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The Tech Guru Commodity Report |
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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 - 06/30/03 - 07/03/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P - For Monday
06-30-03 : 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 Sept. contract -
975.30 and 976 intra-day channel also 976.50
peak (major area) / 977.80 peak and 978 intra-day
channel also 978.50 gap (major area) / 983.30 rev.
weekly channel also 982.50 and 983.90 day channel (very
major area) / 984.50 and 985 peaks also 985.40 minor day
channel (major area) / 986.90 minor day channel and 988
day top (very major area)
/ 990.20 day top and 991.20 weekly closing price also 992.50 weekly top (major
area) / 995.20 and 996.30 peaks (significant) / 1000.10 minor
day channel with GBX prices and 1000.50 peak also 1001 day top (very
major area) / 1008.60 weekly channel and 1009.80 day
session closing price also 1010.20 and 1010.80 weekly channels and
1010.50 day top (very major area)
/ 1012.70 GBX top also 1014.50 and 1014.80 weekly double top also
1015.80 weekly chart's top (very major
area) / 1020 weekly top and 1023.10 minor weekly upper
channel (major area).
Support: For the
Sept. contract -
971.50 and 971.80 double weekly bottom also
971.10 GBX weekly bottom also 970.90 major weekly channel (very
major area) / 970 day bottom and 969.50 GBX weekly
bottom (major area) / 965.70 major day channel and
965.80 minor weekly channel and 963.50 monthly bottom also 963.30
monthly gap and 962.20 day session gap (very
major area) / 957.90 monthly channel but will cancel out
on July 1, 2003 (major area) / 952 day gap and 950.50
minor weekly channel also 948.10 day channel and 948 day gap (very
major area) / 945 day bottom and 943.20 weekly closing
price also 943 minor weekly channel (very
major area) / 933.20 day channel (major)
/ 927 weekly chart's bottom and 926 weekly bottom (very
major area).
Comments:
The whiplashing action
sell-off on Friday remained inside the neutral area closing down near
a very critical support area. A trade below 970.90 is bearish for
prices to challenge the 965.80 channel support and the 963.30 monthly
gap. Below 962.20 will challenge near 950.50 - 948 area.
A trade today above 983.30 - 985.40 area is slightly bullish but only a
trade above 988 - 992.50 area can bring any significant bullishness back
to the chart. A trade above 1000.10 - 1001 will confirm the
uptrend is back into play. Remain defensive inside the first
neutral trading area between 978.50 - 970.90 area.
Day trades: For
The Sept. contract -
Aggressive traders can sell
rallies near 975 - 978 area or buy dips near 972 - 970.90 area,
whichever side comes first to complete the trade. (Use a buy stop
and rev. long at 980). (Use a sell stop and rev. short at 968.70).
Aggressive traders can sell
rallies near 983 - 985.40 area for obj. near 980 - 978 area. (Use
a buy stop and rev. long at 993). (Conservative traders can use a
protective buy stop at 988.30. Do not rev. long).
Aggressive traders can buy
dips near 965.80 - 962.20 area for obj. near 969.50 - 971 area.
(Use a sell stop and rev. short at 959.20).
Buy
stop at 980 for obj.
near 982.50 - 983.30 and possibly near 985.40.
Buy
stop at 993 for obj.
near 995 - 996.30 area.
Sell
stop at 968.70 for
obj. near 965.80 - 963.30 area.
Sell
stop at 959.20 for
obj. near 957 - 955 area and possibly near 952.
Bulletin - (Originally sent 6/30/03 9:44 am est)
The buy stop at 980 was hit putting
traders into long positions. The rally up to 982.20 is near
enough to the 982.50 obj., which completes the trade.
The market is showing resistance at the
982.20 area that can possibly bring prices down near the 972 -
970.90 area.
It is recommended for traders to enter
short positions near 981 and again if possible near 985. The
obj. is near 972 - 971 area. (Use a buy stop and rev. long at
993). (Conservative traders can use a protective buy stop at
988.30. Do not rev. long).
Bulletin - (Originally sent 6/30/03 9:44 am est)
Short positions were taken at 981.
