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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 - 5/06/02 - 5/10/02
The Tech Guru's S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 05-06-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1075 day channels also 1075.50 and 1076.50 intra-day channels (major area) / 1077.30 and 1078.90 intra-day peaks (major areas) / 1082 and 1082.50 day channels also 1083 day top (major area) / 1084.60 day gap and 1085 GBX channel (major area) / 1086 and 1087 minor channels also 1088.50 GBX top and 1088.80 minor channel (very major area) / 1091.80 weekly top (major) / 1097 day top (major) / 1103.30 closing price and 1103.50 minor channel / 1107.50 weekly channel also 1109.50 day top and 1110 major day channel (very major area) / 1112.50 day top and 1113.30 GBX top also 1113.50 minor weekly channel (very major area) / 1116 and 1120.50 minor channels (major area).
 
Support:
1070.50 minor channel and 1069 bottom (major areas) / 1067 primary weekly channel / 1066.50 primary day channel and 1065 day bottom (very major area) / 1063.50 weekly bottom (major) / 1060.70 monthly close and 1060.50 weekly down channel (very major area) / 1054.60 monthly and 1053.50 weekly bottom also 1053.20 GBX bottom (very major area) / 1050.10 monthly close on the daily chart (very major) / 1043.70 monthly close on the monthly chart and 1040 weekly down channel (very major) / 1036.50 day bottom to 1028.50 day gap (major area).
 
Comments:
    The market close on Friday practically unchanged from the previous Friday's close leaving the chart in neutral to bearish condition, between the 1086 and 1067 neutral area.  A trade above the 1086 - 1088.50 area can bring some bullishness to the technical chart but only a trade above 1110 - 1113 area can bring any solid bullishness back to the weekly chart.  A trade below 1067 is bearish and a trade below 1060.50 will confirm the downtrend intact for lower prices to follow.  Remain bearish until the market can prove otherwise.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1075 for obj. near 1071 to complete the trade.  NOTE:  If rallies continue before this trade is complete, then follow the next aggressive trade and exit both short positions at the obj. or stop listed in that trade.  (Conservative traders can use a protective buy stop at 1079.  Do not rev. long).
 
Aggressive traders can sell near 1082 - 1084 area and if possible near 1086 for obj. near 1079 - 1078 area and possibly near 1076.  (Use a buy stop and rev. long at 1092).
 
Buy stop at 1092 for obj. near 1097 top area and possibly near 1099 - 1101 area.
 
Sell stop at 1070 for obj. near 1067 and possibly near 1066.50 - 1065 area.
Sell stop at 1059 for obj. near 1055 and possibly near 1053.50 - 1051 area.
Sell stop at 1048.80 for obj. near 1045 - 1043.70 area and possibly near 1040.
 
Long-term short positions can now use a protective buy stop at 1159.50.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - (Originally sent 5/06/02 10:37 am et)

 
Because of the whiplashing that developed in the morning action, it met the objective of the first trade with the sell at 1075 for the obj. of 1071, but also hit the sell stop at 1070.  At this time, the whiplashing action leaves the chart technically bearish but puts the 1070 sell stop in a very defensive position.  It would be wise for traders to exit the 1070 short position between 1071 and 1069 just to eliminate the stress of the trade.  Rallies up near the 1082 - 1084 area is still considered a good selling area.  Trades below the 1062 - 1060.70 will be considered a technical failure for lower prices, therefore the 1059 sell stop will be considered a good potential trade.   

Results:    5/06/02

Sold @ 1070        Bought @ 1070     =     + $ -0-
Sold @ 1075        Bought @ 1071     =     + $1,000.00
Sold  @ 1059       Bought @ 1053     =     + $1,500.00
TOTAL (P & L)                                         + $2,500.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 05-07-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1059 intra-day channel and 1060.20 peak (major area) / 1065.70 and 1066.30 peaks (major area) / 1067.90 peak and 1068.50 day channel (very major area) / 1073.20 peak and 1076.30 day top (major area) / 1077.50 and 1078.50 day channel (very major area) / 1081 and 1083 minor channels also 1084 minor channel (major area) / 1087.50 minor channel and 1088.50 GBX top (major area) / 1091.80 weekly top (major) / 1097 day top (major) / 1101 minor day channel (very major).
 
Support:
1050.10 day bottom and monthly close on the daily chart (very major) / 1044.50 down channel and 1043.70 monthly close on the monthly chart (very major area) / 1040 weekly down channel (very major) / 1036.50 day bottom to 1028.50 day gap (major area) / 1020.50 closing price (major area) / 1008.70 day bottom (major) / 999.50 to 987.50 weekly exhaustion gap (very major area).
 
Comments:
    The sell-off on Monday brought prices down to the 1050.10 monthly closing price, which is one of the last very major support area found on the daily chart.  A failure below 1050.10 and 1043.70 monthly close can stimulate further selling pressure that can bring prices down well below the 1000 level and eventually down to the 818 area, which has been the long-term protective for this move.  A trade today above 1068.50 is slightly bullish but only a trade above 1078 and again above the 1088.50 area can bring any solid bullishness back to the chart.  Rallies are possible from this 1050.10 major support area but traders should continue to sell the rallies and remaining bearish until the market can prove otherwise.  NOTE:  The 818 area is the long-term 50% retracement area that can materialize sooner then some might think.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1057 - 1059 area for obj. near 1053.50 - 1052 area.  (Use a protective buy stop at 1062.70.  Do not rev. long).
 
Aggressive traders can consider short positions near 1065 - 1068 area, if it gets there, for obj. near 1060.50 - 1059 area.  (Use a protective buy stop at 1073.50.  Do not rev. long).
 
Sell stop at 1048.80 for obj. near 1044.50 - 1043.70 area, and possibly near 1040.
Sell stop at 1038.80 for obj. near 1033.50 and possibly near 1028.50 gap area.
Sell stop at 1025.50 for obj. near 1021.50 - 1020.50 area.
Sell stop at 1017.50 for obj. near 1011 - 1008.70 area.
 
Long-term short positions can move the protective buy stop down to 1153.  NOTE:  Short positions can eventually expect to see prices down near the 818 area, where the trade will exit and take profits. 
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/07/02

Sold @ 1058            Bought @ 1053     =     + $1,250.00
Sold @ 1048.80        Bought @ 1046     =     + $  700.00
TOTAL (P & L)                                             + $1,950.00
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 05-08-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1053 GBX channel (significant) / 1055 intra-day channel and 1057.80 intra-day peak (major area) / 1059 day top (major) / 1061.80 intra-day channel, 1062.50 day channel and 1064 minor channel (very major area) / 1072.50 major day channel and 1073 weekly closing price also 1075.50 GBX channel (very major area) / 1079.50 minor channel (major) / 1083 to 1084.60 day gap and 1086 minor channel (very major area) / 1088.50 GBX top (significant) / 1091.80 weekly top (major).
 
Support:
1045.80 bottom and 1043.70 monthly closing price on the monthly chart (very major area) / 1041 daily down channel and 1040 weekly down channel (very major area) / 1036.50 day bottom and 1033.50 GBX bottom to 1028.50 day gap (major area) / 1028.80 weekly bottom (very major) / 1020.50 closing price (major) / 1008.70 day bottom (major) / 999.50 to 987.50 exhaustion gap on the daily chart also 991.50 weekly bottom (very major area).
 
Comments:
    The sell-off on Tuesday brought prices down near the 1043.70 monthly closing price, which is a very major support level.  The oversold condition and this major support can stimulate some rallies but only a trade above 1075.50 and 1079.50 can bring any solid bullishness back to the chart.  Rallies up near the 1062 - 1064 area can be considered a selling area.  A trade below 1040 today can bring prices down near the 1028.50 gap area and possibly lower.  NOTE:  Even though rallies are now possible from this support area, long positions will not be recommended because of the bearish conditions overall.  Remain defensive in this supportive area.  It is one of those days for conservative traders to step aside and wait for solid signals to develop.       
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1059 - 1062 area and if possible near 1064 for obj. near 1055.50 and possibly near 1053.  (Use a protective buy stop at 1067.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1071 - 1072.50 and if possible near 1073 for obj. near 1066 and possibly near 1064.  (Use a protective buy stop at 1077.70.  Do not rev. long).
 
Sell stop at 1038.80 for obj. near 1034.50 and possibly near 1033.50 - 1028.50 gap area.
Sell stop at 1025.50 for obj. near 1021.50 - 1020.50 area.
Sell stop at 1017.50 for obj. near 1011 - 1008.70 area.
 
NOTE:  Very aggressive traders can attempt long positions above the resistance areas listed but because of the overall bearish conditions long positions will not be recommended today.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 5/08/02 (11:18 am et)

The rally today brought prices up to a very critical resistance area between 1074 and 1079.50.  The short position taken is working a buy stop at 1077.70 that looks a little too close for the chart formation that has developed.  It is recommended to move the protective buy stops from 1077.70 up to 1080.50, which is just above the major channel at 1079.50.  The trade will risk a little more than expected but it seems better to get the stop out of reach and hopefully reach the obj.

   
Bulletin - Originally sent 5/08/02 (3:05 pm et)

Considering the position of the chart formation after the rally today it is possible for some retracements to develop.

Aggressive traders can attempt short positions near the 1084 - 1086 area for obj. near 1076 - 1073 area and possibly near 1070.  (Use a protective buy stop at 1092.  Do not rev. long)

Results:    5/08/02

Sold @ 1072         Bought @ 1080.50      =     -  $2,125.00
Sold @ 1086        Bought @ 1086.50       =     -  $   125.00
TOTAL (P & L)                                               - ($2,250.00)
Very Aggressive Trades: 
Bought @ 1067        Sold @ 1071             =     +$1,000.00 
Bought @ 1080.50    Sold @ 1084             =    + $  875.00
TOTAL (P & L)                                                + $1,875.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 05/09/02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1086.50 newly developed channel (major) / 1089.70 minor channel and 1089.90 top (major area) / 1091.80 weekly top (major) / 1096 minor channel and 1097 day top (major area) / 1104.50 major day channel (very major area) / 1107 weekly channel / 1109.50 day top (very major area) / 1111 day channel and 1113.50 minor weekly channel (very major area) / 1117.50 channel (major) / 1122 weekly top to 1126.70 weekly gap (major area) / 1128 long-term primary day channel (very major).
 
Support:
1081 intra-day base and 1079.70 base (major area) / 1074.20 base (major) / 1071 and 1070.50 base (major) / 1066 day bottom (major) / 1059 rev. peak (very major area) / 1054.40 GBX base and 1051.40 GBX bottom (major area) / 1047.40 day gap and 1046.50 primary day channel (very major area) / 1045.80 day bottom and 1043.70 monthly close (very major) / 1040 weekly down channel (very major) / 1036.50 bottom to 1028.50 day gap (major area).
 
Comments:
    The rally on Wednesday was a little higher then expected but nevertheless put the chart back into neutral territory and up near last week's top.  Technically, the overbought condition can stimulate selling pressure.  A trade above 1091.80 weekly top can bring prices up near the 1104.50 major resistance, which can put a lid on the overbought condition and bring a selling opportunity into view.  Overall the major trend remains down and only a trade above 1128 can reverse the momentum and only a trade above 1153 can possibly reverse the major trend up. NOTE:  Traders can attempt selling in this overbought area but remain defensive because the neutral condition can stimulate whiplashing to both sides before a direction is seen.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1086.50 - 1089 area for obj. near 1082 - 1080 area.  (Use a buy stop and rev. long at 1093).  (Use a sell stop and rev. short at 1078.50).  NOTE:  Daily position traders can hold short positions for obj. near 1066 or exit at market on close.
 
Aggressive traders can attempt short positions near 1102 - 1104 area if it gets there for obj. near 1095 - 1093 area.  (Use a protective buy stop at 1105.20.  Do not rev. long).
 
Buy stop at 1093 for obj. near 1097 - 1100 area and possibly near 1104.
 
Sell stop at 1078.50 for obj. near 1074.50 - 1071.50 area.
Sell stop at 1070 for obj. near 1066 - 1064 area and possibly near 1062.
Sell stop at 1056 for obj. near 1052 and possibly near 1047.40 gap area.
Sell stop at 1038.80 for obj. near 1034.50 and possibly near 1028.50 gap area.
 
