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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 - 02/02/04
- 02/06/04
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Monday 2-02-04 : NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very significant),
and (significant) is of the least value. Very
aggressive trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE NOT
mentioned, they should be placed below the second support
area listed or above the second resistance area listed,
or 22 points from the (trade entry point), whichever is the
lesser amount. NOTE: The
first support area becomes the resistance after the market
trades through the second support area listed.
The first resistance area becomes the support after the market
trades through the second resistance area listed.
Resistance: For
the March contract -
1130 day channel and 1130.70 rev. weekly major channel also 1131.10
minor day channel (major area) / 1132.30 and 1133.50
day tops (major area) / 1137.20 intra-day channel
and 1138 peak (very major area) / 1145.40 newly
developed long-term major monthly channel (very
major area) / 1148 day top and 1150 minor day channel (major
area) / 1152.80 long-term major weekly channel and 1153.80
weekly channel also 1154 monthly channel and day top and 1154.80 minor
weekly channel and 1155 weekly top (very
major area) / 1159.30 and 1159.40 long-term major
weekly upper channels and 1160.70 minor weekly upper channel (very
major area) / 1162.50 and 1163.50 day tops (major
area) / 1169 weekly top (major) / 1174.90
major monthly upper channel (major area).
Support: For
the March contract -
1129.30 base and 1129.20 intra-day channel also 1128.90 and 1128.50
base areas (major area) / 1126 day bottom (major)
/ 1124.80 major day channel also 1124.60 newly developed minor weekly
channel and 1123.80 weekly channel with GBX prices (very
major area) / 1122.80 minor day channel and 1121
weekly bottom (major area) / 1119.40 GBX bottom and
1118.40 long-term day channel (very
major area) / 1113.80 weekly bottom and 1111.70
long-term major monthly channel also 1110.60 monthly closing price (very
major area) / 1108.90 weekly closing gap and 1108.60
GBX bottom (major area) / 1103.80 weekly channel
without GBX prices and 1103.50 day bottom also 1102 long-term major
weekly channel (very major area)
/ 1098.50 and 1098.20 are minor monthly channels also 1098.20
long-term major day channel and 1097.20 weekly bottom (very
major area).
Comments:
Friday's session remained inside the first narrow
neutral range, leaving the chart neutral again between 1131.10 and
1123.80 trading area. A trade above 1131.10 is slightly bullish
as well as a trade above 1137.20 - 1138 area but only a trade above
1145.40 can bring any significant bullishness back to the chart.
A trade below 1124.80 - 1122.20 area is slightly bearish but only a
trade below 1118.40 and 1111.70 support areas can prove to be the
first signal of a reversal of the major trend to the downside. A
trade below the 1098.50 and 1093.30 area will confirm the major
downtrend intact for lower prices to follow. Remain defensive
inside the first neutral area between 1131.10 and 1123.80 until a
solid direction can be established. NOTE:
It is still possible for prices to trade up near the 1150 - 1152.80
area again for a technical major double top formation to be
established.
Day trades:
For The March contract -
Aggressive traders can sell rallies near 1129 -
1131.10 area for obj. near 1127 and possibly near 1124.80 - 1123.80
area. (Use a buy stop and rev. long at 1133.80).
Aggressive traders can buy dips near 1125 - 1123.80
area for obj. near 1128 - 1129 area. (Use a sell stop and rev.
short at 1120.90).
Aggressive traders can sell rallies near 1135.90 -
1137.20 area for obj. near 1134 - 1132 area. (Use a buy stop and
rev. long at 1140).
Aggressive traders can attempt long positions near
1119 - 1118.40 for obj. near 1120.80 - 1122.80 area. (Use a sell
stop and rev. short at 1116.80).
Aggressive trades can buy dips near 1113.80 - 1111.70
area for obj. near 1118 - 1120 area and possibly near 1123. (Use
a sell stop and rev. short at 1107.70).
Buy stop at 1133.80 for obj. near 1135.90 - 1137.20
area.
Buy stop at 1140 for obj. near 1143 - 1145.40 area.