The sell-off down to 977 is proving to show some support and possibly
can stimulate rallies.
It is recommended for traders to exit the
short position near 978.50 area and take profits.
Bulletin - (Originally sent 6/30/03 9:44 am est)
The resistance at 985.40 and 986.90 is
still considered a selling area. Aggressive traders can sell
rallies near 985 - 986.50 area for obj. near 980 - 978 area.
(Use a buy stop and rev. long at 993). (Conservative traders
can use a protective buy stop at 988.30. Do not rev. long).
Bulletin - (Originally sent 6/30/03 9:44 am est)
Short positions were taken at 981.
The sell-off down to 972.50 meets the obj. and completes the trade.
Bulletin - (Originally sent 6/30/03 9:44 am est)
Long positions were taken at 972.50.
The rally up to 978 meets the obj. and completes the trade.
Results: 06/30/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S &
P - For Tuesday
07-01-03 : 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 Sept. contract -
975.30 intra-day channel (major)
/ 977.30 peak and 977.60 minor day channel (major area)
/ 979.70 and 979.80 peaks also 979.80 day channel with GBX
prices (very major area) /
982 peak and 982.80 day top also 982.80 day channel (major
area) / 985 peak and 985.80 minor day channel also 988
day top (very major area)
/ 990.20 day top and 991.50 weekly closing price also 992.50
weekly top (major area) / 995.20 and 996.30
peaks (major area) / 998.30 minor day channel
with GBX prices and 999.90 monthly channel and 1000.50 peak also
1001 day top and 1001.50 peak (very
major area) / 1003.70 and 1005.10 minor monthly
channel (very major area)
/ 1008.60 weekly channel and 1010.50 day top also 1010.20
and 1010.80 weekly channels (very
major area) / 1012.70 GBX top also 1014.50 and
1014.80 weekly double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023.10 minor
weekly upper channel (major area).
Support: For the Sept.
contract -
971.10 GBX and day bottom and 970.90
major weekly channel also 969.50 GBX bottom and 969.20 rev.
weekly channel also 968.90 minor weekly channel and 967.60 major
day channel (very major area)
/ 965.80 minor weekly channel and 963.50 monthly bottom also
963.30 gap and 962.20 day session gap (very
major area) / 952 day gap and 950.50 minor
weekly channel also 949.50 minor channel and 948 day gap (very
major area) / 945 day bottom and 943.20 weekly
closing price also 943 minor weekly channel (very
major area) / 933.90 day channel (major)
/ 927 weekly chart's bottom and 926 weekly bottom (very
major area).
Comments:
The whiplashing
action on Monday remained inside the neutral area leaving the
chart neutral to slightly bearish inside the first neutral range
between 977.60 and 970.90 and also the weekly neutral range
between 982.80 - 965.80 area. A trade below
965.80 - 963.30 area is bearish and can bring
prices down to challenge the 950.50 channel support. A
trade above the 979.80 and 982.80 areas are slightly bullish but
only a trade above 999.90 monthly channel can
bring any solid bullishness back to the chart. Remain
defensive inside the 982.80 - 965.80 trading range.
Day trades:
For The Sept. contract -
Aggressive traders can buy
dips near 969 - 965.80 area for obj. near 976 - 977.60 area.
(Use a sell stop and rev. short at 959.70).
Aggressive traders can sell
rallies near 976 - 977.60 area and if possible near 979.60 for
obj. near 972 - 970 area. (Use a buy stop and rev. long at
988.70).
Buy
stop at 988.70
for obj. near 991 - 992 area.
Buy
stop at 993.30
for obj. near 995 - 996 area and possibly near 998.
Sell
stop at 959.70
for obj. near 953.50 - 950.50 area.
Sell
stop at 947
for obj. near 944.50 - 943 area.
