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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
- 08/25/03
- 8/29/03
The Tech Guru's
S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Monday
08-25-03 : 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 -
993.20 and 993.70 intra-day
channels and peaks (major area) / 995.70 peak
and 995.80 intra-day channel (major area) /
999.70 and 999.80 peaks (major area) /
1003.30 and 1003.70 peaks also 1005 peak (major area)
/ 1008.80 newly developed major weekly channel also 1009.60
and 1010 newly developed weekly channels (very
major area) / 1013.30 minor weekly channel and
1014.80 double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023 day top
(major area) / 1025.60 and 1028.30 weekly
closing prices also 1026.10 monthly channel (very
major area) / 1038 day top and 1042.20 monthly
channel (very major area).
Support: For
the Sept. contract -
990.50 weekly closing gap and 987
weekly channel (very major area)
/ 985.80 day bottom and 982.80 major weekly channel (very
major area) / 979.50 and 978.80 day bottoms
also 977.80 major day channel (very
major area) / 971.40 weekly channel and 969.60
day channel also 968 GBX weekly bottom (very
major area) / 962 day bottom (major)
/ 958.50 weekly bottom and 957.30 minor weekly down channel (very
major area) / 952 day bottom (major)
/ 948 day gap and 945 day bottom (very
major area) / 939.70 weekly down channel (major
area).
Comments:
The sell-off on
Friday from the major resistance removed the bullish condition
from the chart leaving the chart neutral inside the weekly
trading range between 1008.80 and 982.80. A trade today
above 995.80 - 999.80 area is slightly bullish but only a
trade above 1008.80 - 1010 area can bring any solid
bullishness back to the chart. A trade today below
990.50 - 987 is slightly bearish but only a trade below 982.80
can bring any solid bearishness back to the chart.
Remain defensive inside the first neutral area between 995.80
- 987 trading range.
Day
trades: For The Sept. contract -
Aggressive traders can
sell rallies near 993 - 995.80 area or buy dips near
990.50 - 987 area, whichever side comes first to complete the
trade. (Use a protective buy stop at 996.30. Do
not rev. long). (Use a protective sell stop at 985.50.
Do not rev. short).
Aggressive traders can
sell rallies near 1007 - 1009 area for obj. near 1002
- 1000 area. (Use a buy stop and rev. long at 1018.70).
(Conservative traders can use a protective buy stop at
1011.80. Do not rev. long).
Aggressive traders can buy
dips near 984 - 982.80 area for obj. near 987 - 990 area.
(Use a sell stop and rev. short at 975.50).
(Conservative traders can use a protective sell stop at 979.
Do not rev. short).
Buy stop at
1018.70 for obj. near 1022 - 1026 area.
Sell stop at
975.50 for obj. near 972 - 971.40 area.
Sell stop at
965.50 for obj. near 962 - 960 area.
Bulletin - Originally sent 08/25/03 (9:45 am est) Short positions were taken at 993. The sell off down to 990.50 meets the obj. and completes the trade. Bulletin - Originally sent 08/25/03 (11:39 am est) Long positions were taken at the low end of the buy area at 887. The rally up to 990.50 is showing some resistance where long positions should consider taking profits and completing the trade. This trade has been completed to both sides and is now considered a high risk to repeat it again. Results: 08/25/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Tuesday
08-26-03 : 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 -
995.50 and 995.70 peaks (major
area) / 999.70 and 999.80 peaks (major
area) / 1003.30 and 1003.70 peaks also 1005 peak (major
area) / 1008.80 major weekly channel also 1009.60
and 1010 weekly channels (very
major area) / 1013.30 minor weekly channel
and 1014.80 double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023 day
top (major area) / 1025.60 and 1028.30
weekly closing prices also 1026.10 monthly channel (very
major area) / 1038 day top and 1042.20
monthly channel (very major
area).
Support: For
the Sept. contract -
990.70 intra-day channel and
990.20 newly developed day channel also 989.50 base (major
area) / 987 weekly channel and 987 day bottom (very
major area) / 982.80 major weekly channel (very
major area) / 979.50 and 978.80 day bottoms
also 979.40 major day channel (very
major area) / 971.40 weekly channel and 970
day channel also 968 GBX weekly bottom (very
major area) / 962 day bottom (major)
/ 958.50 weekly bottom and 957.30 minor weekly down channel (very
major area) / 952 day bottom (major)
/ 948 day gap and 945 day bottom (very
major area) / 939.70 weekly down channel (major
area).