NOTE:  Daily position traders can attempt holding short positions taken today for obj. near 1066 or exit at market on close.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 5/09/02 (9:41 am et)

   

The a.m. chart formation appears bearish and might not give traders a chance to sell rallies near the 1086.50 - 1089 area.  Very Aggressive traders can attempt short positions by selling near the 1084 - 1083 area.  The first obj. is near 1074.50 - 1071.50 and possibly down near the 1066 area.  (Continue to use a buy stop and rev. long at 1093). 

Results:    5/09/02

Bulletin
Sold @ 1084         Bought @ 1074      =     +  $2,500.00
Stop Order
Sold @ 1078.50     Bought @ 1074      =      +  $1,125.00
TOTAL (P & L)                                           + ($3,625.00)
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 05-10-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1076 intra-day (significant) / 1077.50 intra-day channels and 1078.20 peak also 1078.50 intra-day gap and 1079 intra-day channel and gap (major area) / 1081.80 peak (significant) / 1083.20 peak and 1083.50 minor day channel (very major area) / 1086.50 day gap and 1087 GBX channel (very major area) / 1089.90 day top and 1090 GBX top also 1091.80 weekly top (very major area) / 1094 minor channel and 1097 day top (major area) / 1102.50 major day channel (very major) / 1107 weekly channel (very major) / 1109.50 day top and 1110 day channel (major area) / 1112.50 day top and 1113.30 GBX top also 1113.50 minor weekly channel (very major area) / 1116 minor day channel (major).
 
Support:
1070.50 and 1069.50 intra-day base (major area) / 1066 day bottom and 1064 GBX channel (very major area) / 1059 rev. peak (major area) / 1054.40 GBX intra-day base (major area) / 1051.40 GBX bottom (major) / 1047.50 long-term primary day channel and 1047.40 day gap also 1045.80 bottom (very major area) / 1040 weekly down channel (very major) / 1036.50 to 1028.50 day gap (major area).
 
Comments:
    The sell-off on Thursday from the major resistance and overbought condition proved to develop as expected leaving the chart in neutral to slightly bearish condition.  The neutral condition can still stimulate rallies but should be considered a selling opportunity.  A trade above the 1083.50 - 1087 area is slightly bullish and a trade above the 1091.80 weekly top can possibly bring higher prices but only a trade above the 1102.50 and again above 1107 can bring any solid bullishness back to the chart.  Remain defensively bearish in this neutral area.  A trade below the 1066 bottom and 1064 support area will put the chart in bearish territory again.  A trade below the 1054.40 - 1051.40 area will confirm lower prices to follow.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1077 - 1079 area and if possible near 1081 for obj. near 1071 and possibly near 1069.50.  (Use a buy stop and rev. long at 1093).  (Conservative traders can use a protective buy stop at 1087.50.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1100 - 1102 area, if it gets there, for obj. near 1095 - 1093 area and possibly near 1091.  (Use a buy stop and rev. long at 1103.70).
 
Buy stop at 1093 for obj. near 1096 - 1097 area and if possible near 1100 - 1102 area.
Buy stop at 1103.70 for obj. near 1107 and possibly near 1109 - 1110 area.
 
Sell stop at 1068.80 for obj. near 1066 - 1064 area.
Sell stop at 1062 for obj. near 1059 and possibly near 1057.
Sell stop at 1054 for obj. near 1051 and possibly near 1049.
Sell stop at 1044 for obj. near 1040 and possibly near 1036.50 area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 5/10/02 (10:03 am eastern time)

 
The opening price today at 1076.50 is considered near enough for the sell to have been executed.  Now that the objective is met at 1071, the trade is complete.  The reason for this bulletin is to bring out the fact of the significance of the 1079 and 1083.50 resistance area.  Usually trades should not be repeated but in this situation the resistance is that significant that rallies to the 1079 - 1083 area can still be considered a sell.  Continue to use a buy stop and rev. long at 1092.70.  (Conservative traders can use a protective buy stop at 1087.50).

Results:    5/10/02

Sold @ 1076.50      Bought @ 1071     =   +$1,375.00
Sold @ 1068.80      Bought @ 1065     =   +$   950.00
Sold @ 1062          Bought @ 1058     =   + $1,000.00
Sold @ 1054          Bought @ 1054     =      $ -0-  
TOTAL (P & L)                                         +$3,325.00

  The week in review - 5/13/02 - 5/17/02
The Tech Guru's S & P Day Trading Recommendations
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 05/13/02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1059.50 intra-day channel (major) / 1062.50 intra-day channel and 1065 peak (major area) / 1067 day channel and 1068.50 peak also 1069.50 GBX channel (major area) / 1072.50 weekly channel (very major) / 1076.50 day top and 1079.50 GBX top also 1080 day channel (major area) / 1084 GBX channel and 1086.50 day gap (major area) / 1089.90 weekly top and 1090 GBX top also 1091 minor channel and 1091.80 weekly top (very major area) / 1097 weekly channel and 1100.50 major day channel (very major area).
 
Support:
1052.50 day bottom and 1051.40 GBX bottom (major area) / 1048 primary day channel and 1047.40 closing price and gap (major area) / 1045.80 weekly bottom and 1043.70 monthly closing price (very major area) / 1036.50 bottom to 1028.50 day gap (major area) / 1020.50 closing price (major) / 1008.70 day bottom (major) / 999.50 to 987.50 weekly exhaustion gap (very major area).
 
Comments:
    The sell-off and close on Friday put the chart back into bearish territory and but still faces the 1048 and 1043.70 major support area.  A trade below 1043.70 will confirm lower prices to follow.  Rallies from this support area are still possible but should be considered a selling opportunity.  A trade above the 1067 and 1072.50 areas can bring prices up near the 1090 area again but only a trade above the 1097 - 1100.50 area can bring any bullishness back to the chart.  Remain bearish until the market can prove otherwise.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1059 - 1059.50 area for obj. near 1055 - 1054 area.  (Use a protective buy stop near 1061.  Do not rev. long).
 
Aggressive traders can sell rallies near 1062.50 - 1065 area and if possible near 1067 for obj. near 1056 - 1054 area and possibly near 1048.  (Use a protective buy stop at 1073.70.  Do not rev. long)
 
Aggressive traders can attempt short positions near 1080 - 1084 area, if it gets there, for obj. near 1076 and possibly near 1073.  (Use a buy stop and rev. long at 1093).
 
Buy stop at 1093 for obj. near 1097 and possibly near 1100.
 
Sell stop at 1043 for obj. near 1036.50 and possibly near 1033 - 1028.50 gap area.
Sell stop at 1025.50 for obj. near 1021.50 - 1020.50 area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 5/13/02 (9:52 am et)   

Since the first trade's obj. was met at the 1054 area, it might be a wise decision to wait for rallies near the 1062 area before attempting short positions again.  Follow the second trade recommendation if the market can show the strength to get there.

Bulletin - Originally sent 5/13/02 (12:22 pm et)

The market reached a high today at 1072.30, which is the very major resistance on the weekly chart.  This area is considered a selling opportunity.  For a low risk trade, it is recommended to attempt short positions at the 1070 - 1072.50 area for obj. near 1062 and possibly near 1059.  (Continue to use a protective buy stop at 1073.70.  Do not rev. long).  

Results:    5/13/02

Sold @ 1058.50      Bought @ 1054.50     =   +$1,000.00
Sold @ 1065          Bought @ 1073.70     =    - $2,175.00 
Sold @ 1074          Bought @ 1075          =   - $   250.00
TOTAL (P & L)                                             - ($1,425.00)            
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 5-14-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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, etc.
Resistance: 
1076.50 day top and 1077 minor day channel (major) / 1081 day channel including GBX prices (very major) / 1086.30 day top and 1086.50 day gap also 1087 minor channel (major area) / 1088.50 minor weekly channel and minor day channel also 1089.90 and 1091.80 weekly tops (very major area) / 1097 major weekly channel and 1098.50 major day channel (very major area) / 1106.50 day channel (major) / 1108.50 minor weekly channel and 1109.50 day top (very major area) / 1112.50 day top and 1114 minor day channel (major area) / 1124 primary day channel (very major area).
 
Support:
1073 intra-day channel and base (major) / 1069 intra-day channel and 1067.50 base (very major area) / 1065 rev. peak and 1064.80 base (major) / 1056 minor channel and 1054.20 bottom also 1054.10 gap (very major area) / 1052.50 bottom and 1051.40 GBX bottom (major area) / 1048.50 primary day channel and 1047.40 closing price and gap also 1045.80 weekly bottom (very major area) / 1043.70 monthly close and 1043 down channel (very major area) / 1036.50 bottom to 1028.50 day gap (major area).
 
Comments:
    The rally on Monday brought prices above the closing prices of the previous two weeks closes, putting the chart back into neutral territory.  A trade above 1081 is slightly bullish but a trade above 1091.80 top area can bring prices up to challenge the 1097 - 1098.50 major resistance, which can put a lid on any further rallies.  A trade above 1097 - 1098.50 area will put the chart in totally bullish territory for higher prices.  A trade below 1069 - 1067.50 will bring bearishness to the chart but only a trade below 1056 will keep the downtrend intact for lower prices.  NOTE:  The market can prove to show additional strength from Monday's rally but must trade above 1097 - 1098.50 to bring any solid bullishness back to the chart.
 
Day trades:  For the June contract -
 
Aggressive traders can attempt short positions near 1087 - 1089 area and if possible near 1091 for obj. near 1082 and possibly near 1080.  (Use a buy stop and rev. long at 1093).
 
Aggressive traders can attempt short positions near 1097 - 1098 area for obj. near 1092 - 1090 area and possibly near 1086.  (Use a buy stop and rev. long at 1101.50).
 
Buy stop at 1093 for obj. near 1097 - 1098 area.
Buy stop at 1101.50 for obj. near 1106 and possibly near 1108.
 
Sell stop at 1072 for obj. near 1069.50 and possibly near 1068.
Sell stop at 1065 for obj. near 1060 - 1058 area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 5/14/02 (9:52 am et)

   

The market opened at 1093, which is the buy stop listed in today's report.  Because the market began to sell off from this area, it is possible that the high for the day was seen.  It is recommended for all long positions to exit and cut losses.  Do not attempt to repeat this trade. 
 
Very Aggressive traders can attempt short positions with a protective buy stop at 1093.20. 
 
It is possible for the market to rally up near the 1097 - 1098.50 area where short positions can be considered. 

Results:    5/14/02

Bought @ 1093      Sold @ 1090             =    - $   750.00
Sold @ 1097          Bought @ 1098.50     =   - $   375.00 
TOTAL (P & L)                                             - ($1,125.00) 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 05-15-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1099.80 top and intra-day channel (very major) / 1105 day channel (major) / 1108 minor weekly channel and 1109.50 day top (very major area) / 1112.50 day top and 1113 day channel also 1113.30 GBX top (major area) / 1122 weekly top and 1123 long-term primary day channel (very major area) / 1126.70 weekly gap and 1128 GBX top (major area) / 1134.40 weekly top and 1135.70 GBX top (major area) / 1142.50 long-term primary weekly channel (very major area) / 1149.90 weekly top and 1152 long-term secondary channel (very major area).
 
Support:
1096.50 GBX channel and base also 1094.50 intra-day channel and base (major area) / 1091.50 intra-day channel and 1089.70 - 1089.30 base area (major area) / 1086.20 bottom (very major area) / 1075.50 day gap and 1074.50 GBX bottom (major area) / 1067.50 intra-day base also 1065 and 1064.80 base (major area) / 1058.50 minor channel and 1057.50 GBX minor channel (very major area) / 1054.20 bottom and 1054.10 gap also 1052.50 bottom (major area) / 1049 primary day channel and 1047.40 day gap and 1045.80 weekly bottom (very major area).
 
Comments:
    The follow -through rally on Tuesday brought prices up to the very major resistance area that could possibly put a lid on further rallies for a while.  A trade above the 1099.80 top can bring prices up near the 1105 - 1108 resistance that can also prove to be solid enough resistance, along with the overbought conditions, to stimulate a sell-off retracement.  NOTE:  A close on Friday above 1080 will leave the chart neutral to bullish.  A close on Friday below 1080 will leave the chart neutral to bearish for next week.  Traders can look for retracements to materialize below 1080 buy Friday.  Remain very defensive at this critical resistance area.  It could turn out to be the top of the entire up move. Also note, only a trade above the 1123 primary channel can possibly bring enough bullishness to challenge the 1152 trend reversal area.
 
Day trades:  For the June contract -
 
Aggressive traders can consider short positions near the 1097 - 1099 area for obj. near 1092 - 1091.50 area and possibly near 1089.70.  (Use a buy stop and rev. long at 1101.50).
 
