Archived S & P Reports

The Tech Guru Commodity Report

To subscribe to the S & P day trade recommendations click here:

ORDER NOW!

If you have any questions, please e-mail them to: support@thetechguru.com

or call (540) 843-GURU (4878)

The week in review - 5/06/02 - 5/10/02

The Tech Guru's S & P Day Trading Recommendations

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Monday 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.

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).

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).

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.

Results: 5/07/02

Sold @ 1058 Bought @ 1053 = + $1,250.00

Sold @ 1048.80 Bought @ 1046 = + $ 700.00

TOTAL (P & L) + $1,950.00

thetechguru.com

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.

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.

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

thetechguru.com

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.

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)

thetechguru.com

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.

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.

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

thetechguru.com

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.

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.

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)

thetechguru.com

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.

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.

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)

thetechguru.com

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.

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.

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

thetechguru.com

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