Comments:
Monday's
session remained inside the neutral range leaving the chart
neutral inside the same range between 995.80 and 987.
A breakout to either side of the weekly range between
1008.80 and 982.80 can possibly point a direction.
Remain defensive inside the first neutral range between
995.80 - 987.
Day
trades: For The Sept. contract -
Aggressive traders can
buy dips near 989.50 - 987 area or sell rallies
near 993 - 995.80 area, whichever side comes first to
complete the trade. (Use a sell stop and rev. short at
985). (Use a buy stop and rev. long at 996.50).
Sell stop at
985 for obj. near 983 - 982.80.
Buy stop at
996.50 for obj. near 998.50 - 999.50.
Aggressive traders can
buy dips near 983 - 982.80 area and if possible
near 979.40 for obj. near 987 - 989 area. (Use a sell
stop and rev. short at 975.50).
Aggressive traders can
sell rallies near 1007 - 1008.80 area for obj. near
1003 - 1001 area. (Use a buy stop and rev. long at
1018.70).
Sell stop at
975.50 for obj. near 972 - 971.40 area.
Sell stop at
965.50 for obj. near 962 - 960 area.
Buy stop at
1018.70 for obj. near 1022 - 1026 area.
Bulletin - Originally sent 08/26/03 (9:40 am est) Long positions were taken on the opening at 989. The rally up to 991.50 is an intra-day double top and can prove to be resistance for traders to exit long positions and take profits. Sell at 991 or better to complete the trade. Bulletin - Originally sent 08/26/03 (10:40 am est) The sell stop at 985 was hit, putting traders into short positions. The sell off down to 982.50 meets the obj. and completes the trade at 983. Bulletin - Originally sent 08/26/03 (10:41 am est) The sell off down to 982.50 put traders into long positions in the buy area near 983 - 982.80. The obj. is near 987 - 989 area. (Continue to use a sell stop and rev. short at 975.50). Bulletin - Originally sent 08/26/03 (11:34 am est) Long positions were taken at 982.80. The rally up to 986 is showing signs of resistance for traders to consider taking profits. It is recommended for traders to exit long positions near 985 - 986 area and take profits. Results: 08/26/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday
08-27-03 : 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 Sept. contract -
995.80 and 996.30 peaks also
997.80 day top (major area) / 999.70 and
999.80 peaks (major area) / 1003.30 and
1003.70 peaks also 1005 peak (major area)
/ 1008.80 major weekly channel also 1009.60 and 1010
weekly channels (very major
area) / 1013.30 minor weekly channel and
1014.80 double top also 1015.80 weekly chart's top (very
major area) / 1020 weekly top and 1023 day
top (major area) / 1025.60 and 1028.30
weekly closing prices also 1026.10 monthly channel (very
major area) / 1038 day top and 1042.20
monthly channel (very major
area).
Support: For
the Sept. contract -
994.50 base and 992.80
intra-day gap (major area) / 989.50 and
989.30 base (major area) / 986.50 and
986.20 base also 984.60 day channel (major area)
/ 982.50 day bottom and 981 major day channel (very
major area) / 979.50 and 978.80 day
bottoms (major area) / 971.40 weekly
channel and 970.50 day channel also 968 GBX weekly bottom (very
major area) / 962 day bottom (major)
/ 958.50 weekly bottom and 957.30 minor weekly down
channel (very major area)
/ 952 day bottom (major) / 948 day gap
and 945 day bottom (very
major area) / 939.70 weekly down channel (major
area).
Comments:
The
reversal rally on Tuesday from the major support proved
the significance of the area but the chart continues to
remain inside the weekly neutral range between 1008.80 and
982.80. A breakout to either side of the weekly
range can possibly point a direction. Remain
defensive inside the first neutral trading area between
999.80 - 992.80 area.
Day
trades: For The Sept. contract -
Aggressive traders can
buy dips near 995 - 992.80 area or sell rallies
near 997.50 - 999.80 area, whichever side comes first to
complete the trade. (Use a protective sell stop at
989. Do not rev. short). (Use a protective buy
stop at 1001. Do not rev. long).
Aggressive traders can
buy dips near 985 - 982 area for obj. near 989 -
991 area. (Use a sell stop and rev. short at 978).
Aggressive traders can
sell rallies near 1008 - 1008.80 area and if
possible near 1010 for obj. near 1004 - 1001 area.
(Use a buy stop and rev. long at 1018.70).
Sell stop at
978 for obj. near 973 - 971.40.
Sell stop at
967 for obj. near 963 - 960.50 area.