Buy stop at 1101.50 for obj. near 1105 and possibly near 1108 area.
 
Aggressive traders can consider short positions near 1105 - 1108 area for obj. near 1099 - 1096 area and possibly near 1094.  (Use a protective buy stop at 1114.20.  Do not rev. long).
 
Sell stop at 1083 for obj. near 1077 - 1075.50 gap area and possibly near 1074.
Sell stop at 1072 for obj. near 1068 and possibly near 1065.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 5/15/02 (9:54 am eastern time)

 

The sell-off seen today from the major resistance area is proving the significance of this area. 
 
Aggressive daily position traders holding short positions today can look for the obj. near the 1075.50 gap area and possibly a little lower.  It seems unlikely the market will have the strength to trade above the 1099.80 top area, but continue to remain defensive until a trade below the 1086.20 bottom is seen.

Results:    5/15/02

Sold @ 1098             Bought @ 1092      =   + $1,500.00
Bought @ 1101.50     Sold @ 1105         =   + $   875.00 
Sold @ 1105             Bought @ 1096     =   + $2,250.00
TOTAL (P & L)                                            + $4,625.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 05-16-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1095.80 and 1096 intra-day peaks also 1099.50 intra-day gap (major area) / 1101.50 and 1102.30 peaks (major area) / 1103 and 1103.50 newly developed day channel also 1105.20 top (major area) / 1108 minor weekly channel and 1109.50 day top (very major area) / 1112 day channel also 1112.50 day top and 1113.30 GBX top (major area) / 1122 long-term primary day channel also 1122 weekly top (very major area) / 1126.70 weekly gap (major area) / 1142.50 long-term primary weekly channel (very major).
 
Support:
1091.50 minor channel also 1090.50 and 1090.20 base and 1089 bottom (major area) / 1086.20 bottom and 1084 rev. channel (very major area) / 1075.50 day gap and 1074.50 GBX bottom (major area) / 1067.50 intra-day base also 1065 and 1064.80 base (major area) / 1060.50 minor channel and 1059.50 GBX channel (very major area) / 1054.20 bottom and 1054.10 gap also 1052.50 bottom (major area) / 1049.50 primary day channel also 1047.40 day gap and 1045.80 weekly bottom (very major area).
 
Comments:
    The whiplashing action on Wednesday keeps the chart in a neutral and defensive condition.  A trade above the 1105 - 1108 area can bring prices up to challenge the 1122 primary channel.  A trade above 1122 will put the chart in totally bullish territory but only a trade above 1142.50 and 1152 area can possibly reverse the long-term major trend up.  The neutral condition between 1103 and 1084 can stimulate whiplashing to both sides until a breakout is seen.  A trade below 1084 is bearish for prices to possibly reach down to the 1075.50 gap area but only a trade below 1059.50 can bring any solid bearishness back to the chart for lower prices.  NOTE:  The overbought condition and the significant resistance in this area is worthy for traders to continue to attempt short positions until a breakout above the 1122 area is seen.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1097 - 1099.50 area for obj. near 1092 and possibly near 1091.50 area.  NOTE:  If rallies continue before this trade is complete then follow the next aggressive trade and exit both short positions at the obj. or stop listed in that trade.  (Conservative traders can use a protective buy stop at 1100.50.  Do not rev. long).
 
Aggressive traders can sell rallies near 1102.50 - 1103.50 area for obj. near 1097 - 1096 area and  possibly near 1094.  (Use a protective buy stop at 1106.20.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1108 - 1110 area, if it gets there, for obj. near 1102 - 1100 area and possibly near 1098.  (Use a buy stop and rev. long at 1114.50).
 
Buy stop at 1114.50 for obj. near 1118.50 - 1119.50 and possibly near 1122 area.
 
Sell stop at 1088.80 for obj. near 1086.50 - 1084.50 area.
Sell stop at 1082 for obj. near 1077 - 1075.50 gap area.
Sell stop at 1071.50 for obj. near 1068.50 - 1067.50 area and possibly near 1065.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/16/02

Sold @ 1097             Bought @ 1092     =   + $1,250.00
TOTAL (P & L)                                            + $1,250.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 05-17-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1102 and 1102.50 day channels (major) / 1105.20 top (major) / 1108 minor weekly channel also 1109.50 day top and 1110 day channel (very major area) / 1112.50 day top and 1113.30 GBX top (major) / 1120.50 long-term primary day channel and 1122 weekly top (very major area) / 1126.70 weekly closing price and gap also 1128 GBX weekly top (major area) / 1134.40 weekly top and 1135.70 GBX top (major area) / 1140 long-term secondary day channel also 1142.50 long-term primary weekly channel (very major area) / 1152 long-term secondary weekly channel (very major area).
 
Support:
1097.50 GBX channel and intra-day channel (major) / 1095 base (significant) / 1092 base and 1091 minor day channel (major area) / 1086.20 bottom (very major area) / 1083.50 rev. channel (major) / 1075.50 day gap and 1074.50 GBX bottom (major area) / 1067.50 intra-day base also 1065 and 1064.80 base (major area) / 1063 minor day channel and 1061.50 GBX channel (very major area) / 1054.20 bottom and 1054.10 weekly close and gap (major area) / 1047.40 closing price and gap also 1045.80 bottom (very major area).
 
Comments:
    The trading range on Thursday remained inside the neutral range but the closing price was the highest for the week leaving it slightly supportive for possible higher prices.  The market faces resistance at the 1108 - 1110 area that is very significant at this time.  A trade above 1108 - 1110 can challenge the primary resistance at 1120.50 - 1122 area, which technically would be considered a breakout for higher prices if it can trade above.  A trade below the 1091 - 1089 area is slightly bearish but only a trade below 1086.20 bottom and 1083.50 can bring any solid bearishness back to the chart. Overall, the market remains in a neutral and very critical area.  Since the resistance at 1108 - 1110 area and the overbought condition is as significant as it is, traders can attempt short positions in this area until a breakout above 1120.50 - 1122 area is seen.
 
Day trades:  For the June contract -
 
Aggressive traders can attempt short positions near 1105 - 1108 area and if possible near 1110 for obj. near 1098.50 - 1097.50 area.  (Use a protective buy stop at 1114.50.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1118.50 - 1120.50 area for obj. near 1111 and possibly near 1108.  (Use a buy stop and rev. long at 1123.20).
 
Buy stop at 1123.20 for obj. near 1126.70 gap area and possibly near 1128 - 1130 area.
 
Sell stop at 1096.50 for obj. near 1095 - 1092 area and possibly near 1091.
Sell stop at 1088.80 for obj. near 1086.50 area and possibly near 1084.50 - 1083.50 area.
Sell stop at 1081.50 for obj. near 1076.50 - 1075.50 gap area.
Sell stop at 1071.50 for obj. near 1068.50 - 1067.50 area and possibly near 1065.
 
Long-term short positions can continue to use a protective buy stop at 1153.  Additional long-term short positions can be added in the 1108 and 1120.50 areas using a protective buy stop at 1132 for new positions.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/17/02

Sold @ 1105             Bought @ 1098.50     =   + $1,625.00
TOTAL (P & L)                                                 +$1,625.00 

  The week in review - 5/20/02 - 5/24/02
The Tech Guru's S & P Day Trading Recommendations
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 05/20/02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1106.50 day channel and 1107.90 day top (major area) / 1109 GBX channel and 1109.10 GBX top also 1109.50 day top (very major area) / 1112.50 day top and 1113.30 GBX top (major area) / 1119 long-term primary day channel (very major) / 1122 weekly top (major) / 1126.70 weekly closing price and gap also 1128 GBX weekly top (major area) / 1134.40 weekly top and 1135.70 GBX top (major area) / 1138 long-term primary weekly channel and 1139 long-term secondary day channel (very major area) / 1143.20 day top to 1144.50 day gap also 1145 GBX top (major area) / 1149.20 monthly closing price also 1149.50 long-term secondary weekly channel and 1149.90 weekly top (very major area).
 
Support:
1104 day channel also 1103.50 intra-day channel (major area) / 1101 rev. weekly channel and 1100 intra-day channel (major area) / 1098.30 base and 1097.10 bottom also 1095.50 base (major area) / 1093 minor day channel and 1092 base (very major area) / 1089.50 and 1089 bottoms (major area) / 1086.20 weekly bottom (very major) / 1075.50 gap and 1174.50 GBX bottom (major area) / 1067.50 intra-day base also 1065 minor day channel and base (very major area).
 
Comments:
    The rally and close on Friday from the support area put the chart in bullish territory.  Because of the critical resistances that exist on the daily chart at 1109 and again at 1119 along with the overbought conditions can possibly stimulate some retracements.  A trade above 1109 is bullish and a trade above 1119 can bring prices up near the 1126.70 gap area and possibly challenge the 1138 primary resistance.  A trade below 1092 today is bearish but only a trade below the 1086.20 weekly bottom can bring any solid bearishness back to the chart.  Traders should remain very defensive in this critical area, the market can move to either side.
 
Day trades:  For the June contract -
 
Aggressive traders can buy dips near 1103 - 1100 area and sell rallies near 1106.50 - 1109 area, whichever side comes first to complete the trade.  (Use a sell stop and rev. short at 1096.50).  (Use a buy stop and rev. long at 1110.20).
 
Sell stop at 1096.50 for obj. near 1093.50 - 1092 area.
Sell stop at 1083 for obj. near 1077 - 1075.50 area.
Sell stop at 1071.50 for obj. near 1067.50 - 1065 area.
 
Buy stop at 1110.20 for obj. near 1114 - 1115 area and possibly near 1118.
 
Aggressive traders can attempt short positions near 1118 - 1119 area for obj. near 1112 - 1110 area.  (Use a buy stop and rev. long at 1123.70).
 
Buy stop at 1123.70 for obj. near 1126.70 gap and possibly near 1128 top area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/20/02

Bought @ 1101.50             Sold @ 1096.50         =   -  $1,250.00
Sold @ 1096.50                 Bought @ 1093         =   +  $  875.00
TOTAL (P & L)                                                         -  $  375.00 

 

A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 05/21/02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1094 and 1095 intra-day channels also 1096 day channel with GBX prices (major area) / 1096.70 peak and 1097.80 peak also 1097.50 day channel (major area) / 1100.20 peak and 1102.50 top (major area) / 1104.50 minor GBX channel and 1105.20 gap (major area) / 1106.50 and 1107.50 GBX channels also 1107.90 weekly top and 1109.10 GBX weekly top and 1109.50 day top (very major area) / 1112.50 day top and 1113.30 GBX top (major area) / 1117.50 long-term primary day channel (very major area) / 1122 weekly top (major) / 1126.70 weekly closing price and gap also 1128 GBX weekly top (major area) / 1134.40 weekly top and 1135.70 GBX top (major area) / 1138 long-term primary weekly channel (very major area).
 
Support:
1092 minor channel and 1091 bottom (major area) / 1089.50 and 1089 bottoms also 1086.20 weekly bottom (very major area) / 1075.50 day gap and 1074.50 GBX bottom (major area) / 1067.50 and 1065 base area also 1067 and 1065.50 minor channels (very major area) / 1054.20 weekly bottom and 1054.10 weekly close and gap also 1051.50 primary day channel (very major area) / 1047.40 gap and 1045.80 weekly bottom (major area) / 1043.70 monthly close and 1041 down channel (very major area).
 
Comments:
    The sell-off on Monday proves the significance of the 1108 - 1109 resistance area.  The close on Monday was lower then the last four day's closing prices taking the chart out of bullish territory but because the market remained above last weeks lows, leaves the chart in neutral condition.  A trade above 1109 is bullish and a trade above the 1117.50 primary channel will be considered a breakout for higher prices.  A trade below the 1089.50 and 1089 bottoms are bearish and a trade below the 1086.20 weekly bottom can bring prices down to challenge the 1075.50 gap area.  NOTE:  Only a trade below the 1067 - 1065 area will confirm the downtrend intact for lower prices to follow.  Remain defensive, the market can still swing to either side. 
 
Day trade:  For the June contract -
 
Aggressive traders can sell rallies near 1096 - 1097.50 and buy dips near 1093 - 1091, whichever side comes first, to complete the trade.  (Use a protective buy stop at 1100.50.  Do not rev. long).  (Use a protective sell stop at 1088.  Do not rev. short).
 
Aggressive traders can attempt short positions near 1104 - 1106 area and if possible near 1107.50 for obj. near 1100 - 1099 area.  (Use a buy stop and rev. long at 1110.70).
 