Sell stop at 1120.90 for obj. near 1119 - 1118.40
area.
Sell stop at 1116.80 for obj. near 1113.80 - 1111.70
area.
Sell stop at 1107.70 for obj. near 1104.70 - 1102
area.
Bulletin - Originally sent 02/02/04
(12:03 pm est)
The buy stop at 1133.80 was hit, putting traders into long
positions. The sell-off down to 1127 - 1126.50 put traders
into additional long positions. The rally up to 1136 meets the
obj. and completes the trade.
Bulletin - Originally sent 02/02/04 (12:36 pm est)
The rally up to 1137 put traders into short positions. The
obj. is near 1134 - 1132 area. (Continue to use a buy stop and
rev. long at 1139).
Bulletin - Originally sent 02/02/04 (1:04 pm est)
The buy stop at 1139 was hit, putting traders into long positions.
The rally up to 1142 is near enough to the 1143 obj. and completes
the trade.
Results: 02/02/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Tuesday 2-03-04 : NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are against
the trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside
a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops
ARE NOT mentioned, they should be placed below the
second support area listed or above the second
resistance area listed, or 22 points from the (trade entry
point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after the
market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance: For
the March contract -
1134.60 intra-day channel and 1135 double peak (major
area) / 1138.50 and 1139.50 peaks also 1139 newly
developed day channel and 1140 minor day channel (very
major area) / 1142 day top and 1145.40 long-term
major monthly channel (very major
area) / 1147.30 peak and 1148 day top also
1149 minor day channel (major area) /
1152.80 long-term major weekly channel and 1153.80 weekly
channel also 1154 monthly channel and day top and 1154.80 minor
weekly channel and 1155 weekly top (very
major area) / 1159.30 and 1159.40 long-term
major weekly upper channels and 1160.70 minor weekly upper
channel (very major area)
/ 1162.50 and 1163.50 day tops (major area) /
1169 weekly top (major) / 1174.90 major monthly
upper channel (major area).
Support: For
the March contract -
1129.20 minor day channel and 1129 base (major area)
/ 1126.70 major day channel also 1126.50 and 1126 day bottoms (very
major area) / 1124.60 minor weekly channel and
1123.80 weekly channel with GBX prices also 1122.80 minor day
channel (very major area)
/ 1121 day bottom and 1120.20 long-term day channel also 1119.40
GBX bottom (very major area) /
1113.80 weekly bottom and 1111.70 long-term major monthly
channel also 1110.60 monthly closing price (very
major area) / 1108.90 weekly closing gap and
1108.60 GBX bottom (major area) / 1103.80
weekly channel without GBX prices and 1103.50 day bottom also
1102 long-term major weekly channel (very
major area) / 1098.50 and 1098.20 are minor
monthly channels also 1098.20 long-term major day channel and
1097.20 weekly bottom (very major
area).
Comments:
Monday's whiplashing action and sell-off from
the very major resistance area near 1145.40 proved the
significance of the area and is a slightly bearish signal.
But prices managed to hold above the 1124.60 - 1123.80 and
1122.80 very major support as well, which can still be
considered supportive and slightly bullish. This leaves
the chart having a bullish and a bearish signal, which is
considered totally neutral and now the direction is a toss of a
coin. A trade above 1139 - 1140 area is slightly bullish
but only a trade above 1145.40 can bring any solid bullishness
back to the chart. A trade above 1145.40 can bring prices
up to possibly challenge the major top area. A trade today
below the 1126.70 - 1124.60 and 1123.80 support area is slightly
bearish but only a trade below the 1120.20 area can bring any
solid bearishness to the chart. A trade below 1111.70 can
prove to be the beginning of a new downtrend. Remain
defensive inside the first neutral area between 1134.60 and
1126.70 and the second wider neutral trading area between 1139 and
1123.80 area.
Day
trades: For The March contract -
Aggressive traders can sell rallies near 1134 -
1134.60 and if possible near 1135 for obj. near 1130 - 1129
area. (Use a protective buy stop at 1136. Do not
rev. long).