Buy stop at
1018.70 for obj. near 1022 - 1026.10 area.
Buy stop at
1030 for obj. near 1035 - 1038 area.
Bulletin - Originally sent 08/27/03 (10:03 am est) Long positions were taken on the opening at 994.50. The rally up to 995.70 fell short of the obj. which was near 997. It is recommended to exit the long position at the market, which is trading at 994.50 at this time and scratch the trade. Results: 08/27/03
A TECHNICAL
GUIDE FOR DAY TRADING THE S & P
S
& P - For Thursday
08-28-03 : 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 Sept. contract -
997.50 and 997.80 double
top area (major area) / 999.70 and
999.80 peaks (major area) / 1003.30
and 1003.70 peaks also 1005 peak (major area)
/ 1008.80 major weekly channel also 1009.60 and 1010
weekly channels (very
major area) / 1013.30 minor weekly
channel and 1014.80 double top also 1015.80 weekly
chart's top (very major
area) / 1020 weekly top and 1023 day
top (major area) / 1025.60 and
1028.30 weekly closing prices also 1026.10 monthly
channel (very major
area) / 1038 day top and 1042.20
monthly channel (very
major area).
Support: For
the Sept. contract -
995 intra-day channel and
994.30 base (major area) / 992.50 day
bottom and 991 base (major area) /
986.80 and 986.30 base also 986.60 day channel (very
major area) / 982.60 major day channel
and 982.50 day bottom (very
major area) / 979.50 and 978.80 day
bottom also 978 weekly closing price (major
area) / 972.20 day channel and 971.40 weekly
channel (very major
area) / 968 GBX weekly bottom (major
area) / 962 day bottom (major)
/ 958.50 weekly bottom and 957.30 minor weekly down
channel (very major
area) / 952 day bottom (major)
/ 948 day gap and 945 day bottom (very
major area) / 939.70 weekly down
channel (major).
Comments:
Wednesday's trading range remained inside the first
neutral area leaving the chart neutral inside the
997.80 and 994.30 area and the 999.80 - 986.60 trading
area. The major weekly trading range still
remains between 1008.80 and 982.60. A breakout
to either side of this weekly range can possibly point
a direction. Remain defensive inside the first
two neutral trading areas between 999.80 and 986.60.
Day
trades: For The Sept. contract -
Aggressive traders
can sell rallies near 998 - 999.80 area or
buy dips near 995.50 - 994.30 area, whichever side
comes first to complete the trade. (Use a buy
stop and rev. long at 1000.30). (Use a sell stop
and rev. short at 993).
Buy stop
at 1000.30 for obj. near 1003 - 1005 area.
Sell stop
at 993 for obj. near 989 - 986.60 area.
Aggressive traders
can sell rallies near 1007 - 1008.80 area for
obj. near 1003 - 1001 area. (Use a protective
buy stop at 1011.70. Do not rev. long).
(Aggressive traders can use a buy stop and rev. long
at 1018.70).
Aggressive traders
can buy dips near 983 - 982.60 area for obj.
near 987 - 989 area. (Use a sell stop and rev.
short at 977).
Buy stop
at 1018.70 for obj. near 1022 - 1026 area.
Sell stop
at 977 for obj. near 973 - 971.40 area.
Bulletin - Originally sent 08/28/03 (10:05 am est)
Short positions were taken
998.50. The sell off down to 995.50 meet the obj. and
completes the trade.
Bulletin - Originally sent 08/28/03 (10:24 am est)
The sell stop was hit at 993
putting traders into short positions. The 990.50 area
is showing signs of support. A trade down to the
990.50 area will be considered a intra-day double bottom
where short positions should take profits to complete the
trade.
Bulletin - Originally sent 08/28/03 (10:50 am est)
The 992 - 993 area is showing
signs of support at this time. It is recommended to exit
the short positions taken at 993 and scratch the trade.
The market is trading at 992.50 at this time.
Bulletin - Originally sent 08/28/03 (3:50 pm est)
The buy stop was hit at 1000.30
putting traders into long positions. The rally up to
1003 meets the obj. and completes the trade.
Results: 08/28/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Friday
08-29-03 : 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 Sept. contract -
1001.80 and 1002.40 peaks
also 1002 newly developed day channel (major
area) / 1004 day top and 1005 peak (major
area) / 1008.80 major weekly channel also
1009.60 and 1010 weekly channels (very
major area) / 1013.30 minor weekly
channel and 1014.80 double top also 1015.80 weekly
chart's top (very major
area) / 1020 weekly top and 1023 day top
(major area) / 1025.60 and 1028.30
weekly closing prices also 1026.10 monthly channel (very
major area) / 1038 day top and 1042.20
monthly channel (very
major area).