Buy stop at 1110.70 for obj. near 1113.50 - 1117 area.
Buy stop at 1120 for obj. near 1123 - 1126.70 gap area.
 
Sell stop at 1083.50 for obj. near 1077 - 1075.50 area.
Sell stop at 1071.50 for obj. near 1068 - 1065 area.
Sell stop at 1063 for obj. near 1057 - 1054 area.
 
Long-term short positions can continue to hold and use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 
Bulletin - Originally sent 5/21/02 (4:15 pm eastern time)

 

The market hit the sell stop at 1083.50 and continued to move lower.  At this time the 1079.50 area is showing some support for conservative traders to consider taking profits and cancel the obj. of 1077 - 1075.50. 

Results:    5/21/02

Sold @ 1097.50             Bought @ 1100.50       =   -  $  750.00
Second attempt on first trade
Sold @ 1097                  Bought @ 1092           =   + $1,250.00
Sold @ 1083.50             Bought @ 1083           =   +  $  125.00 
TOTAL (P & L)                                                      +  $  625.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 05-22-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1083.50 intra-day channel and double peak also 1084 minor day channel (major area) / 1089 and 1089.80 intra-day double peak area (major) / 1094 minor channel with GBX prices (very major area) / 1097.70 and 1097.80 double peak area also 1098.50 minor channel (major area) / 1100.50 top and 1102.50 top (major area) / 1104 day channel and 1105.20 weekly close and gap also 1106.70 GBX top (very major area) / 1107.90 weekly top and 1109.10 GBX top also 1109.50 day top (major area) / 1116.50 long-term primary day channel (very major area) / 1122 weekly top (major) / 1126.70 weekly close and gap also 1128 GBX top (very major area).
 
Support:
1080 intra-day channel and 1079.20 bottom also 1078 minor down channel (major area) / 1075.50 day gap and 1074.50 GBX bottom (major area) / 1069 and 1067.50 minor day channels also 1067.50 base (very major area) / 1065 rev. peak (significant) / 1054.20 weekly bottom and 1064.10 weekly close and gap also 1052 primary day channel (very major area) / 1047.40 day gap and lowest closing price also 1045.80 weekly bottom (major area) / 1043.70 monthly close and 1040.50 down channel (very major area) / 1036.50 weekly bottom to 1028.50 day gap (major area).
 
Comments:
    The sell-off on Tuesday below last week's bottom areas confirm the significance of the 1109 resistance and can prove to be a major signal that the top of the short lived minor rally is finished.  Only a trade above the 1116.50 primary day channel can bring any bullishness back to the chart.  Traders can continue to sell rallies inside this neutral to bearish area.  A trade below 1069 - 1067.50 area will confirm the downtrend intact for lower prices to follow.  NOTE:  Yesterday's buy stop at 1100.50 was a perfect example of placing stops too close to the entry point.  It should not be expected for anyone to complain of wide stops when necessary to prevent these situation.
   
Day trades:  For the June contract -
 
Aggressive traders can sell near 1082 to 1084 for obj. near 1075.50 gap area and possibly near 1074.  (Use a buy stop and rev. long at 1100.70).  (Conservative traders can use a protective buy stop at 1087.20.  Do not rev. long).
 
Aggressive traders can sell rallies near 1089 - 1092 area, if it gets there, for obj. near 1085 and possibly near 1082.  (Use a buy stop and rev. long at 1100.70).
 
Buy stop at 1100.70 for obj. near 1104 and possibly near 1105.20 gap area.
Buy stop at 1110.50 for obj. near 1115 - 1116.50 area.
Buy stop at 1119.50 for obj. near 1123 - 1126.70 gap area.
 
Sell stop at 1077.50 for obj. near 1075.50 gap area and possibly near 1074.
Sell stop at 1073 for obj. near 1070 - 1069 area and possibly near 1067.50.
Sell stop at 1063 for obj. near 1056 - 1054.10 gap area and possibly near 1052.
Sell stop at 1050 for obj. near 1047.40 gap area and possibly near 1045.80 - 1043.70 area.
 
Long-term short positions can continue to hold and use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 5/22/02 (12:08 pm eastern time)

 

The market hit the sell stop at 1077.50 this morning before the 1082 - 1084 area came to play.  traders can consider liquidating both positions at this area of 1077 and locking in profits on all trades.

Results:    5/22/02

Sold @ 1077.50             Bought @ 1077       =   +  $  125.00
Sold @ 1083                 Bought @ 1077        =   +  $1,500.00 
TOTAL (P & L)                                                  +  $1,625.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 05-23-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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: 
1086.80 top and 1088 minor channel (major area) / 1091 and 1093 minor day channels (very major area) / 1096.50 minor day channel (major) / 1100 GBX channel and 1100.50 top (major) / 1102.50 weekly top and 1103 major day channel (very major area) / 1104 channel and 1105.20 weekly close and gap also 1105.50 day channel and 1106.70 GBX top (major area) / 1107.90 weekly top and 1109.10 GBX top (major area) / 1115 long-term primary day channel (very major area) / 1122 weekly top (major) / 1126.70 weekly close and gap also 1128 GBX top (major area).
 
Support:
1082 and 1081.50 rev. intra-day peaks (major area) / 1079 newly developed day channel (major area) / 1075.70 bottom also 1075.50 day gap and 1074.50 GBX bottom (major area) / 1071.50 minor day channel and 1069.50 minor GBX channel (very major area) / 1067.50 intra-day base (major area) / 1054.20 weekly bottom and 1054.10 weekly close and gap also 1052.50 primary day channel and bottom area (very major area) / 1047.40 day gap and 1045.80 weekly bottom (major area) / 1043.70 monthly close and 1040 down channel (very major area).
 
Comments:
    The rally seen at the end of the day on Wednesday put the chart in neutral territory and subject to swings to either side.  A trade above 1088 and 1093 is slightly bullish and can bring prices up a little higher but only a trade above 1103 and 1106.50 area is bullish enough to challenge the 1115 primary resistance.  A trade above 1115 will put the chart in totally bullish territory for higher prices to follow.  A trade below 1079 is bearish but only a trade below 1071 - 1069.50 area will confirm the downtrend intact for lower prices to follow.  Remain defensive inside this neutral area.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1087 - 1088 area and if possible near 1092 for obj. near 1082 and possibly near 1079.  (Use a protective buy stop at 1097.90.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1102 - 1105 area, if it gets there, for obj. near 1097 - 1095 area.  (Use a buy stop and rev. long at 1110.20).
 
Buy stop at 1110.20 for obj. near 1113 - 1115 area.
Buy stop at 1118 for obj. near 1122 and possibly near 1126.70 gap area.
 
Sell stop at 1076.80 for obj. near 1073 - 1071.50 area and possibly near 1069.50.
Sell stop at 1064 for obj. near 1057 - 1055 area and possibly near 1053.
Sell stop at 1050 for obj. near 1047.40 gap area and possibly near 1043.70.
 
Long-term short positions can continue to hold and use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 
Bulletin - Originally sent 5/23/02 (11:26 am eastern time)
 
The short position today is now complete considering the double bottom made at 1083.25.  The bearish conditions still exist on a technical basis for prices to possibly reach the 1079 area.  Trades below 1079 will signal additional bearishness for lower prices.
 

Results:    5/23/02

Sold @ 1088             Bought @ 1083.25       =   +  $1,187.50
TOTAL (P & L)                                                  +  $1,187.50 
  
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 05-24-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1098 GBX and minor day channel also 1099 top (major) / 1100.50 top and 1101 major day channel also 1102.50 weekly top (very major area) / 1104 day channel and 1105.20 weekly close and gap and 1106.70 GBX top (major area) / 1107.90 weekly top and 1109.10 GBX top (major area) / 1112.50 day top and 1113.30 GBX top also 1114 long-term primary day channel (very major area) / 1122 weekly top (major) / 1126.70 weekly close and gap also 1128 GBX top (major area) / 1134.40 weekly top and 1135.70 GBX top also 1136 long-term secondary channel (very major area) / 1138 primary weekly channel (very major area) / 1143.20 top to 1144.50 day gap (major area) / 1149.20 monthly close and 1149.90 weekly top also 1149.50 weekly channel (very major area).
 
Support:
1094.50 and 1092.50 intra-day base (major area) / 1085.50 minor day channel and intra-day channel (major area) / 1082 day channel and 1080.50 bottom (very major area) / 1075.70 bottom and 1075.50 day gap also 1074.50 GBX bottom (major area) / 1073.50 minor day channel and 1071.50 GBX minor channel (very major area) / 1067.50 intra-day base (major) / 1054.20 weekly bottom and 1054.10 weekly close and gap also 1053 primary day channel (very major area).
 
Comments:  
    The rally and close on Thursday put the chart in neutral to bullish territory.  A trade above 1101 and 1103 area can stimulate additional short covering to bring prices up near the 1107.90 top area and possibly near the 1114 primary channel.  Only a trade above 1114 can bring the chart into bullish territory for higher prices.  A trade below 1085 and 1082 is bearish but only a trade below the 1073.50 - 1071.50 area will confirm the downtrend intact for lower prices to follow.
 
Day trades:  For the June contract -
 
Aggressive traders can buy dips near 1095 - 1092.50 area for obj. near 1099 - 1101 area and possibly near 1104.  (Use a sell stop and rev. short at 1090.30).
 
Aggressive traders can sell rallies near 1101 - 1104 area and if possible near 1105.20 gap area for obj. near 1094.50 - 1092.50 area.  (Use a buy stop and rev. long at 1109.70).
 
Buy stop at 1109.70 for obj. near 1112.50 - 1114 area.
Buy stop at 1117 for obj. near 1121 - 1123 area and possibly near 1126.70 gap area.
 
Sell stop at 1090.30 for obj. near 1087 - 1085 area and possibly near 1082.
Sell stop at 1079 for obj. near 1075 - 1074 area and possibly near 1073.50 - 1071.50 area.
Sell stop at 1069.80 for obj. near 1065.
Sell stop at 1063 for obj. near 1057 - 1055 area and possibly near 1053.
 
Long-term short positions can continue to use a protective buy stop at 1153.  NOTE:  If the market appears it will close above 1117 on Friday then exit all short positions and re-enter the short position near the 1126.70 gap area or possibly near 1134.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 5/24/02 (10:38 am eastern time)

The market entered the long position today between 1095 and 1092.50.  The rally seen up to 1097.50 fell short of the obj. near 1099.  The chart formation is appearing slightly bearish at this time and it is recommended for all long positions to exit at this break even area before potential losses occur. 

Bulletin - Originally sent 5/24/02 (10:43 am eastern time)

If the market sells off near the 1085 area and possibly near 1082 it will be considered a possible support for long positions to be considered.  A trade below 1082 - 1080.50 area will fail the support for possible lower prices.  

Aggressive traders can consider long positions near 1085 and if possible near 1082 for obj. near 1092 and possibly near 1095.  (Use a sell stop and rev. short at 1079). 

Results:    5/24/02

Revised trade from bulletin
Bought @ 1093             Sold @ 1093       =    $   -0-   
First sell stop trade
Sold @ 1090.30            Bought @ 1087   =   +$  825.00
Bulletin trade
Bought @ 1083             Sold @ 1088       =  +$1,250.00
TOTAL (P & L)                                              +$2,075.00 

The week in review - 5/28/02 - 5/31/02
The Tech Guru's S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 05/28/02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1086.50, 1087 and 1087.50 intra-day channels also 1088 peak (major area) / 1090 GBX top, 1090.50 and 1090.70 double peak area (major area) / 1093 day channel and 1094.50 minor channel also 1094.50 peak (major area) / 1097 weekly channel and top also 1098 day channel and 1099 day top (very major area) / 1100.70 GBX top and 1101 GBX channel also 1102.50 weekly top (very major area) / 1105.20 weekly close and gap also 1106.70 GBX top (major area) / 1107.90 weekly top and 1109.10 GBX top also 1111 long-term primary day channel (very major area) / 1122 weekly top (major) / 1126.70 weekly close and gap also 1128 GBX top (major area).
 
Support:
1082 intra-day double bottom also 1080.50 bottom (major area) / 1077 minor channel also 1075.70 bottom and 1075.50 day gap also 1074.50 GBX channel and GBX bottom (very major area) / 1067.50 intra-day base and 1065 minor weekly channel (major area) / 1055 weekly channel and 1054.50 primary channel also 1054.20 weekly bottom and 1054.10 weekly close and gap (very major area) / 1047.40 day gap and 1045.80 weekly bottom (major area) / 1039.80 weekly down channel and 1039.50 daily down channel (very major area).
 