Bulletin - (Originally sent 7/01/03 10:17 am est)
The sell-off down to 960.50 put the
chart in bearish territory. It is recommended for traders to
exit long positions that were taken on the opening at 968.30.
Sell rallies near 964 - 965 area to exit long positions.
Continue to use a sell stop at 959.70 to rev short.
Bulletin - (Originally sent 7/01/03 10:55 am est)
The market continues to show bearish
conditions in the 965 - 962 area.
Aggressive traders can sell in the 962
- 963 area for obj. near 954 - 950.50 area. (Use a
protective buy stop at 970. Do not rev. long). Note;
The sell stop at 959.70 is intact for additional short positions.
Results: 07/01/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday
07-02-03 : 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 Sept. contract -
982.30 and 982.80 double top (major
area) / 984.70 minor day channel and 985 peak (very
major area) / 988 day top and 989.30 peak also
990.20 day top (major area) / 991.50 weekly
closing price and 992.50 weekly top (major area)
/ 995.20 and 996.30 peaks also 996.50 minor day channel with
GBX prices (major area) / 999.90 monthly
channel and 1000.50 peak also 1001 day top and 1001.50 peak (very
major area) / 1003.70 and 1005.10 minor
monthly channel (very major
area) / 1008.60 weekly channel and 1010.50 day
top also 1010.20 and 1010.80 weekly channels (very
major area) / 1012.70 GBX top also 1014.50 and
1014.80 weekly double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023.10
minor weekly upper channel (major area).
Support: For the Sept.
contract -
978 intra-day channel also 977.70
and 977.50 base (major area) / 973.30 weekly
closing price also 972 rev. peak (major area)
/ 968.60 and 968.50 double base also 966.30 intra-day channel (very
major area) / 962.80 base and 962.70 newly
developed major day channel also 961.80 base and 960.50 day
bottom (very major area)
/ 952 day bottom and 951 major day channel also 950.50 minor
weekly channel (very major area)
/ 948 day gap (major) / 945 day bottom and
943.20 weekly closing price also 943 minor weekly channel (very
major area).
Comments:
The rally on Tuesday brought prices up
to a major resistance that could stimulate some selling
pressure. A trade above 984.70 - 985 area is slightly
bullish and a trade above 992.50 can bring prices up to
challenge the 999.90 monthly channel. A trade
above 999.90 - 1001 area will be considered a breakout for
higher prices to develop. A trade today below
973.30 - 972 area is slightly bearish but only a trade below
962.70 and 960.50 can bring any solid bearishness back to the
chart. Remain defensive inside the 984.70 - 973.30
neutral range.
Day trades:
For The Sept. contract -
Aggressive traders can
sell
rallies near 982 - 985 area for obj. near 978 -
977.30 area. (Use a buy stop and rev. long at 990.50).
Aggressive traders can buy
dips near 974 - 972 area for obj. near 977 - 979 area.
(Use a protective sell stop at 970. Do not rev. short).
Buy
stop at
990.50 for obj. near 993 - 996 area.
Sell
stop at
959.70 for obj. near 954 - 950.50 area.
Bulletin - (Originally sent 7/02/03 3:03 pm est)
The buy stop was hit at 990.50
putting traders into long positions. The double top
at 991.50 is now resistance and can possibly stimulate
some selling pressure.
It is recommended to exit the
long position near 990.50 - 991.50 area and scratch
the trade.
Results: 07/02/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Thursday
07-03-03 : 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 Sept. contract -
994.70 minor day channel with
GBX prices also 995.20 and 996.30 peaks (major
area) / 999.90 monthly channel and 1000.50 peak
also 1001 day top and 1001.50 peak (very
major area) / 1003.70 and 1005.10 minor
monthly channel (very major
area) / 1008.60 weekly channel and 1010.50
day top also 1010.20 and 1010.80 weekly channels (very
major area) / 1012.70 GBX top also 1014.50
and 1014.80 double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023.10
minor weekly upper channel (major area) /
1025.60 Sept. contract's weekly closing price and 1028.30
weekly chart's closing price (very
major area) / 1035 monthly channel and
1038.50 day top (very major
area) / 1044 weekly chart's top (major
area) / 1050.10 monthly channel and 1053 day top (very
major area).