Support: For
the Sept. contract -
998 intra-day channel and
998 base (major area) / 996 and 995.20
base also 994.50 day channel (very
major area) / 992.50 and 990.50 weekly
closing prices also 990.50 day bottom (major
area) / 988.70 day channel with GBX prices (major
area) / 984.30 long-term major day channel also
982.50 day bottom and weekly channel (very
major area) / 979.50 and 978.80 day
bottoms also 978 weekly closing price (major
area) / 973 major day channel and 971.40 weekly
channel (very major area)
/ 968 GBX weekly bottom (major area) /
962 day bottom (major) / 958.50 weekly
bottom and 957.30 minor weekly down channel (very
major area) / 952 day bottom (major).
Comments:
The rally
on Thursday managed to close in neutral to slightly
bullish territory but continues to face the 1008.80 -
1010 weekly channel resistance lines. A trade
above 1008.80 - 1010 is bullish and a trade above
1013.30 - 1015.80 will be considered a breakout for
higher prices. A trade today below 994.50 is
slightly bearish but only a trade below 984.30 - 982.50
area can bring any solid bearishness back to the chart.
Remain defensive inside the first neutral trading area
between 1003 - 994.50 and also the weekly range between
1008.80 and 982.50.
Day
trades: For The Sept. contract -
Aggressive traders
can buy dips near 998.50 - 994.50 area for obj.
near 1002 - 1003 area. (Use a sell stop and rev.
short at 993.70).
Sell stop
at 993.70 for obj. near 991 - 990.50 area.
Aggressive traders
can buy dips near 985 - 984.50 area for obj.
near 988 - 989 area. (Use a sell stop and rev.
short at 981.50).
Aggressive traders
can sell rallies near 1008 - 1010 area for obj.
near 1004.50 - 1003 area and possibly near 1001.
(Use a buy stop and rev. long at 1018.70).
(Conservative traders can use a protective buy stop at
1011.70. Do not rev. long).
Buy stop at
1018.70 for obj. near 1021 - 1024 area.
Sell stop
at 981.50 for obj. near 978 - 976 area and possibly near
973.
Sell stop
at 970 for obj. near 968 - 965 area and possibly near
962.
Bulletin - Originally sent 08/29/03 (9:35 am est)
The aggressive trade sent
recommending traders to sell near 1002 - 1003 should be
cancelled if the 999 - 998 area is hit first putting
traders into long positions.
Bulletin - Originally sent 08/29/03 (9:49 am est)
Long positions were taken
at 999. The rally up to 1002 meets the obj. and
completes the trade.
Bulletin - Originally sent 08/29/03 (2:14 pm est)
Because of the neutral to
bullish conditions this morning and the technically
supportive chart formation that has developed at this
time, it is recommended to cancel the trade recommendation
in today's report to sell at the 1008 - 1010 area.
Have a good holiday.
Results: 08/29/03
The week in review
- 09/02/03 -
09/05/03
The Tech Guru's
S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P - For Tuesday
09-02-03 : 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 -
1011.60 day channel and 1012.20 weekly top
also 1013.10 minor weekly channel (very
major area) / 1014.80 double top and 1015.80 weekly
chart's top (major area) / 1020 weekly top and 1023 day
top (major area) / 1025.60 and 1028.30 weekly closing
prices also 1026.10 monthly channel (very
major area) / 1038 day top (major) /
1042.20 monthly channel and 1044 weekly top (very
major area) / 1053.50 day top (major) /
1061.50 weekly top and day gap (major area).
Support: For the
Sept. contract -
1006.90 and 1006.40 rev. weekly channels
also 1005.50 intra-day channel and 1005 base (major area)
/ 1003.50 intra-day channel and 1002.50 day channel (very
major area) / 1000.20 base and 999 day bottom (major
area) / 996 and 995.20 base (major area) /
992.80 day channel also 991.70 base (major area) /
990.60 and 990.50 newly developed weekly channels also 990.50 day bottom
and 989.50 newly developed weekly channel (very
major area) / 987.50 long-term day channel (very
major area) / 982.50 weekly bottom and 979.50 day bottom
also 978.80 day bottom and 978 weekly closing price (major area)
/ 975.70 weekly channel and 973 day bottom (very
major area) / 968 GBX weekly bottom (major area)
/ 962 day bottom (major) / 958.50 weekly bottom and
956.90 weekly down channel (very major
area).