Comments:
    The sell-off and close on Friday put negativity to the chart but managed to hold above the 1080.50 - 1077 support areas leaving the chart neutral to slightly bearish.  Only a trade above 1099 - 1101 can bring any bullishness back to the chart.  A trade above 1111 will confirm higher prices to follow.  A trade below 1077 and also below 1074.50 is bearish and will bring the downtrend back into play.  A trade below 1055 will confirm the downtrend intact for lower prices.  Remain defensive inside this neutral trading range that now exists between 1097 - 1077.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1086.50 - 1088 area or buy dips near 1083.50 - 1082 area, whichever side comes first to complete the trade.  (Use a protective buy stop at 1089.70.  Do not rev. long).  (Use a protective sell stop at 1079.  Do not rev. short).
 
Aggressive traders can sell rallies near 1093 and if possible near 1097 for obj. near 1086 and possibly near 1084.  (Use a buy stop and rev. long at 1102.70).
 
Buy stop at 1102.70 for obj. near 1105.20 gap and possibly near 1107.90 top area.
Buy stop at 1114 for obj. near 1120 - 1122 area.
 
Sell stop at 1072 for obj. near 1068 - 1065 area.
Sell stop at 1062 for obj. near 1057 - 1055 area.
Sell stop at 1052 for obj. near 1047.40 gap and possibly near 1045.80 bottom.
Sell stop at 1044 for obj. near 1040 - 1039.50 area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 5/28/02 (2:40 pm eastern time)

 
The sell stop was hit today at 1072 for short positions to be taken.  The market developed support at this area stimulating rallies up to the resistance at 1077 - 1078 area.  There is a possibility the market will hold this 1077 - 1070 trading range today so it is recommended for traders to exit the short position near the 1074 - 1071 area for a break even or small loss on the trade. 

Results:    5/28/02

Sold @ 1086.50        Bought @ 1083.50    =  + $  750.00
Refer to bulletin
Sold @ 1072            Bought @ 1073        =  -  $  250.00
TOTAL (P & L)                                             + $  500.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 05-29-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1077 and 1078 double peak also 1079 intra-day peak (major area) / 1081 and 1082 day channels (major area) / 1083.50 GBX channel and 1084 peak (major area) / 1086.80 day top and 1088.50 and 1090 GBX tops also 1091 day channel (major area) / 1096.50 major day channel and 1097 day top (very major area) / 1099 day top and 1099.50 day channel (very major area) / 1100.70 GBX top and 1102.50 weekly top (major area) / 1105.20 weekly close and gap area also 1106.70 GBX top (major area) / 1107.90 weekly top and 1109.10 GBX top also 1110 long-term primary day channel (very major area).
 
Support:
1073 intra-day channel and 1072.20 base also 1072 newly developed day channel (major area) / 1070 bottom and 1069 minor weekly channel excluding the GBX prices (major) / 1067.50 weekly channel and intra-day base (very major area) / 1055 primary day channel also 1054.20 weekly bottom and 1054.10 weekly close and gap also 1053.40 GBX bottom (very major area) / 1047.40 day gap and 1045.80 weekly bottom (major area) / 1043.70 monthly closing price and 1039.50 weekly down channel (very major area) / 1036.50 weekly bottom and 1028.50 day gap (major area).
 
Comments:
    The sell-off and close on Tuesday below the 1077 channel support put the chart in bearish territory.  Rallies should be considered a selling opportunity.  A trade above the 1083.50 area can possibly bring prices up near the 1091 area but only a trade above 1096.50 and 1099.50 can bring any bullishness back to the chart.  A trade below 1072 is bearish but a trade below 1067.50 will confirm the downtrend intact for lower prices.  A trade below 1055 will fail the primary channel for a possible free falling price decline.  Remain bearish until the market can prove otherwise. 
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1077 - 1079 area and if possible near 1081 - 1082 area for obj. near 1072 and possibly near 1067 area.  (Use a protective buy stop at 1086.70.  Do not rev. long).  NOTE:  Because of the bearish conditions, Very aggressive traders can sell at market on open and hold for obj. near 1058 - 1055 area or exit market on close.
 
Aggressive traders can sell rallies near 1091 - 1096 area, if it ever gets there, for obj. near 1086 and possibly near 1082.  (Use a buy stop and rev. long at 1103).
 
Buy stop at 1103 for obj. near 1107 - 1110 area.
Buy stop at 1114 for obj. near 1120 - 1122 area.
 
Sell stop at 1064.50 for obj. near 1058 - 1055 area.
Sell stop at 1051 for obj. near 1047 - 1043.70 area and possibly near 1040.
Sell stop at 1038 for obj. near 1034 - 1030 area and possibly near 1028.50 gap area.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/29/02

Sold @ 1072        Bought @ 1067.80   =  + $1,050.00
TOTAL (P & L)                                        + $1,050.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 05-30-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1070.50 intra-day channel (major) / 1072.50 intra-day channel and 1073 day channel also 1073.50 peak (major area) / 1075.30 day top and 1076.60 day gap also 1077 day channel and GBX top (very major area) / 1082.40 weekly closing price (significant) / 1086.80 day top also 1088.50 day channel and GBX top and 1090 GBX top (major area) / 1094.50 GBX channel (very major area) / 1097 day top and 1098 channel also 1099 day top (major area) / 1100.70 GBX top and 1102.50 weekly top (major area) / 1105.20 weekly close and gap area also 1106.70 GBX top (major area) / 1107.90 weekly top also 1108.50 long-term primary day channel and 1109.10 GBX top (very major area).
 
Support:
1064 minor down channel (significant) / 1056 primary day channel (very major area) / 1054.20 weekly bottom and 1054.10 weekly close and gap also 1053.40 GBX bottom (major area) / 1047.40 day gap and 1045.80 weekly bottom (major area) / 1043.70 monthly close on the monthly chart (very major area) / 1039.50 weekly down channel (major) / 1037 daily down channel and 1036.50 weekly bottom (major area) / 1028.50 day gap (major area) / 1020.50 closing price (major area).
 
Comments:
     The follow-through sell-off on Wednesday keeps the downtrend intact and in bearish territory for possible lower prices.  The market is now facing a significant support level at 1056, which is a primary day channel.  A trade below the 1056 area will confirm the major downtrend intact for prices to challenge below the 1000 level again.  A trade above 1077 today is slightly bullish but only a trade above the 1088.50 and 1094.50 area could bring any solid bullishness back to the chart.  Remain bearish until the market can prove otherwise.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1070 - 1073 area for obj. near 1058 - 1056 and possibly near 1054.10 gap.  (Use a buy stop and rev. long at 1080).  NOTE:  If the market opens below 1066, then very aggressive traders can attempt short positions near 1064 - 1066 area for obj. near 1058 - 1056 area and possibly near 1054.10 gap.  (Use a buy stop and rev. long at 1080).
 
Buy stop at 1080 for obj. near 1083 - 1085 area and possibly near 1087.
 
Sell stop at 1062 for obj. near 1058 - 1056 area and possibly near 1054.10 gap.
Sell stop at 1051.80 for obj. near 1047.40 gap and possibly near 1044.
Sell stop at 1042 for obj. near 1039.50 - 1036.50 area.
Sell stop at 1032.50 for obj. near 1028.50 gap area and possibly near 1025.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    5/30/02

Sold @ 1062        Bought @ 1056   =  + $1,500.00
Sold @ 1065        Bought @ 1056   =  + $2,500.00
Sold @ 1070        Bought @ 1056   =  + $3,500.00
TOTAL (P & L)                                    + $7,500.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 05-31-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1067 minor day channel and 1068.50 intra-day channel and peak (major area) / 1070.30 day top and 1071.50 day channel (major area) / 1075.30 day top and 1076 channel also 1076.60 day gap and 1077 GBX top (very major area) / 1086.50 daily channel and 1086.50 day top also 1088.50 and 1090 GBX tops (major area) / 1093 major daily channel (very major) / 1097 weekly channel also 1097 day channel and day top (very major area) / 1100.70 GBX top and 1102.50 weekly top (major area) / 1105.20 weekly gap and 1106.70 GBX top also 1107 long-term primary day channel (very major area).
 
Support:
1064.50 intra-day channel and 1064.60 is Oct. 31 monthly close (major area) / 1058.20 intra-day base (significant) / 1055 newly developed primary day channel and 1054.30 bottom also 1054.20 weekly bottom and 1054.10 weekly gap and 1053.40 GBX bottom (very major area) / 1050.10 is Sept. 28 monthly close also 1047.40 day gap and 1045.80 weekly bottom (major area) / 1043.70 monthly close on the monthly chart (very major area) / 1036.50 daily down channel and weekly bottom (major area) / 1028.80 weekly bottom on the weekly chart also 1028.50 day gap (very major area).
 
Comments:
    The rally from the major support at the end of Thursday's session proved the significance but the closing price being down for the third day in a row keeps the chart in neutral to bearish condition.  A trade today above the 1076 - 1077 area is slightly bullish but only a trade above 1093 - 1097 area could bring any solid bullishness back to the chart.  NOTE:  If the market closes above 1077 on Friday, it will put the weekly chart in neutral to slightly bullish territory for next week but a close above 1090 will put the weekly chart in solid bullish territory.  A close on Friday below 1064 will keep the chart in bearish condition for next week.  Rallies should be considered a selling opportunity until the technical formation and price structure can prove otherwise.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1070 - 1071 and if possible near 1073 - 1074 area for obj. near 1065 - 1064.50 area.  (Use a buy stop and rev. long at 1080).  NOTE:  If the market opens above 1068.50, very aggressive traders can sell at market on open for obj. near 1065 - 1064.50 area.
 
Buy stop at 1080 for obj. near 1084 - 1086 area.
Buy stop at 1088.70 for obj. near 1091 - 1093 area.
 
Sell stop at 1062.50 for obj. near 1058.50 and possibly near 1055.50.
Sell stop at 1051.50 for obj. near 1047.40 gap area and possibly near 1045.80 bottom.
Sell stop at 1042 for obj. near 1038 - 1036.50 area and possibly near 1033 - 1028.50 gap area.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1143.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 5/31/02 (12:58 pm eastern time) 

The buy stop at 1080 was hit triggering long positions.  At this time, the chart formation is showing resistance at the 1080 level, by having a minor sell off.  Since the market is still in neutral to bearish condition, it is recommended to exit the long position taken at 1080 and cut losses.  

Aggressive traders can attempt short positions again but must use a protective buy stop above 1086 1/2.  The obj. for short positions still remain near 1065 - 1064 1/2.   

Bulletin - Originally sent 5/31/02 (3:02 pm eastern time)

The sell-off from the resistance area came as expected for all short positions to now consider taking profits.  The obj. was at 1065 - 1064 1/2 but the sell off being as steep as it is, profits can be taken at this time.

The market is now trading at 1068.50.

Bulletin - Originally sent 5/31/02 (3:57 pm eastern time)

This bulletin is to notify all day traders that the S & P day session closes at 4:05 est. because of the last day of the month rule.  This rule will be in effect until further notice.  All day positions must be out of the trade before 4:05 est.

Results:    5/31/02

Sold @ 1070        Bought @ 1080        =    -  $2,500.00
Reflects buy stop and bulletin
Bought @ 1080    Sold @ 1080            =       $   -0-
Reflects Bulletin
Sold  @ 1080       Bought @ 1068.50    =    + $2,875.00
TOTAL (P & L)                                           + $   375.00

 
 The week in review - 6/03/02 - 6/07/02
The Tech Guru's S & P Day Trading Recommendations
The Tech Guru's S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 06-03-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1067.50 intra-day channel and 1069 peak (major area) / 1071.30, 1072, 1072.50 and 1074 peaks (major area) / 1077 weekly channel also 1077 day channel with GBX prices, 1076.80 peak and 1078.50 day channel (very major area) / 1080.90 top and 1082.40 weekly closing price (major area) / 1084.50 day channel and 1086.80 day top (major area) / 1090 weekly channel also 1091.50 major day channel (very major area) / 1096 major GBX channel also 1097 and 1099 day tops (major area) / 1100.70 GBX top and 1102.50 weekly top (major area) / 1105.20 weekly close and gap also 1106 long-term primary day channel and 1106.70 GBX top (very major area) / 1107.90 day top and 1109.10 GBX top (major area).
 