Aggressive traders can sell rallies near
1138.50 - 1139.50 area for obj. near 1136 - 1134 area.
(Use a buy stop and rev. long at 1142.60).
Aggressive traders can buy dips near 1129.50 -
1126.70 area and if possible near 1124.60 for obj. near 1133 -
1134 area. (Use a sell stop and rev. short at 1122).
Aggressive traders can buy dips near 1113.80 -
1111.70 area for obj. near 1119 - 1121 area and possibly near
1123. (Use a sell stop and rev. short at 1107).
Buy stop at 1142.60 for obj. near 1144.50 -
1145.40 area.
Sell stop at 1122 for obj. near 1120.50 -
1119.40 area.
Sell stop at 1118 for obj. near 1114.50 -
1111.70 area.
Sell stop at 1107 for obj. near 1105 - 1102
area.
Bulletin - Originally sent 02/03/04 (9:40 am est)
The rally up to 1133.50 is near enough to the 1134 sell area,
putting traders into short positions. The obj. remains near
1130 - 1129 area. (Continue to use a protective buy stop at
1136. Do not rev. long).
Bulletin - Originally sent 02/03/04 (9:51 am est)
Short positions were taken at 1133.50. The sell off down
to 1129.50 meets the obj. and completes the trade and also puts
traders into long positions.
Long positions were taken at 1129.50. The obj. remains
near 1133. Additional long positions can be taken near
1126.70 - 1124.60 area.
Bulletin - Originally sent 02/03/04 (9:55 am est)
Long positions were taken at 1129.50. The rally up to 1132
is near enough to the 1133 obj. and is showing signs of
resistance where profits will be considered and completes this
trade.
Bulletin - Originally sent 02/03/04 (10:38 am est)
Short positions were taken at the high end of the sell area at
1135. The sell off down to 1131 is near enough to the 1130
obj. and completes the trade.
Bulletin - Originally sent 02/03/04 (10:53 am est)
Aggressive traders can attempt long positions near the low end
of the support area between 1126.70 and 1124.60 area. The
obj. for that long position will be 1129 - 1131 area.
(Continue to use a sell stop and rev. short at 1122).
Bulletin - Originally sent 02/03/04 (3:01 pm est)
The neutral conditions continue to show no direction but the
resistance is significant at this time.
The support at this time is at 1131 and trades below 1130 can
possibly put the formation into negative condition. It is
recommended to cancel the buy areas at 1126.70 - 1124.60 area.
Results: 02/03/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday 2-04-04 : NOTE: After
each support and resistance listed will designate a value
- (very major) holds the highest importance, then (major),
(very significant), and (significant) is of the least
value. Very aggressive
trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to
enter or complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where
stops ARE NOT mentioned, they should be placed below
the second support area listed or above the
second resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance
after the market trades through the second
support area listed. The first resistance
area becomes the support after the market trades
through the second resistance area
listed.
Resistance: For
the March contract -
1133.60 intra-day channel (major) / 1135
and 1135.70 peaks also 1136 day channel and 1136.40 day
top (very major area)
/ 1137.80 and 1138.50 peaks also 1138 minor day channel (major
area) / 1142 day top (major) /
1145.40 long-term major monthly channel (very
major area) / 1147.30 peak and 1148 day
top also 1148 minor day channel (major area) /
1152.80 long-term major weekly channel and 1153.80 weekly
channel also 1154 monthly channel and day top and 1154.80
minor weekly channel and 1155 weekly top (very
major area) / 1159.30 and 1159.40
long-term major weekly upper channels and 1160.70 minor
weekly upper channel (very
major area) / 1162.50 and 1163.50 day tops
(major area) / 1169 weekly top (major)
/ 1174.90 major monthly upper channel (major area).