Comments:
The rally on Friday from
the support area managed to close the day session up for the fifth day
in a row and also up for the third week in a row, leaving the chart
in neutral to bullish condition. A trade above 1013.10 and 1014.80
will be considered a breakout for higher prices to follow. A trade
below 1002.50 today is slightly bearish but only a trade below 990.50 -
989.80 can bring any solid bearishness back to the chart. Remain
defensive inside the 1013.10 - 1002.50 neutral trading area and
also the weekly trading range between 1014.80 - 990.50 area.
Day trades:
For The Sept. contract -
Aggressive traders can sell
rallies near 1011.50 - 1013.10 area for obj. near 1007.50 - 1006.50
area. (Use a buy stop and rev. long at 1018.70).
(Conservative traders can use a protective buy stop at 1013.70.
Do not rev. long).
Aggressive traders can buy
dips near 1003.50 - 1002.50 area for obj. near 1006.50 - 1008 area.
(Use a protective sell stop at 998.50. Do not rev. short).
Aggressive traders can buy
dips near 991 - 990.50 area and if possible near 989.80 for obj. near
995 - 996 area. (Use a sell stop and rev. short at 986).
Buy stop at 1018.70 for
obj. near 1021 - 1024 area and possibly near 1026.10.
Buy stop at 929.50 for
obj. near 935 - 938 area.
Sell stop at 986 for obj.
near 983 - 979.50 area and possibly near 975.70 area.
Sell stop at 972 for obj.
near 968 and possibly near 962 area.
Bulletin - (Originally sent 9/02/03 10:05 am est)
Short positions were taken at 1012. The
sell off down to 1010.50 is showing signs of support. Traders should
exit the short position near 1012 - 1011.50 and scratch the trade.
Bulletin - (Originally sent 9/02/03 11:04 am est)
The sell-off down to 1004.50 was near enough
to the 1003.50 buy area putting traders into long positions. The
rally up to 1008 meets the obj. and completes the trade.
Bulletin - (Originally sent 9/02/03 3:27 pm est)
The buy stop at 1018.70 was hit putting
traders into long positions. The rally up to 1021 meets the obj.
and completes the trade.
Results: 09/02/03
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Wednesday
09-03-03 : 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 -
1023 day top and 1025.60 weekly closing price (major area)
/ 1026.10 monthly channel (very
major area) / 1028.30 weekly closing price (major
area) / 1038 day top (major) / 1042.20
monthly channel and 1044 weekly top (very
major area) / 1053 day top (major)
/ 1061.50 weekly top and gap (major area) /
1067.50 monthly closing price (very
major area) / 1071 monthly top (major
area).
Support: For
the Sept. contract -
1020.20 intra-day channel also 1019.70 and 1019.40 base (major
area) / 1014.30 intra-day channel (major area)
/ 1010.70 intra-day gap and 1010.30 base also 1009.20 day channel (major
area) / 1006.50 day channel and 1004.50 day bottom (very
major area) / 999 day bottom (major)
/ 994.90 day channel (major area) / 990.60 and
990.50 weekly channels also 990.50 day bottom and 989.50 weekly
channel also 989.10 long-term day channel (very
major area) / 982.50 weekly bottom and 979.50 day
bottom also 978.80 day bottom and 978 weekly closing price (major
area) / 975.70 weekly channel and 973 day bottom (very
major area).
Comments:
The rally on Tuesday brought prices up near the
monthly channel resistance at 1026.10, which can stimulate some
selling pressure. A trade above the 1026.10 - 1028.30 area
will be considered a breakout for prices to challenge the 1042.20
monthly channel. A trade today below 1009.20 - 1006.50 area
is slightly bearish but only a trade below the 990.60 and 989.50
weekly channels can bring any solid bearishness back to the chart.
Remain defensive inside the 1026.10 - 1009.20 trading range.
Day trades:
For The Sept. contract -
Aggressive traders can sell rallies near 1024.50
- 1026.10 area for obj. near 1021 - 1020 area and possibly near
1019.40. (Use a buy stop and rev. long at 1030).
Aggressive traders can buy dips near 1009.20 -
1006.50 area for obj. near 1014 - 1015.50 area. (Use a sell
stop and rev. short at 1002.70).
Sell stop at 1017.70 for obj. near 1012 - 1009.20
area.
Sell stop at 1002.70 for obj. near 999 - 994.90
area.
Buy stop at 1030 for obj. near 1035 - 1038 area.