Support: For
the Sept. contract -
990.80 base and 990.70
intra-day channel also 989 and 988.80 base (major
area) / 987.50 intra-day channel and 986.20 base (major
area) / 985 and 983.50 base (major area)
/ 982.20 day bottom and 981.20 day gap also 979.50 base (very
major area) / 973.30 weekly closing price
and 972 rev. peak also 971 intra-day gap and 968.60 base (very
major area) / 964.90 major day channel (very
major area) / 962.80 base and 960.50 day
bottom (major area) / 952.50 minor day
channel and 952 day bottom also 950.50 minor weekly
channel (very major area)
/ 948 day gap (major) / 945 day bottom
and 943 minor weekly channel (very
major area).
Comments:
The rally
on Wednesday was slightly out of line and overbought,
which brought prices up near the major resistance at
994.50 and 999.90 that can possibly stimulate some selling
pressure. A trade above 999.90 and 1001.50 will
challenge the 1003.70 and 1005.10 monthly channels and
possibly near the 1014.50 double top area. A trade
today below 982.20 - 979.50 is slightly bearish but only a
trade below 964.90 can bring any solid bearishness back to
the chart. Remain defensive inside the
994.50 - 979.50 trading range.
Day trades:
For The Sept. contract -
Aggressive traders can
buy
dips near 986 - 983.50 and if possible near
981.20 gap for obj. near 990 - 990.70 area. (Use a
sell stop and rev. short at 978).
Aggressive traders can
sell
rallies near 992 - 994 area for obj. near
986 - 983.50 area. (Use a buy stop and rev. long at
996.50).
Sell
stop at
978 for obj. near 974 - 972 area.
Buy
stop at
996.50 for obj. near 999 - 1000 area.
Aggressive traders can
sell
rallies near 999 - 1001 area for obj. near
994.50 - 992 area. (Use a buy stop and rev. long at
1002.30).
Buy
stop at
1002.30 for obj. near 1004 - 1005 area.
Aggressive traders can
buy
dips near 966 - 964.90 area for obj. near 970
- 972 area. (Use a sell stop and rev. short at
959.70).
Sell
stop at
959.70 for obj. near 955 - 952 area and possibly near
950.50.
Bulletin - (Originally sent 7/03/03 10:26 am est)
Rally up to 992 - 994 area put traders
into short positions. The sell off down to 990 the first time
is showing some support.
It is recommended for traders to exit
near 991 - 990 area and take profits.
Bulletin - (Originally sent 7/03/03 10:51 am est)
The sell-off down to 978 put traders
into short positions. The rally up to 986 - 988 area is now
considered a selling area for additional short positions to be
considered. (Continue to use a buy stop and rev. long at
996.50). The obj. for the short position taken at 986 is near
981 - 979 area, where all short positions should exit.
Bulletin - (Originally sent 7/03/03 12:59 pm est)
Short positions were taken at 978 and
987. The break even for both trades is at 982.50. It is
recommended for traders to exit the short positions near 982.50 and
scratch the trades at the break even.
Bulletin - (Originally sent 7/03/03 1:13 pm est)
The sell-off down to 982.50 was a buy to
complete the short position trades taken at 978 and 987, which
averages both trades at a break even.
Results: 07/03/03
The week in review - 07/07/03 -
07/11/03
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P - For Monday
07-07-03 : 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 Sept. contract -
983.40 weekly channel and 984.80 intra-day
channel (very major area)
/ 986.50 and 986.70 peaks also 986.80 intra-day channel (major
area) / 990 peak and 990.60 day channel also 992.70 minor
day channel (very major area)
/ 994.20 weekly top also 995.20 and 996.30 peaks (major area)
/ 999.90 and 1001 top (very major)
/ 1003.70 and 1005 minor monthly channels also 1005.10 weekly
channel and 1006 day channel (very major
areas) / 1008.40 weekly channel and 1010.50 day top (very
major area) / 1012.70 GBX weekly top and 1014.80 weekly
top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top (major) /
1025.60 and 1028.30 weekly closing prices (very
major area) / 1030 minor upper channel (major)
/ 1035 monthly channel (very major area).