Support: For
the March contract -
1132.50 and 1132 minor day channels (major area)
/ 1129.50 day bottom and 1128.70 major day channel (very
major area) / 1126.50 and 1126 day bottoms
(major area) / 1124.60 minor weekly
channel and 1123.80 weekly channel with GBX prices also
1123.40 minor day channel (very
major area) / 1121.90 long-term day
channel and 1121 weekly bottom (very
major area) / 1119.40 GBX bottom (major)
/ 1113.80 weekly bottom and 1111.70 long-term major
monthly channel also 1110.60 monthly closing price (very
major area) / 1108.90 weekly closing gap
and 1108.60 GBX bottom (major area) /
1103.80 weekly channel without GBX prices and 1103.50
monthly bottom also 1102 long-term major weekly channel (very
major area) / 1100.90 long-term major day
channel also 1098.50 and 1098.20 minor monthly channels
and 1097.20 weekly bottom (very
major area).
Comments:
The whiplashing action on Tuesday
remained inside the neutral area leaving the chart
with no solid direction. A trade above 1136 and 1138
is slightly bullish but only a trade above 1145.40 can
bring any solid bullishness back to the chart. A
trade today below 1128.70 is slightly bearish but
only a trade below 1124.60 - 1123.80 area can bring any
solid bearishness back to the chart. Remain
defensive inside the first neutral trading area between
1133.60 and 1128.70 and the second neutral area between
1136 - 1138 resistance area and 1124.60 - 1123.80 support
area. NOTE: A breakout to
either side of the wide major trading area between 1145.40
and 1111.70 can prove to point the direction.
Day
trades: For The March contract -
Aggressive traders can buy dips near 1127
- 1124.60 area and if possible near 1123.80 for obj. near
1130 - 1133 area. (Use a sell stop and rev. short at
1122.70).
Aggressive traders can sell rallies near
1135.50 - 1138 area for obj. near 1132 - 1130 area.
(Use a buy stop and rev. long at 1139.70).
Aggressive traders can sell
rallies near 1145.40 or buy dips near 1111.70, whichever
side comes first. Look for 3 to 6 points obj. from
either side and use a 4-point stop loss from each entry
point.
Buy stop at 1134.60 for obj. near 1136 -
1138 area.
Buy stop at 1139.70 for obj. near 1142 -
1145.70 area.
Buy stop at 1149.70 for obj. near 1152 -
1153 area.
Sell stop at 1122.70 for obj. near
1120.20 - 1119.40 area.
Sell stop at 1118 for obj. near 1114 -
1111.70 area.
Sell stop at 1107.70 for obj. near
1104.70 - 1103.80 area and possibly near 1103.50 - 1102
area.
Bulletin - Originally sent 02/04/04 (10:04 am est)
Long positions were taken at 1127. The rally up to
1129.30 is near enough to the 1130 obj. and completes the
trade.
Bulletin - Originally sent 02/04/04 (10:14 am est)
The sell-off down to the low end of the buy area at 1124.70
put traders into long positions again. The obj. will be
near 1128 - 1130 area. Continue to use a sell stop and
rev short at 1122.70
Bulletin - Originally sent 02/04/04 (10:19 am est)
Long positions were taken at 1125. The rally up to 1128
meets the obj. and completes the trade.
Bulletin - Originally sent 02/04/04 (2:38 pm est)
The sell-off brought prices down to 1123, which did not hit
the sell stop listed at 1122.70.
It is recommended for traders to cancel the sell stop at
1122.70 and only use the 1118 sell stop for short positions at
this time.
Results: 02/04/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Thursday 2-05-04 : NOTE: After
each support and resistance listed will designate a value
- (very major) holds the highest importance, then (major),
(very significant), and (significant) is of the least
value. Very aggressive
trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to
enter or complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where
stops ARE NOT mentioned, they should be placed below
the second support area listed or above the
second resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance
after the market trades through the second
support area listed. The first resistance
area becomes the support after the market trades
through the second resistance area
listed.