Buy stop at 1045.30 for obj. near 1048 - 1053
area.
Bulletin - (Originally sent 9/03/03 9:51 am est)
Short positions were taken at 1024.50 on
the opening. The sell-off down to 1022 was near enough to the
1021 obj. and completes the trade.
Due to the significance of the
resistance at 1026.10, the 1024.50 - 1026.10 area can be considered
a selling area for the trade to be repeated. (Use the same
obj. and stop areas).
Bulletin - (Originally sent 9/03/03 10:21 am est)
Short positions were repeated at
1025.20. Due to the fact that the market broke above the
1026.10 resistance and is holding support at the 1022 - 1023 area,
it is showing signs of higher prices to follow.
It is recommended to exit short
positions at the market and scratch the trade. The market is
trading at 1026 at this time.
Results: 09/03/03
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S & P
- For Thursday
09-04-03 : 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 Sept. contract -
1029.50 day top (major) / 1036.50 and 1036.70
upper channels also 1038 day top (major area) /
1042.20 monthly channel and 1044 weekly top (very
major area) / 1053 day top (major)
/ 1061.50 weekly top and gap (major area) /
1067.50 monthly closing price (very
major area) / 1071 monthly top (major
area) / 1082.40 weekly closing price and 1086.80 weekly
top (major area).
Support: For
the Sept. contract -
1024.50 intra-day channel (major area) /
1022.70 base and 1022 day bottom also 1020.20 GBX bottom (major
area) / 1018.30 intra-day channel also 1017.80 to
1017.20 intra-day gap also 1017.20 intra-day channel (major
area) / 1013.80 day channel and 1012.70 base (major
area) / 1010.50 minor day channel and 1010.30 base also
1010 day channel and 1008.80 base (very
major area) / 1004.50 intra-day channel and
1004.50 day bottom (major area) / 999 day
bottom and 997 day channel (major area) /
990.70 long-term major day channel also 990.60 and 990.50 weekly
channels (very major area)
/ 989.80 minor weekly channel and 987 day channel (very
major area) / 982.50 weekly bottom (major
area) / 979.50 and 978.80 day bottoms also 978 weekly
closing price (major area) / 975.70 weekly
channel and 973 day bottom (very
major area).
Comments:
The follow through rally on Wednesday managed
to close above the 1026.10 monthly channel leaving the chart in
bullish territory. The only resistance that can possibly
put a lid on further rallies is the monthly channel at 1042.20.
A trade above 1042.20 - 1044 area can prove to be a signal for
higher prices and possibly reaching up near the major 50%
retracement area between 1153 - 1170.50 area. A trade
today below 1013.80 and 1010 area is slightly bearish but only a
trade below the 990.60 weekly channel can bring any solid
bearishness back to the chart. Remain defensive inside the
wide trading area between the 1036.50 - 1042.20 resistance and
1013.80 - 1010 support and also inside the first neutral range
between 1029.50 and 1024.50 area.
Day
trades: For The Sept. contract -
Aggressive traders can sell rallies near
1027.50 - 1029 area or buy dips near 1025 - 1024.50 area,
whichever side comes first to complete the trade. (Use a
buy stop and rev. long at 1030.70). (Use a sell stop and
rev. short at 1023.30).
Aggressive traders can sell rallies near 1042 -
1044 area for obj. near 1036.50 and possibly near 1033.
(Use a buy stop and rev. long at 1045.70).
Aggressive traders can buy dips near 1013.80 -
1010 area for obj. near 1017 - 1019 area and possibly near 1021.
(Use a sell stop and rev. short at 1007).
Buy stop at 1030.70 for obj. near 1036 -
1036.70 area and possibly near 1038 - 1042 area.
Buy stop at 1045.70 for obj. near 1048 - 1053
area.
Sell stop at 1023.30 for obj. near 1021 -
1018.30 area.
Sell stop at 1016 for obj. near 1013.80 -
1010.50 area.
Sell stop at 1007 for obj. near 1005 - 1004.50
area and possibly near 1003.
Bulletin - (Originally sent 9/04/03 9:37 am est)
Long positions were taken on the
opening at 1024.70. Because of the narrow neutral
conditions, rallies up to 1026.50 are near enough to 1027.50
for traders to consider taking profits. (Continue to use a
sell stop and rev. short at 1023.30).
Bulletin - (Originally sent 9/04/03 9:45 am est)
The market failed to hold the 1024.50
intra-day channel support, with rallies only reaching 1026.
It is recommended for |