resistance.
A trade above the 991.20 - 996.50 area will
be considered a breakout for higher prices
to follow and confirm the major uptrend
intact. A trade today below the 969.80
- 968.30 area is slightly bearish but only a
trade below 957.90 can bring any solid
bearishness back to the chart. Remain
defensive inside the 978 - 969.80 neutral
trading range.
Day
trades: For the June contract
-
Aggressive traders
can buy dips near 971 - 968.50 area
for obj. near 975 - 978 area. (Use a
sell stop and rev. short at 967).
Sell
stop at 967 for obj. near 963.30 gap - 960
area.
Sell
stop at 954.70 for obj. near 949.50 - 947.50
area.
Buy
stop at 982.50 for obj. near 985 - 986.30
area and possibly near 988 - 991 area.
Bulletin - Originally sent 06/04/03 (9:35 am est)
Long positions
were taken at the opening at 971.50. The
obj. is still near 975 - 978 area.
(Continue to use a sell stop and rev. short at
967).
Bulletin - Originally sent 06/04/03 (11:13 am est)
The buy stop at
982.50 was hit, putting traders into long
positions. The market at this time is
showing resistance at the 983.80 area and can
possibly prevent the obj. of 985 to be met.
It is recommended
for traders to exit the long positions near
980.50 and cut losses.
Results: 06/04/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Thursday 06-05-03: 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 -
987.30 newly
developed long-term day channel and 988 day
top (major area) / 990.10
monthly closing price and 991.20 monthly
channel (very
major area) / 993.80 and
995.80 weekly tops also 995.80 and 996.50
monthly tops (major area) /
1003 day top and 1007.30 weekly top (major
area) / 1009.10 weekly closing
price and 1011 day top (major area)
/ 1015 weekly top (very
major area).
Support: For
the June contract -
985.50 and
984.50 base also 984.20 and 983.80 intra-day
channel (major area) /
981.70 and 980.50 base also 980 and 979 base
(major area) / 977.50 minor
day channel and 976.90 day channel with GBX
prices (very
major area) / 970.50 day
bottom (major) / 963.50 day
bottom and 963.30 weekly and monthly closing
gap (very
major area) / 957.90 monthly
channel (very
major area) / 953 day bottom
and 951 minor day channel (major
area) / 949.20 day gap and 948.40
GBX bottom also 947.50 monthly channel (very
major area).
Comments:
The follow through rally on Wednesday
brought prices up near a very significant
resistance area. The 991.20 monthly
channel resistance can possibly be
significant enough to put a lid on any
further rallies for a while. A trade
above the 991.20 - 996.50 area will be
considered a major breakout for higher
prices to follow. A trade today below
the 977.50 - 976.90 channel is slightly
bearish but only a trade below the 957.90
channel can bring any solid bearishness back
to the chart. Remain defensive inside
the 991.20 - 977.50 neutral area.
Day
trades: For the June contract
-
Aggressive
traders can buy dips near 980.50 -
978 area for obj. near 984 - 985 area.
(Use a sell stop and rev. short at 974).
Aggressive traders
can sell near 985 - 988 area for
obj. near 979 - 977.50. (Use a
protective buy stop at 989. Do not
rev. long).
Aggressive
traders can sell rallies near 990 -
991.20 area for obj. near 980 - 977.50 area.
(Use a buy stop and rev. long at 999.50).
Sell
stop at 974 for obj. near 970.50.
Sell
stop at 969 for obj. near 963.30 gap area.
Buy
stop at 999.50 for obj. near 1002 - 1003
area and possibly near 1005.
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