Resistance: For
the March contract -
1125.80 intra-day channel and 1126 peak (major
area) / 1127.20 intra-day channel and peak also
1127.50 and 1128.10 minor day channels (major
area) / 1132.30 day top and 1133 day gap also
1133 day channel (very major
area) / 1135.70 peak and 1136 day channel
also 1136.50 day top (very
major area) / 1142 day top (major)
/ 1145.40 long-term major monthly channel (very
major area) / 1147 minor day channel and
1147.30 peak also 1148 day top (major area) /
1152.80 long-term major weekly channel and 1153.80 weekly
channel also 1154 monthly channel and day top and 1154.80
minor weekly channel and 1155 weekly top (very
major area) / 1159.30 and 1159.40
long-term major weekly upper channels and 1160.70 minor
weekly upper channel (very
major area) / 1162.50 and 1163.50 day tops
(major area) / 1169 weekly top (major)
/ 1174.90 major monthly upper channel (major area).
Support: For
the March contract -
1123.70 long-term day channel (very
major area) / 1122.50 minor day channel
and 1121 weekly bottom also 1119.40 GBX bottom (major
area) / 1113.80 weekly bottom and 1111.70
long-term major monthly channel also 1110.60 monthly
closing price (very major
area) / 1108.90 weekly closing gap and
1108.60 GBX bottom (major area) / 1103.80
weekly channel without GBX price and 1103.50 monthly
bottom also 1102.30 long-term major day channel and 1102
long-term major weekly channel (very
major area) / 1098.50 and 1098.20 minor
monthly channels and 1097.20 weekly bottom (very
major area) / 1094.40 major weekly channel
and 1093.50 weekly closing gap and 1093.30 monthly channel
and 1093 GBX weekly bottom (very
major area) / 1092.50 and 1090.80 and
1090.20 day bottoms (major area) / 1088
weekly chart's major bottom and 1085.40 weekly closing price
(very major area).
Comments:
The sell-off on Wednesday from the
resistance area brought prices below the major weekly
channel closing the session in neutral to bearish
territory. A trade below the 1122.50 - 1119.40 area
can bring prices down to challenge the 1111.70 major
monthly support area, which can possibly stimulate some
substantial rallies. A trade below 1111.70 will be
the first major signal of a trend change to the downside.
A trade below 1102 and 1098.20 support areas will confirm
the downtrend intact for lower prices to follow. A
trade today above 1133 and 1136 area is slightly bullish
but only a trade above 1145.40 can bring any solid
bullishness back to the chart. Remain defensive
inside the first trading area between the 1127.50 -
1128.10 resistance area and the 1122.50 - 1119.40 support
area.
Day
trades: For The March contract -
Aggressive traders can buy
dips near 1122.50 - 1119.40 area or sell
rallies near 1126 - 1128 area, whichever side comes
first, to complete the trade. (Use a sell stop and
rev. short at 1117.70). (Use a buy stop and rev.
long at 1130.30).
Aggressive traders can attempt long positions
near 1113.80 - 1111.70 area for obj. near 1118 - 1120 area
and possibly near 1122. (Use a sell stop and rev.
short at 1107).
Aggressive traders can sell rallies near
1133 - 1136 area for obj. near 1130 - 1128 area.
(Use a buy stop and rev. long at 1139.30).
Buy stop at 1130.30 for obj. near 1132 -
1133 area and possibly near 1136.
Buy stop at 1139 for obj. near 1141 -
1142 area and possibly near 1145.40.
Sell stop at 1118 for obj. near 1115 -
1113.80 area and possibly near 1111.70.
Sell stop at 1107 for obj. near 1105 -
1103.50 area and possibly near 1102.
Bulletin - Originally sent 02/05/04 (9:27 am est)
It appears short positions will be taken on the open near
1126 - 1127 area. If so traders should look to exit
near 1123.50 - 1122.50 area and take profits.
Bulletin - Originally sent 02/05/04 (9:52 am est)
Short positions were taken on the open at 1127. The
sell-off down to 1124.50 is near enough to the 1123.50 obj.
for traders to consider taking profits and complete the
trade.
Bulletin - Originally sent 02/05/04 (11:55 am est)
The sell-off down to 1123 was near enough to the 1122.50
buy area and put traders into long positions. The
rally up to 1125.80 is near enough to the 1126 obj. and
completes the trade.