Support: For the Sept. contract -
979.70 and 978.50 intra-day channels (major
area) / 976 day bottom and 975.30 base (major area)
/ 971.25 major weekly channel and 969.70 minor weekly channel also
969.30 major day channel (very major area)
/ 968.70 minor weekly channel and 968.50 base also 967.20 and 966 day
channels (very major area)
/ 960.50 day bottom (major) / 957 minor weekly channel
and 955 minor day channel (very major
area) / 952 day bottom (major) / 948.30
minor weekly channel and 948 day gap (very
major area).
Comments:
Friday's trading range
remained inside the neutral area, closing down for the day but up for
the week leaving the chart neutral between the 999.90 monthly channel
resistance and the 969.70 to 966 weekly channel supports. A trade
today above 990.50 and 994.20 area is slightly bullish and can challenge
the 999.90 monthly channel. A trade above 999.90 and 1005 areas
will be considered a breakout for higher prices to develop. A
trade below 979.70 - 978.50 area is slightly bearish but only a
trade below 971.25 and 966 areas can bring any solid bearishness back to
the chart. Remain defensive inside today's neutral
trading area between 991 - 979.70.
Day trades: For
The Sept. contract -
Aggressive traders can sell
rallies near 990 - 993 area for obj. near 986 - 983.40 area. (Use
a buy stop and rev. long at 996.70).
Aggressive traders can buy
dips near 980 - 978.50 area for obj. near 982 - 983.40 area. (Use
a sell stop and rev. short at 977.70).
Aggressive traders can sell
rallies near 998.70 - 999.90 area for obj. near 995 - 992 area.
(Use a buy stop and rev. long at 1001.70).
Aggressive traders can buy
dips near 971.30 - 969.70 area for obj. near 976 - 979 area. (Use
a sell stop and rev. short at 965).
Buy
stop at 996.70 for obj.
near 998.70 - 999.90 area.
Buy
stop at 1001.70 for
obj. near 1003 - 1005 area.
Sell
stop at 977.70 for
obj. near 973 - 971.30 area.
Sell
stop at 965 for obj.
near 960.50 - 957 area.
Bulletin - (Originally sent 7/07/03 9:47 am est)
The buy stop at 996.70 was hit putting
traders into long positions. The rally up to 997.50 is showing
resistance because of the significance in the monthly channel at 999.90.
It is recommended for traders to exit long
positions and rev. short near 996 and additional short positions can be
taken near 999.90. (Continue to use a buy stop and rev. long at
1001.70).
Bulletin - (Originally sent 7/07/03 12:16 pm est)
The monthly resistance at 1005 is proving
significant for possible retracements to the downside. A trade
above 1005 can bring prices up near the 1008.50 to 1014.50 top area.
It is recommended for traders to take short
positions at the market, which is trading at 1002 at this time.
The obj. is near 995 - 993 area. (Use a buy stop and rev. long at
1006.30).
The buy stop at 1006.30 for obj. near
1008.30 - 1010.50 area.
Results: 07/07/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Tuesday
07-08-03 : 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 Sept. contract -
1003.50 intra-day channel and 1003.50
peaks also 1003.80 and 1004.20 peaks (major area) /
1005 day top and 1006 major day channel (very
major area) / 1008.40 weekly channel and 1010.50 day
top (very major area)
/ 1012.70 GBX weekly top and 1014.80 weekly top also 1015.80 weekly
chart's top (very major area)
/ 1020 weekly top (major) / 1025.60 and 1028.30
weekly closing price (very major area)
/ 1035 monthly channel (very major
area) / 1044 weekly top (major) /
1050.10 monthly channel (very major
area).