Support:
1063.50 bottom and 1058.20 base (significant) / 1056.60 base and 1056 primary day channel (very major area) / 1054.30 weekly bottom also 1054.20 weekly bottom and 1054.10 weekly close and gap (major area) / 1047.40 day gap and 1045.80 weekly bottom also 1043.70 monthly close (very major area) / 1036.50 weekly bottom and 1036.50 daily down channel (major area) / 1028.80 weekly bottom on the weekly chart also 1028.50 day gap (very major area).
 
Comments:
    The close on Friday was below the 1077 area, which is bearish but above the 1064.60 area keeping the chart in neutral to bearish condition.  Traders can still consider rallies a selling opportunity.  A trade above 1077 - 1078.50 area is slightly bullish for some additional rallies to develop but only a trade above 1090 - 1091.50 area can bring any solid bullishness back to the chart.  A trade above 1106 - 1109 area will confirm higher prices to follow.  A trade below 1056 - 1054 area will confirm the downtrend intact for lower prices.  Remain defensive inside the 1077 - 1056 neutral area.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1067 - 1069 area and if possible near 1071 for obj. near 1063 and possibly near 1060 - 1058 area.  NOTE:  If rallies continue before this aggressive trade is complete, then follow the next aggressive trade and exit both short positions at the obj. or stop listed in that trade.
 
Aggressive traders can sell rallies near 1076 - 1077 area for obj. near 1070 - 1067 area.  (Use a buy stop and rev. long at 1083).
 
Buy stop at 1083 for obj. near 1087 - 1090 area.
 
Sell stop at 1053 for obj. near 1047.40 gap area and possibly near 1046 - 1044 area.
Sell stop at 1042 for obj. near 1038 - 1036.50 area.
Sell stop at 1032 for obj. near 1028.50 gap area and possibly near 1025 - 1020.50 bottom area.
 
Long-term short positions can continue to use a protective buy stop at 1153.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    6/03/02

Sold @ 1067        Bought @ 1063        =    +  $1,000.00
Sold @ 1053        Bought @ 1046        =    +  $2,250.00
Sold @ 1042        Bought @ 1037        =    +  $1,250.00
TOTAL (P & L)                                           +  $4,500.00
 
    thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 06-04-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1041.50 intra-day channel (major) / 1045 peak and 1046 intra-day channel (major area) / 1050 and 1052 intra-day channels (major area) / 1056.80 and 1057.70 intra-day peaks also 1061 day channel (major area) / 1071 day top also 1073 day channel with GBX prices and 1074.50 day channel without GBX prices (very major area) / 1082.40 weekly close and 1082.50 day channel (major area) / 1086.80 day top and 1088.50 GBX top also 1090 GBX top and 1090 major day channel (very major area).
 
Support:
1036.50 day bottom and 1036.50 weekly bottom also 1036 daily down channel (very major area) / 1028.80 weekly bottom on the weekly chart also 1028.50 day gap (very major area) / 1020.50 closing price (major area) / 1008.70 day bottom (major) / 999.80 GBX weekly bottom and 991.50 weekly bottom on the weekly chart (very major area) / 1078 weekly gap and weekly close on the daily chart also 1073 weekly gap and weekly close on the weekly chart (very major area).
 
Comments:
    The sell-off on Monday below the 1056 primary channel to stimulate selling and proved to be significant enough to reach the 1036.50 support as expected, leaving the chart in bearish territory.  The oversold condition and possible support can stimulate some rallies but should turn out to be short lived and if anything give another selling opportunity.  As mentioned in some of the previous reports, it is expected for prices to reach below the 1000 level and eventually down near the 818 area, which is the long-term 50% retracement level on the monthly chart.  At this time, a trade above 1061 would be slightly bullish but only a trade above 1073 could bring any solid bullishness back to the chart.  A trade and close below the 1036.50 - 1036 area is bearish and will confirm the continuation of the major downtrend.  Remain bearish until the market can prove otherwise.  NOTE:  Long positions will not be recommended today because of the overall bearish conditions.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1041 and if possible near 1045 for obj. near 1037 - 1036 area.  NOTE:  If rallies continue before this trade is complete, then follow the next aggressive trade and exit both short positions at the obj. or stop listed in that trade.
 
Aggressive traders can sell rallies near 1049 - 1051 area for obj. near 1045 - 1044 area and possibly near 1042.  (Use a protective buy stop at 1056.90.  Do not rev. long).
 
Aggressive traders can sell rallies near 1059 - 1061 area, if it ever gets there, for obj. near 1051 - 1049 area.  (Use a protective buy stop at 1064.  Do not rev. long).
 
Sell stop at 1032 for obj. near 1028.50 and possibly near 1025 - 1020.50 area.
Sell stop at 1017 for obj. near 1012 - 1009 area.
Sell stop at 1006 for obj. near 1000 - 999 area and possibly near 995 - 991.50 area.
 
Long-term short positions can continue to hold short positions and use a protective buy stop at 1146.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 6/04/02 (3:46 pm edt)

The double bottom at 1030.50 - 1030.80 completes the trade for the sell at 1032.

Results:    6/04/02

Sold @ 1041        Bought @ 1037        =    +  $1,000.00
Bulletin sent to complete the trade
Sold @ 1032        Bought @ 1031        =    +  $   250.00
Repeat first trade at highest end of trade
Sold @ 1045        Bought @ 1037        =    +  $2,000.00
TOTAL (P & L)                                           +  $3,250.00
 
    thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 06-05-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1042.50 intra-day channel and 1042.40 peak (significant) / 1045 intra-day channel and 1047 top (major area) / 1050.50 minor day channel (very major area) / 1056.80 and 1057.70 intra-day congestion peaks (major area) / 1062.50 and 1063.30 intra-day peaks (major area) / 1067.50 weekly closing price and 1069 channel (very major area) / 1071 day channel and weekly top (major) / 1080.50 day channel and 1080.90 top (major area) / 1086.80 day top and 1088 major day channel also 1088.50 and 1090 GBX tops (very major area).
 
Support:
1036.80 and 1035.70 rev. peaks (major area) / 1031 newly developed primary channel and 1030.50 bottom also 1028.80 weekly bottom and 1028.50 day gap (very major area) / 1020.50 daily closing price (major) / 1008.70 day bottom (major) / 999.80 GBX weekly bottom and 991.50 weekly bottom on the weekly chart (very major area) / 1078 weekly gap and weekly close on the daily chart also 1073 weekly gap and weekly close on the weekly chart (very major area).
 
Comments:
    The market sold-off on Tuesday reaching a very major support near the 1028.80 weekly bottom, which proved to be significant as seen with a, late in the day, rally.  The market remains in bearish territory but the close on Tuesday being slightly higher from Monday leaves the chart neutral to bearish.  Rallies should still be considered a selling opportunity.  A trade above 1050.50 is slightly bullish but only a trade above 1069 - 1071 area can bring any solid bullishness back to the chart.  A trade below 1035.70 today is slightly bearish but only a trade below 1028.50 gap area will confirm lower prices to follow.  Remain defensive inside this neutral area between 1050.50 and 1028.50 area.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1042 - 1045 area for obj. near 1037.50 - 1035.70 area.  (Use a buy stop and rev. long at 1053.50).  NOTE:  If rallies continue before this trade is complete, then follow the next aggressive trade and exit both positions at the obj. or stop listed in that trade.
 
Aggressive traders can sell rallies near 1049 - 1050.50 for obj. near 1045 - 1043 area and possibly near 1041.  (Use a buy stop and rev. long at 1053.50).
 
Buy stop at 1053.50 for obj. near 1056.50 and possibly near 1057.
Buy stop at 1059 for obj. near 1062 - 1063 area.
 
Sell stop at 1034 for obj. near 1031.50 and possibly near 1030.50 - 1028.50 area.
Sell stop at 1025 for obj. near 1021.50 - 1020.50 area.
Sell stop at 1017 for obj. near 1012 - 1009 area.
 
Long-term short positions can continue to hold short positions and use a buy stop at 1146.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Results:    6/05/02

Sold @ 1044        Bought @ 1044        =    +     -0-
Sold @ 1050        Bought @ 1044        =    +  $1,500.00
TOTAL (P & L)                                           +  $1,500.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 06-06-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1056.80 and 1057.70 intra-day peaks (major area) / 1065 and 1067.50 day channels also 1067.50 weekly close (very major area) / 1071 weekly top (major) / 1077 weekly channel also 1078.50 day channel and 1080.90 day top (very major area) / 1086.50 major day channel and 1086.80 weekly top (very major area) / 1088.50 and 1090 GBX weekly tops also 1092 day channel (major area).
 
Support:
1047 day channel also 1046 and 1045.50 intra-day channels (major area) / 1043.20 and 1042.70 intra-day bases (major area) / 1038.70 bottom (major) / 1031.50 primary day channel and 1030.50 bottom (very major area) / 1028.80 weekly bottom and 1028.50 day gap (very major area) / 1020.50 daily closing price (major) / 1008.70 day bottom (major) / 999.80 GBX weekly bottom and 991.50 weekly bottom on the weekly chart (very major area).
 
Comments:
    The follow through rally on Wednesday from the support was significant.  The close being above the channel resistance removes the bearishness from the chart leaving it in neutral and supportive condition where additional rallies can possibly develop.  A trade above the 1056.80 - 1057.70 area is slightly bullish but only a trade above 1065 - 1067.50 area can challenge the 1077 major resistance area.  A trade above 1077 - 1080 will put the chart in bullish territory for higher prices.  A trade below 1047 - 1045.50 area is slightly bearish but only a trade below the 1038.70 bottom area can bring any solid bearishness back to the chart.  A trade below the 1031.50 - 1028.50 area will confirm the downtrend intact for lower prices.  Remain defensive inside the 1057 - 1038 neutral area.  Whiplashing to both sides are possible until a breakout is seen either way.
 
Day trades:  For the June contract -
 
Aggressive traders can buy dips near 1048 - 1047 area or sell rallies near 1053.50 - 1057 area, whichever side comes first, to complete the trade.  (Use a sell stop and rev. short at 1045).  (Use a buy stop and rev. long at 1059).
 
Aggressive traders can attempt short positions near 1065 - 1067 area, if it ever gets there, for obj. near 1060 - 1058 area.  (Use a buy stop and rev. long at 1072.70).
 
Buy stop at 1059 for obj. near 1062 - 1065 area and possibly near 1067.
Buy stop at 1072.70 for obj. near 1075.50 - 1077 area.
 
Sell stop at 1045 for obj. near 1043 - 1042 area and possibly near 1040.
Sell stop at 1035.50 for obj. near 1031.50 and possibly near 1028.50 gap area.
Sell stop at 1025 for obj. near 1021.50 - 1020.50 area.
Sell stop at 1017 for obj. near 1012 - 1009 area.
 
Long-term short positions can continue to hold short positions and use a buy stop at 1146.  Conservative position traders can use a protective buy stop at 1136.50.

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 6/06/02 (11:20 am eastern time)

The extreme sell-off today hit the 1035.50 sell-stop, where short positions were taken.  The market did not hit the obj. of 1031.50 as of this time, but because of the extreme sell-off the market can begin to develop support and therefore the trade is becoming very risky.  It is recommended for short positions to exit at the 1035.50 or better area to prevent any possible loss.

Results:    6/06/02

Sold @ 1047.50        Bought @ 1045         =  -  $  625.00
Sold @ 1045            Bought @ 1042.50     =  + $  625.00
Bulletin to exit before obj.
Sold @ 1035.50        Bought @ 1033         =  + $  625.00
TOTAL (P & L)                                              +  $ 625.00 
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 06-07-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1031.70 peak and 1033.50 intra-day channel (major area) / 1038.50 peak (major) / 1041 and 1042 peak (very major area) / 1043.50 day channel and 1047 GBX channel (very major area) / 1050.50 and 1051.50 day tops also 1053.70 GBX top (major area) / 1056.80 and 1057.70 intra-day peaks (major area) / 1061.50 and 1064.50 day channels (very major area) / 1067.50 weekly close also 1071 day top (major area) / 1077 weekly channel (very major).
 
Support:
1024.50 minor down channel (major) / 1022 newly developed intra-day down channel also 1020.50 daily closing price (major area) / 1014.20 daily closing price and 1013 minor down channel (major area) / 1008.70 weekly bottom (major) / 999.80 GBX weekly bottom (major) / 995 monthly channel (very major) / 991.50 weekly bottom on the weekly chart (major area) / 978.50 weekly close on the daily chart and 973 weekly close on the weekly chart (very major area).
 