Bulletin - Originally sent 02/05/04 (1:18 pm est)
Long positions were taken again at 1123.50. The
rally up to 1127 meets the obj. and completes the trade.
The rally up to the high end of the sell area at 1128 put
traders into short positions again. The obj. is now
at 1125.50 - 1124.50 area. Continue to use a buy
stop and rev long at 1130.30
Bulletin - Originally sent 02/05/04 (1:43 pm est)
Cancel the buy stop at 1130.30 and bring it up to 1131.20
to rev long.
Bulletin - Originally sent 02/05/04 (2:40 pm est)
The buy stop and rev long was changed from 1130.30 to
1131.20. If the buy stop gets hit at 1131.20 the
obj. will then be 1133 - 1136 area, where short positions
will be considered again.
Bulletin - Originally sent 02/05/04 (3:22 pm est)
The short position that was taken at 1128 meet the obj. at
1125.50 and completed the trade.
Bulletin - Originally sent 02/05/04 (3:26 pm est)
Cancel the buy stop at 1131.20.
The 1133 - 1136 area will still be considered a sell area
today for short positions.
Bulletin - Originally sent 02/05/04 (3:46 pm est)
After the rally from the 1124.80 support and the sell-off
again from the 1129.70 resistance, put the market in total
neutral condition. A trade above the 1130.20 top can
prove to be bullish enough at this time to bring higher
prices from the technical support that has been developing
over the course of today.
It is recommended for traders to cancel the sell at the
1133 - 1136 area and wait for tomorrow's signals. A
close above the 1130 area today will put the chart
slightly into bullish conditions for tomorrow.
Results: 02/05/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Friday 2-06-04 : NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is of the least value. Very
aggressive trades - are trades that are
against the trend or a high dollar risk when wide stops are
used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops
ARE NOT mentioned, they should be placed below the
second support area listed or above the second
resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance after
the market trades through the second support area
listed. The first resistance area becomes the support
after the market trades through the second
resistance area listed.
Resistance: For
the March contract -
1127.20 intra-day channel and 1127.80 minor day channel with
GBX prices (major area) / 1129.50 intra-day
channel and 1129.70 peak also 1130 major day channel and
1130.20 day top (very major
area) / 1132.30 day top and 1133 day gap also
1133.60 GBX top and 1134 day channel (very
major area) / 1136.50 day top (major)
/ 1142 day top (major) / 1145.40 long-term
major monthly channel and 1146 minor day channel (very
major area) / 1147.30 peak and 1148 day top (major
area) / 1152.80 long-term major weekly channel and
1153.80 weekly channel also 1154 monthly channel and day top
and 1154.80 minor weekly channel and 1155 weekly top (very
major area) / 1159.30 and 1159.40 long-term
major weekly upper channels and 1160.70 minor weekly upper
channel (very major area)
/ 1162.50 and 1163.50 day tops (major area) /
1169 weekly top (major) / 1174.90 major
monthly upper channel (major area).
Support: For
the March contract -
1126 base and 1125.50 intra-day channel also 1124.80 base (major
area) / 1124 newly developed long-term day channel
and 1123 double day bottom (very
major area) / 1122.30 GBX bottom and 1121.80
minor channel with GBX prices also 1121 weekly bottom and
1119.40 GBX bottom (major area) / 1113.80
weekly bottom and 1111.70 long-term major monthly channel
also 1110.60 monthly closing price (very
major area) / 1108.90 weekly closing gap and
1108.60 GBX bottom (major area) / 1103.80
weekly channel without GBX prices and 1103.60 long-term
major day channel also 1103.50 monthly bottom and 1102
long-term major weekly channel (very
major area) / 1098.50 and 1098.20 minor
monthly channels and 1097.20 weekly bottom (very
major area) / 1094.40 major weekly channel
and 1093.50 weekly closing gap also 1093.30 monthly channel
and 1093 GBX weekly bottom (very
major area) / 1092.50 and 1090.80 and
1090.20 day bottoms (major area) / 1088
weekly chart's major bottom and 1085.40 weekly closing price
(very major area).