Support: For
the Sept. contract -
1000.60 minor day channel and 1000 base (major
area) / 998.30, 997.80 and 995.70 base (major area)
/ 992.50 day bottom and 989.10 day channel with GBX prices (very
major area) / 983.40 GBX bottom and 982.50 weekly
closing gap (very major area)
/ 976 day bottom (major) / 971.50 major day channel
and 971.20 major weekly channel also 969.70 and 968.70 minor weekly
channels (very major area)
/ 960.50 weekly bottom and 957 minor weekly channel (very
major area).
Comments:
The rally on Monday
brought prices up near very major resistance areas that could
possibly stimulate some selling pressure. A trade above 1005
and 1006 can challenge the 1008.40 weekly channel and 1014.80 top
areas. A trade today below the 1000.60 and 995.70 areas is
slightly bearish but a trade below 992.50 - 989.10 channel can bring
prices down to challenge the 971.50 - 968.70 weekly channel areas.
Remain defensive inside the 1006 - 989.10 trading area.
Day trades:
For The Sept. contract -
Aggressive traders can sell
rallies near 1003 - 1006 area for obj. near 999 - 996.50 area.
(Use a buy stop and rev. long at 1006.70).
Buy
stop at 1006.70 for
obj. near 1008.70 - 1010 area.
Buy
stop at 1016.80 for
obj. near 1019 - 1020 area.
Sell
stop at 995 for
obj. near 992.50 - 989.10 area.
Aggressive traders can buy
dips near 990 - 989.10 area for obj. near 996 - 998 area. (Use
a sell stop and rev. short at 986).
Sell
stop at 986 for
obj. near 983.40 - 982.50 gap.
Sell
stop at 979.30 for
obj. near 973.50 - 971.50 area.
Bulletin - (Originally sent 7/08/03 9:46 am est)
The rally up to 1002.50 - 1002.70 put
traders into short positions, which was near the 1003 sell area.
The obj. still remains at 999 - 996 area.
Bulletin - (Originally sent 7/08/03 4:04 pm est)
The buy stop was hit at 1006.70
putting traders into long positions. The rally up to 1008.50
is near enough to the 1008.70 obj., which completes the trade.
Results: 07/08/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday
07-09-03 : 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 Sept. contract -
1008 day channel also 1008.50 and
1010.50 day tops (very major
area) / 1012.70 GBX weekly top and 1014.80
weekly top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top (major)
/ 1025.60 and 1028.30 weekly closing prices (very
major area) / 1035 monthly channel (very
major area) / 1038 day top (major)
/ 1044 weekly top (major) / 1050.10 monthly
channel (very major area).
Support: For
the Sept. contract -
1004.90 day channel and 1002.50
minor day channel (very major
area) / 1000.50 double base and 997.50 day
bottom (major area) / 994 day channel with
GBX prices and 992.50 day bottom (very
major area) / 990.80 minor day channel with
GBX prices (major) / 983.40 GBX bottom and
982.50 weekly closing gap (very
major area) / 976 day bottom (major)
/ 973.50 long-term day channel and 971.20 major weekly channel
(very major area)
/ 969.70 and 968.70 minor weekly channel (major area)
/ 960.50 weekly bottom and 957 minor weekly channel (very
major area).
Comments:
The
follow-through rally on Tuesday brought prices up to a very
significant resistance at 1008.40, which is the major weekly
channel. A trade above 1008.50 - 1010.50 will challenge
the 1014.80 - 1015.80 top area. A trade above 1015.80
top can bring prices up to challenge the 1028.30 - 1035
resistance area. A trade today below 1002.50 -1000.50
area is slightly bearish but only a trade below 994 - 990.80
area can bring any solid bearishness to the chart.
Remain defensive inside the 1014.80 - 990.80 trading range.
Day trades:
For The Sept. contract -
Aggressive traders can sell
rallies near
1007 - 1008 area for obj. near 1005 - 1004. (Use a buy
stop and rev. long at 1009.30).