Comments:
    The sell-off on Thursday put the chart in bearish territory.  The GBX market sold-off, in the night session, making a low of 1010 as of this time, which confirms the downtrend intact.  A trade below the 1008.70 weekly bottom can stimulate further selling and can bring prices below the 1000 level.  Remain defensive.  Rallies can be stimulated from these lows and can possibly reach back up near the 1024 - 1030 area, which can be considered a selling opportunity.  The volatility in the market can be wide so conservative traders should step aside and wait for the smoke to clear.
 
Day trades:  For the June contract -
 
Very aggressive traders can attempt long positions near 1013 and if possible near 1011 for obj. near 1017 and possibly near 1020.  (Use a sell stop and rev. short at 1007).
 
Aggressive traders can sell rallies near 1027 - 1030 area for obj. near 1022 - 1019 area.  (Use a protective buy stop at 1034.70.  Do not rev. long).
 
Sell stop at 1007 for obj. near 1001 - 999 area and possibly near 995.
Sell stop at 988 for obj. near 987.50 gap area and possibly near 973 gap.
 
Long-term short positions can remain short and use a protective buy stop at 1136. 
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 6/07/02 (1:19 pm eastern time)

The market rallied up to 1026 which is considered the area of sell for the second aggressive trade mentioned in the report.  At this time, the trade is considered complete meeting the obj. at 1022.  Attempts to repeat this trade is a high risk and should be avoided. 

Rallies up near the 1035 - 1039 area should be considered the next selling area.  (Use a protective buy stop at 1044.  Do not rev. long).

Bulletin - Originally sent 6/07/02 (2:42 pm eastern time)

The rally seen in the S & P at 1033.80 is considered near enough to the 1035 sell area for the short position to be taken.  The obj. is to exit near the 1027 - 1025 area or market on close.  (Use a protective buy stop at 1044.  Do not rev. long).

Results:    6/07/02

Bought @ 1013        Sold @ 1018         =  +  $1,250.00
Sold @ 1026            Bought @ 1022     =  +  $1,000.00
As per bulletin
Sold @ 1033.50        Bought @ 1026    =   +  $1,875.00
TOTAL (P & L)                                          +  $4,125.00 

 The week in review - 6/10/02 - 6/14/02
The Tech Guru's S & P Day Trading Recommendations
    thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 06-10-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1029 intra-day channel and 1029.80 peak (major area) / 1031.80 peak and 1033.80 day top and channel (major area) / 1035.50 day channel (major) / 1038.50 intra-day peak and 1039.50 channel and GBX prices (very major area) / 1042 peak (significant) / 1050.50 day top and 1051.50 weekly top also 1052 minor weekly channel and 1053.70 GBX top (very major area) / 1056.80 and 1057.70 intra-day peaks also 1057.50 day channel (very major area) / 1061 day channel (major) / 1067.50 weekly and monthly close (major) / 1071 day top and 1074 day channel (major area).
 
Support:
1027 intra-day channel also 1025.50 and 1025 base (major area) / 1022.20, 1021.70 and 1020.30 intra-day bases (major area) / 1016 base (major) / 1012.20 bottom and 1010 GBX bottom also 1008.70 weekly bottom (very major area) / 1000 weekly down channel and 999.80 GBX weekly bottom (major area) / 995 monthly channel (very major) / 991.50 weekly bottom on the weekly chart (major area) / 978.50 weekly close on the daily chart and 973 weekly close on the weekly chart (very major area).
 
Comments:
    The market closed down significantly for the week but the rally and close from the support area on Friday leaves the chart in neutral to bearish condition.  Rallies can still be considered a selling opportunity.  A trade above 1038.50 - 1039.50 area can bring prices higher but only a trade above 1052 and again above 1061 area can bring some bullishness back to the chart.  A trade below the 1020.30 and 1016 areas today are bearish but a trade below the 1008.70 weekly bottom will confirm lower prices to follow.  The neutral to bearish condition can bring whiplashing to both sides of the 1035.50 - 1022.20 neutral trading area.  Traders should remain overall bearish until the market can prove otherwise.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1029 - 1032 area for obj. near 1027 - 1025.50 area.  NOTE:  If rallies continue before this trade is complete then follow the next aggressive trade and exit both short positions at the obj. or stop listed in that trade.
 
Aggressive traders can sell rallies near 1035.50 and if possible near 1039.50 for obj. near 1031 - 1029 area.  (Use a protective buy stop at 1043.70.  Do not rev. long).
 
Aggressive traders can sell rallies near 1049 - 1052 area, if it gets there, for obj. near 1042 - 1040 area.  (Use a protective buy stop at 1062.  Do not rev. long).  (Conservative traders can use a protective buy stop at 1057.80.  Do not rev. long).
 
Sell stop at 1024.80 for obj. near 1022.50 - 1020.80 area.
Sell stop at 1019.80 for obj. near 1017 - 1016 area.
Sell stop at 1006.80 for obj. near 1003 - 1000 area and possibly near 995.
Sell stop at 988 for obj. near 980 - 978.50 gap area and possibly near the 973 gap area.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1136.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    6/10/02

Sold @ 1029            Bought @ 1027         =     + $   500.00
Sold @ 1035            Bought @ 1030         =     + $1,250.00
Sold  @ 1024.80      Bought @ 1032.10     =     -  $1,825.00
Second attempt at upper end of second trade 
Sold  @ 1039           Bought @ 1031          =    + $2,000.00 
TOTAL (P & L)                                                 + $1,925.00
 
    thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 06-11-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1033.50 day channel (major) / 1037.50 intra-day channel and 1039.50 day top (major area) / 1042 intra-day peak and 1043.50 intra-day channel (major area) / 1050.50 and 1051.50 day tops (major area) / 1052 minor weekly channel, 1053.50 day channel and 1053.70 GBX top (very major area) / 1056.80 and 1057.70 intra-day peaks also 1058 day channel (very major area) / 1061.50 minor weekly channel (very major) / 1067.50 weekly and monthly close (major area) / 1071 weekly top and 1072 day channel / 1080.50 major weekly channel and 1080.90 day top (very major area).
 
Support:
1028.30 closing price (major) / 1024.50 bottom (major) / 1021.70 and 1020.30 base area (major area) / 1012.20 bottom and 1010 GBX bottom also 1008.70 weekly bottom (very major area) / 1000 weekly down channel and 999.80 GBX weekly bottom (major area) / 995 monthly channel (very major) / 991.50 weekly bottom on the weekly chart (major).
 
Comments:
    The sell-off from the 1039.50 resistance seen on Monday was significant but the market managed to close up for the day leaving the chart technically neutral between 1043.70 and 1020.30.  A trade above 1043.70 can bring prices higher but only a trade above 1052 and 1058 can bring bullishness back to the chart.  A trade below 1020.30 is bearish and a trade below 1008.70 will confirm lower prices to follow.  Remain defensive in this neutral area.  NOTE:  Because the major trend remains down, rallies up near the 1052 area, if it gets there, should be considered a selling opportunity.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1037.50 - 1039.50 area and if possible near 1042 for obj. near 1034 - 1032.50 area.  (Use a buy stop and rev. long at 1045.20).
 
Aggressive traders can sell rallies near 1049 - 1052 area for obj. near 1045 - 1042 area and possibly near 1040.  (Use a buy stop and rev. long at 1062.70).
 
Buy stop at 1045.20 for obj. near 1049 and possibly near 1052.
Buy stop at 1062.70 for obj. near 1066 - 1067 area and possibly near 1070.
 
Sell stop at 1019 for obj. near 1015 - 1012 area and possibly near 1009.
Sell stop at 1006 for obj. near 1001 - 999 area and possibly near 995.
 
Long-term short positions can hold short positions and use a protective buy stop at 1136.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 6/11/02 (9:45 am est)

The market triggered the sell in the first trade at 1037.50 - 1039.50 area.  The sell-off down to the 1034.75 seemed to have shown support and therefore completed the first trade.  All short positions at this time should exit and take profits and wait for the next trade.

Results:    6/11/02

Sold @ 1038.50        Bought @ 1034.75 (as per bulletin)    =     + $   937.50
Sold @ 1019             Bought @ 1015                                  =     + $1,000.00
TOTAL (P & L)                                                                           + $1,937.50

     thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 06-12-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1017.80 peak and 1019 rev. channel (major area) / 1020.50 and 1020.80 peaks also 1021.50 intra-day channel (major area) / 1027.50 and 1028.20 peaks also 1028.30 weekly close (major area) / 1035 day channel and 1035.50 peak also 1037.50 GBX channel (very major areas) / 1040.20 top and 1043 GBX top (major area) / 1050 channel also 1050.50 and 1051.50 day top and 1052 minor weekly channel (very major area).
 
Support:
1013 minor channel and 1012.10 bottom also 1012.50 primary day channel (very major area) / 1010 GBX bottom and 1008.70 weekly bottom (very major area) / 1000 weekly down channel and 999.80 GBX weekly bottom (major area) / 995 monthly channel and 992 long-term primary weekly channel also 991.50 weekly bottom on the weekly chart (very major area) / 978.50 weekly close and gap on the daily chart also 973 weekly close and gap on the weekly chart (very major area) / 950 bottom on the June chart and 939 bottom on the weekly chart (very major area).
 
Comments:
    The sell-off on Tuesday from the resistance area brought prices down to last weeks bottom area, which is considered support at this time.  A trade below the 1012 - 1010 bottom area and also below the 1008.70 weekly bottom will fail the major support for lower prices to follow.  Some recovery rallies can develop from this bottom area, but because of the overall bearish conditions in the chart, the rallies, if they develop, should be considered a selling opportunity.  Only a trade above 1035 - 1037.50 can bring some bullishness back to the chart and only a trade above 1052 - 1054 area can possibly reverse the downtrend momentum to the upside for a while.  Remain bearish until the market can prove otherwise.  NOTE:  Due to the bearish conditions it the chart long positions will not be recommended today, even though some rallies can develop. 
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1017 - 1019 area and if possible near 1020.50 for obj. near 1013.50 - 1012.50 area.  (Use a protective buy stop at 1023.70.  Do not rev. long).
 
Aggressive traders can sell rallies near 1026 - 1028 area, if it gets there, for obj. near 1021 and possibly near 1019.  (Use a protective buy stop at 1043.20.  Do not rev. long).  (Conservative traders can use a protective buy stop at 1033.  Do not rev long).
 
Sell stop at 1006.80 for obj. near 1001 - 999 area and possibly near 995.
Sell stop at 988.80 for obj. near 981 - 978.50 gap area and possibly near the 973 gap area.
 
Long-term short positions can continue to hold short positions and use a protective buy stop at 1136.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 
Bulletin - Originally sent 6/12/02 (9:50 am est)
 
The bearish conditions for the market brought prices down to the double bottom area and then produced rallies near the 1017 sell area.  The high in the day session is 1016.25, which appears to be close enough for the sell signal.  The obj. still remains at 1013.50 - 1012.50.  After the obj. is reached, it would be considered a high risk to repeat this trade again.  Traders should wait for rallies up near the 1019 area to consider short positions again.
 
Bulletin - For New Subscribers - Originally sent 6/12/02 (sent 10:08 am est)
 
The market rallied to a high of 1018.75 and yes, in fact this is near the 1019 sell area as described.  Short positions were taken at 1018.75 for an obj. now at 1013.50 - 1012.50.
 
Bulletin - For New Subscribers - Originally sent 6/12/02 (sent 10:19 am est)
 
The market sold off from the 1018.75 sell area down to 1014 which should be considered near enough to the 1013.50 obj. where short positions should exit and complete the trade.
 
Bulletin - For New Subscribers - Originally sent 6/12/02 (sent 1:34 pm est)
 
The sell stop was hit at 1006.80, where short positions were taken.  The obj. at 1001 was not hit.  When the market reached 1002.50 and then sold off for the second time down to 1003.50, it created a technical double bottom where short positions should have considered taking profits.  Under these conditions, the sell stop at 1006.80 is now considered complete at 1003.50. 

Results:    6/12/02

Sold @ 1016.25        Bought @ 1013       =     +  $   812.50
Second attempt as per bulletin 
Sold @ 1018.75        Bought @ 1014        =     +  $1,187.50
Sold @ 1006.80        Bought @ 1003.50   =     + $   825.00
TOTAL (P & L)                                               +  $2,825.50
 
     thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 06-13-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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:
1027.50 and 1028.20 peaks also 1028.30 weekly close and 1029 day channel (very major area) / 1032 day channel with GBX prices also 1034 minor day channel (major area) / 1036 GBX channel (major) / 1040.20 day top and 1043 GBX top (major area) / 1046 major day channel (very major area) / 1050.50 and 1051.50 day tops also 1051.50 day channel, 1052 weekly channel and 1053.70 GBX top (very major area) / 1061 minor weekly channel (major) / 1067.50 weekly close and 1068 minor day channel (major area).
 