Comments:
The narrow whiplashing action on Thursday
proved the neutral conditions in this area. This neutral
condition leaves the chart neutral and very defensive
inside an even narrower trading area between the 1130 - 1134
resistance and the 1124 - 1121.90 support. A breakout to
either side will challenge the major trading area between the
1145.40 major resistance and the 1111.70 major support.
Remain defensive inside the first trading area until a solid
direction is established.
Day
trades: For The March contract -
Aggressive traders can sell
rallies near 1127 - 1130 area or buy dips near 1125.50 - 1124
area, whichever side comes first, to complete the trade.
(Use a buy stop and rev. long at 1131.60). (Use a sell
stop and rev. short at 1118.60).
Aggressive traders can attempt short positions
near 1144 - 1146 area for obj. near 1140 - 1138 area and
possibly near 1136. (Use a buy stop and rev. long at
1149.30).
Aggressive trader can attempt long positions
near 1113.80 - 1111.70 area and if possible near 1108.90 gap
for obj. near 1118 - 1120 area and possibly near 1122.
(Use a sell stop and rev. short at 1107).
Buy stop at 1131.60 for obj. near 1133 - 1134
area.
Buy stop at 1138.30 for obj. near 1141 - 1142
area and possibly near 1145.40.
Buy stop at 1149.30 for obj. near 1151.30 -
1152.80 area.
Sell stop at 1118.60 for obj. near 1115 -
1113.80 area and possibly near 1111.70.
Sell stop at 1107 for obj. near 1105 -
1103.80 area and possibly near 1102.
Bulletin - Originally sent 02/06/04 (9:44 am est)
Short positions were taken on the opening at 1129.50.
Because of the technical support that has developed from
yesterday, and the rally above the 1130 level, puts the chart in
slightly bullish conditions.
It is recommended for traders to exit the short position at the
market, which is trading at 1128.50 and take a small profit and
scratch the trade.
Bulletin - Originally sent 02/06/04 (10:10 am est)
The buy stop at 1131.60 was hit putting traders into long
positions. The rally up to 1133 meets the obj. and completes
the trade.
Bulletin - Originally sent 02/06/04 (10:48 am est)
The buy stop was hit at 1138.30 putting traders into long
positions. The market is proving to show resistance at
1139.70 because of the very major resistance area at 1145.40.
It is recommended for traders to exit the long positions at 1138
and scratch the trade.
Results: 02/06/04
The
week in review - 02/09/04
- 02/13/04
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S & P -
For Monday 2-09-04 : NOTE: After
each support and resistance listed will designate a value - (very major)
holds the highest importance, then (major), (very significant), and
(significant) is of the least value. Very
aggressive trades - are trades that are against the trend
or a high dollar risk when wide stops are used. "The
Golden Rule" - Do not
use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or complete a
trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE NOT
mentioned, they should be placed below the second support area
listed or above the second resistance area listed, or 22
points from the (trade entry point), whichever is the lesser
amount. NOTE: The first
support area becomes the resistance after the market trades
through the second support area listed. The first
resistance area becomes the support after the market trades through the second
resistance area listed.
Resistance: For
the March contract -
1140.50 day channel and 1141.20 minor day channel also 1141.80 intra-day
channel and 1142 double top (major area) / 1145 minor
day channel and 1145.40 long-term monthly channel (very
major area) / 1148 day top and 1150.70 long-term major
weekly channel (very major area)
/ 1152.70 weekly channel and 1154 monthly channel also 1154 day top and
1154.50 minor weekly channel also 1155 weekly top and 1156.80 weekly top
(very major area) /
1162.50 and 1163.50 day tops also 1163.60 and 1163.70 long-term major
weekly upper channel (very major area)
/ 1166.40 minor weekly upper channel and 1169 weekly top (major
area) / 1174.90 major monthly upper channel (major
area) / 1177 and 1178.50 monthly double top area and 1180
weekly closing gap in the March contract (very
major area) / 1187 minor weekly upper channel and
1187.50 weekly closing price also 1189.50 weekly top (major
area) / 1191.20 weekly closing price and 1193 minor weekly
upper channel (major area).