Aggressive traders can
sell
rallies near 1013 - 1015 area for obj. near 1005
- 1004 area. (Use a buy stop and rev. long at 1018.50).
Aggressive traders can buy
dips near 992 - 990.80 area for obj. near 996 - 998 area.
(Use a sell stop and rev. short at 988).
Buy
stop at
1009.30 for obj. near 1012 - 1014 area.
Buy
stop at
1018.50 for obj. near 1020 - 1023 area and possibly near 0125.
Sell
stop at 1000
for obj. near 997 - 996 area.
Sell
stop at 988
for obj. near 983.50 - 982.50.
Bulletin - (Originally sent 7/09/03 10:43 am est)
The buy stop was hit at 1009.30
putting traders into long positions. The market is proving
the significance of the resistance for possible retracements for
lower prices.
It is recommended for traders to
exit the long position near 1007 - 1008 area and cut losses.
Bulletin - (Originally sent 7/09/03 10:46 am est)
The market is showing weakness and
not allowing the long positions to exit near 1007 - 1008.
It is recommended to exit near
1006 and cut losses.
Bulletin - (Originally sent 7/09/03 11:13 am est)
The sell stop was hit at 1000
putting traders into short positions. It is not known
why support is being developed at this area, but it is not
worth looking for the 997 obj. at this time.
It is recommended for traders to
exit at 1000 and scratch the trade.
Results: 07/09/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Thursday
07-10-03 : 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 Sept. contract -
1001.50 intra-day channel
also 1001.70 and 1002 peaks (major area)
/ 1004.30 peak (significant) / 1006 intra-day channel
and 1007 peak (very major
area) / 1009.50 day channel and 1009.80
day top also 1010.50 day top (major area)
/ 1012.70 GBX weekly top and 1014.80 weekly top also
1015.80 weekly chart's top (very
major area) / 1020 Sept. contract's
weekly top (major) / 1025.60 and
1028.30 weekly closing prices (very
major area) / 1035 monthly channel (very
major area) / 1038 day top (major)
/ 1044 weekly top (major) / 1050.10
monthly channel (very
major area).
Support: For
the Sept. contract -
1000.60 day channel with GBX
prices also 999.20 and 998.70 base also 998.50 minor day
channel areas (major area) / 996.50 day
bottom and 994.50 minor day channel (very
major area) / 992.50 day bottom and
990.50 rev. channel (major area) /
983.40 GBX bottom and 982.50 weekly closing gap (major
area) / 976 day bottom and 975.90 long-term
major day channel (very
major area) / 971.25 major weekly
channel also 969.70 and 968.70 minor weekly channel (very
major area) / 960.50 weekly bottom and
959 major day channel also 957 minor weekly channel (very
major area).
Comments:
The
sell-off from the major resistance area was significant
leaving the chart in neutral condition between 1007 -
994.50 area. A trade above 1007 is slightly
bullish and a trade above 1012.70 - 1015.80 area will be
considered a breakout for higher prices. A trade
today below 994.50 - 990.50 area is bearish and can
bring prices down to challenge the 982.50 gap - 975.90
channel support area. Remain defensive inside the
1007 - 994.50 neutral trading range.
Day trades:
For The Sept. contract -
Aggressive traders can sell
rallies
near 1004 - 1007 area or buy dips near 995 - 992.50
area, whichever side comes first to complete the
trade. (Use a buy stop and rev. long at
1011.30). (Use a sell stop and rev. short at
989.70).
Buy
stop at 1011.30 for obj. near
1013 - 1015 area.
Buy
stop at 1017.70 for obj. near
1020 - 1023 area.
Sell
stop at 989.70 for obj. near
983.70 - 982.50.
Sell
stop at 979.70 for obj. near
976.70 - 975.90 area.
Bulletin - (Originally sent 7/10/03 9:51 am est)
Long positions were taken at
993.50. The market is now showing technical
resistance at 998 - 999.50.
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