Support:
1020 intra-day channel also 1019.50 and 1019 base (major area) / 1015.50 base and intra-day channel and 1014.20 closing price (major area) / 1013.50 base and 1012.50 intra-day channel (very major area) / 1008.50 base (major) / 1003.70 base and 1002.50 bottom (major area) / 1000 weekly down channel and 999.80 GBX weekly bottom (very major area) / 995 monthly channel and 992 long-term primary weekly channel also 991.50 weekly bottom on the weekly chart (very major area) / 978.50 weekly close and gap on the daily chart also 973 weekly close and gap on the weekly chart (very major area).
 
Comments:
    The sell-off and mid-day rally on Wednesday was significant also closing higher from Tuesday can prove to be the first signal of a temporary bottom.  The chart formation still remains in neutral to slightly bearish condition facing the 1029 and 1034 resistance areas.  A trade above 1034 - 1036 area can bring some bullishness to the chart but only a trade above 1046 and 1052 areas can bring any solid bullishness back to the chart.  A trade below 1013.50 - 1012.50 is bearish and a trade below 1008.50 can challenge the 1002.50 bottom and 995 area.  A trade below 991.50 will confirm the downtrend intact for lower prices.  Remain defensive until the market can prove a solid direction.
 
Day trades:  For the June contract -
 
Aggressive traders can sell rallies near 1025 - 1029 area for obj. near 1021.50 - 1019.50 area.  (Use a buy stop and rev. long at 1038.20).
 
Aggressive traders can buy dips near 1016.50 - 1015.50 area and if possible near 1014.50 for obj. near 1023.50 - 1025.50 area and possibly near 1027.  (Use a sell stop and rev. short at 1007).  (Conservative traders can use a protective sell stop at 1010.80.  Do not rev. short).
 
Buy stop at 1038.20 for obj. near 1040.50 - 1043 area and possibly near 1045.
Buy stop at 1054 for obj. near 1057 and possibly near 1059 - 1061 area.
 
Sell stop at 1007 for obj. near 1003 and possibly near 1001 - 999 area.
Sell stop at 988 for obj. near 981 - 979 area.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1136.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Results:    6/13/02

Bought @ 1016           Sold @ 1023.50      =    +   $1,875.00
Sold @ 1024.50          Bought @ 1020      =     +  $1,250.00
TOTAL (P & L)                                                +  $3,125.00
 
      thetechguru.com
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Friday 06-14-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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 September contract -
1016 intra-day channel and 1018 day channel (major area) / 1023 day channel and 1025.50 day top (major area) / 1029.40 weekly close and 1032 minor day channel (very major area) / 1041 weekly top (very major area) / 1049 day channel also 1051.50 and 1052.80 day tops (very major area)
 
Support:  For the September contract -
1008.70 bottom (major) / 1004.70 intra-day gap and 1003.50 bottom (major area) / 1000 weekly down channel and 999.80 GBX weekly bottom, which still reflects the June contract (very major area) / 995 monthly channel and 992 long-term primary weekly channel also 991.50 weekly bottom on the weekly chart, which still reflect the June contract (very major area) / 983.50 weekly close and gap on the Sept. contract also 973 weekly close and gap on the weekly chart (very major area) / 952 GBX bottom on the Sept. contract and 939 bottom on the weekly chart (very major area).
 
Comments:
    The whiplashing action and sell-off from the major resistance on Thursday proves the bearishness in the market.  The close on Thursday leaves the chart in totally bearish condition.  The market faces very major support at the 1000 and 995 level, which can possibly stimulate some rallies.  A trade below the 995 and 991.50 area will fail the major support for prices to challenge down near the Sept. 21st major bottom area and possibly lower.  Traders should remain defensive at this critical support area approaching.  Short lived rallies can materialize, which should be considered a selling opportunity.  A trade above 1023 is slightly bullish but only a trade above 1032 can bring any solid bullishness back to the chart.  NOTE:  As mentioned a number of times, in previous issues, the main objective is for the market to eventually reach down near the 818 area, which is the major 50% retracement area on the long-term monthly chart.
 
Day trades:  For the September contract -
 
Aggressive traders can sell rallies near 1015 - 1017 and if possible near 1019 - 1021 area for obj. near 1010 - 1008 area.  (Use a protective buy stop at 1026.  Do not rev. long).
 
Buy stop at 1035 for obj. near 1040 and possibly near 1041 - 1043 area.
 
Sell stop at 1006.80 for obj. near 1001 - 999 area and possibly near 996.  NOTE:  If the market opens below the 1006.80 stop area, attempt to sell rallies near 1004.50 - 1005.50 area for the same obj. near 1001 - 999 area and possibly near 996.  (Use a protective buy stop at 1012.20.  Do not rev. long).
Sell stop at 989 for obj. near 985 - 983.50 area.
Sell stop at 979 for obj. near 975 - 973 area and possibly near 965.
 
Very aggressive traders can attempt long positions near the 996 support area but because of the bearish conditions, it will be considered a high risk and will not be included on the results for the day.  If this trade is attempted, look for 5 - 7 points profit using a sell stop and rev. short at 989.
 
Long-term short positions can continue to remain short and use a protective buy stop at 1136. 
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 6/14/02 (10:20 am est)

The market sold off hitting the sell stop at 989 and meeting the obj. at 983 area completing the trade.  The sell stop at 979 was not reached by the big contract.  Unfortunately, traders using the report for the E-mini was hit at the 979 area.  The 990 - 992 is now resistance for the E-mini traders to sell and average out the trade and exit both short positions at the average price of 984 1/2 and cut losses.  Anyone wishing further advice can call The Tech Guru.

Bulletin - Originally sent 6/14/02 (10:34 am est)

Traders at this time should be flat on the market.  Anyone holding short positions should not risk the trade above 1002.  Short positions can be attempted but are very risky because of the rallies seen from the 1080 area.  Very aggressive traders attempting short positions at this time should use a protective buy stop at 1002.50.

Bulletin - Originally sent 6/14/02 (12:17 pm est)

The rally up to the 1004.50 sell area came to play putting traders into the short position.  the market proceeded to go down, meeting the obj. at 1001 to complete the trade.  At this time, the market remains in neutral to bearish condition and short positions should not be attempted until rallies near the 1017 - 1021 area come to play. 

Aggressive traders can sell rallies near 1017 - 1021 for obj. near 1010 - 1008 area.  (Use a protective buy stop at 1026.  Do not rev. long).

Results:    6/14/02

Sold @ 989           Bought @ 984.50      =    +  $1,125.00
Sold @ 1004.50      Bought @ 1000         =    +  $1,125.00
TOTAL (P & L)                                              +  $2,250.00

 The week in review - 6/17/02 - 6/21/02
The Tech Guru's S & P Day Trading Recommendations

 The week in review - 6/17/02 - 6/21/02
The Tech Guru's S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 06-17-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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 September contract -
1010 day channel and 1011 day top also 1011.50 GBX top and 1011.70 day gap (major area) / 1014 intra-day channel (major) / 1017 weekly channel and 1017.50 day channel (very major area) / 1023.30 peak and 1025.50 day top (major area) / 1027 minor day channel and 1029.40 weekly close (very major area) / 1032 weekly channel (very major area) / 1041 weekly top (major) / 1044 minor day channel and 1046 weekly channel (very major area) / 1051.50 and 1052.80 day tops (major area) / 1060 minor day channel.
 
Support:  For the September contract -
1006.50 intra-day channel and 1006.20 base (major area) / 1003 base (major area) / 996.20, 995 and 993.50 base area (very major area) / 983.50 weekly close and 980 bottom (major area) / 973 weekly close and gap on the weekly chart (very major area) / 955 GBX bottom on the September contract (very major) / 939 bottom on the weekly chart (very major area).
 
Comments:
    The market closed on Friday down for the fourth week in a row, but the rally from the major gap area at 983.50 removed some of the bearishness out of the chart leaving the chart in neutral to just slightly bearish condition.  Whiplashing to both sides of the 1017 - 1006.50 neutral area is possible before a solid direction is seen.  A trade above 1017 is slightly bullish but a trade above 1027 - 1032 area can possibly challenge the 1041 - 1046 resistance, which technically can hold back any further rallies.  NOTE:  Only a trade above 1072 can possibly reverse the major trend to the upside.  A trade below 993.50 will keep the downtrend intact for lower prices to follow.  Remain defensive inside this neutral area. 
 
Day trades:  For the September contract -
 
Aggressive traders can sell rallies near 1016 - 1017 area for obj. near 1010 - 1006.50 area.  (Use a protective buy stop at 1021.  Do not rev. long).
 
Aggressive traders can attempt short positions near 1027 - 1032 area for obj. near 1021 - 1019 area.  (Use a buy stop and rev. long at 1035.70).
 
Aggressive traders can attempt short positions at 1039.50 - 1041 area and if possible near 1044 for obj. near 1033 - 1030 area.  (Use a protective buy stop at 1049.  Do not rev. long).
 
Buy stop at 1035.70 for obj. near 1039.50 - 1041 area.
 
Sell stop at 1005.80 for obj. near 1003.80 - 1003 area.
Sell stop at 1001.80 for obj. near 996.50 - 995 area.
Sell stop at 989 for obj. near 983.50 - 980 area.
Sell stop at 977 for obj. near 973 gap area.
 
Long-term short positions can continue to hold short positions and use a protective buy stop at 1136.
 

* There is a substantial risk of loss in trading futures and options.  These recommendations cannot guarantee a profit.  Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

 

Bulletin - Originally sent 6/17/02 (12:47 pm est)

The market continues to move above the 1132 resistance area, appearing to have enough of strength to hit the 1035.70 buy stop area.  The chart formation at this time seems slightly top heavy and therefore we are withdrawing the 1035.70 buy stop to reverse long.  Short positions can continue to use a protective buy stop at 1035.70, but do not rev. long.

Bulletin - Originally sent 6/21/02 (3:22 pm est)

The sell-off seen from the 998 double top area brought the market down near the 989 sell-stop.  Because of the sharp sell off, it is not worthy to attempt the sell stop at 989 at this time.  Traders should cancel this trade and wait for new numbers in the next report on Monday.

Results:    6/17/02

Sold @ 1016.50     Bought @ 1021        =  -  $1,125.00
Sold @ 1027          Bought @ 1035.70    =  - $2,175.00
Sold  @ 1039         Bought @ 1036.60    =  +$  600.00
TOTAL (P & L)                                          -  $2,700.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 06-18-02 :  NOTE:  After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is the least of 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. 
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 September contract -
1040.50 day channel and 1041 day top (major area) / 1043 weekly top and 1046 weekly channel (very major area) / 1051.50 and 1052.80 day tops (major area) / 1058 minor day channel (major) / 1067.50 weekly and monthly close (major area) / 1072 weekly top and 1072.50 long-term primary major weekly channel (very major area) / 1074.50 major day channel (very major) / 1080 day channel and 1081.50 day top (major area) / 1084 weekly close and minor day channel and 1085 long-term secondary weekly channel (very major area)
 
Support:  For the September contract -
1033.50 intra-day channel and 1031.50 base (major area) / 1028.50 intra-day base and 1025.50 rev. peak (very major area) / 1014.50 bottom to 1010 weekly close and gap (very major area) / 1003 intra-day base (major) / 996.20, 995 and 993.50 intra-day base (very major area) / 983.50 weekly close and 980 bottom (major area).
 
Comments:
    The follow-through rally on Monday was significant and brought prices up to the very major resistance area.  A trade above 1040.50 is slightly bullish but a trade above 1046 will be considered a breakout for higher prices to follow.  Since the resistance at this time is so significant, retracement down to the support areas can develop.  A trade below the 1028.50 - 1025.50 area is slightly bearish but a trade below 1003 will challenge the 996.20 - 993.50 base area.  A trade below 993.50 will confirm a failure of the major support area for lower prices to follow.  Remain defensively bearish until the market can prove to trade above the 1046 area.
 
Day trades:  For the September contract -
 
Aggressive traders can sell rallies near 1039 - 1040.50 area for obj. near 1033.50 - 1031.50 area.  (Use a buy stop and rev. long at 1053.20).  (Conservative traders can use a protective buy stop at 1043.50).