Support: For
the March contract -
1137.30 intra-day channel also 1137.20 and 1136.30 base also 1135.80 and
1135.30 base (major area) / 1131.80 and 1131 newly
developed weekly channel also 1131 and 1129.70 minor day channels (very
major area) / 1127 day bottom and 1126.40 day gap also
1126 GBX bottom and 1125.70 major day channel (very
major area) / 1123.70 minor day channel and 1123 weekly
bottom also 1122.30 GBX weekly bottom (very
major area) / 1121 weekly bottom and 1119.40 GBX bottom (major
area) / 1113.80 weekly bottom and 1111.70 long-term major monthly
channel also 1110.60 monthly closing price and 1110.10 weekly channel
without GBX prices (very major area)
/ 1108.90 weekly closing gap and 1108.70 long-term major weekly channel
also 1108.60 GBX bottom (very major area)
/ 1103.50 monthly bottom (major area) / 1098.50 and
1098.20 minor monthly channels and 1097.20 weekly bottom (very
major area) / 1093.50 weekly closing gap and 1093.30
monthly channel also 1093 GBX weekly bottom (very
major area).
Comments:
The rally on Friday from the support area was
significant bringing prices up near the double top and 1142 and still
facing the 1145.40 major monthly channel. A trade above the 1145.40
monthly channel is bullish and can bring prices up to challenge the double
top areas at 1148, 1154 and 1155. A trade above 1163.80 will be
considered a breakout for prices to challenge the 1177 - 1178.50 major
double top area. A trade below 1131.80 - 1131 area is slightly
bearish but a trade below 1125.70 - 1123.70 channels and 1122.30 - 1121
bottoms can bring prices down to challenge the 1111.70 major monthly
channel. Only a trade below 1111.70 can possibly change the major
trend to the downside. Remain defensive inside the 1141 - 1131 first
trading range and the 1145.40 - 1125.70 major trading range.
Day trades:
For The March contract -
Aggressive traders can sell rallies near
1140 - 1141 or buy dips near 1138 - 1137.30 area, whichever side comes
first to complete the trade. (Use a buy stop and rev. long at
1143.70). (Use a sell stop and rev. short at 1135).
Aggressive traders can sell rallies near 1144.70 -
1145.40 area for obj. near 1142 - 1139 area. (Use a buy stop and
rev. long at 1148.70).
Buy stop at 1143.70 for obj. near 1144.70 - 1145.40 area.
Buy stop at 1148.70 for obj. near 1150 - 1152 area.
Buy stop at 1158.70 for obj. near 1162 - 1164 area.
Sell stop at 1135 for obj. near 1132.80 - 1131.80 area.
Sell stop at 1118 for obj. near 1115 - 1111.70 area.
Bulletin - Originally sent 02/09/04 (9:51 am est)
Short positions were taken on the open at 1141.50.
The sell-off down to 1139.30 seems worthy enough to take profits
due to the fact on the neutral conditions at this time.
Bulletin - Originally sent 02/09/04 (9:58 am est)
Since the first trade is now complete with a sell at 1141.50 and
a buy at 1139.50 it is recommended to cancel the buy stop and
rev. long at 1143.70. The buy at 1143.70 is too risky to
meet the obj. at this time due to the fact of the
significance of the 1145.40 resistance. The sell at
1144.70 - 1145.40 will remain for short positions to be taken.
Results: 02/09/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Tuesday 2-10-04 : NOTE: After
each support and resistance listed will designate a value
- (very major) holds the highest importance, then (major),
(very significant), and (significant) is of the least
value. Very aggressive
trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop
inside a buy area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to
enter or complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where
stops ARE NOT mentioned, they should be placed below
the second support area listed or above the
second resistance area listed, or 22 points from the (trade
entry point), whichever is the lesser amount. NOTE: The
first support area becomes the resistance
after the market trades through the second
support area listed. The first resistance
area becomes the support after the market trades
through the second resistance area
listed.
Resistance: For
the March contract -
1141.50 and 1141.70 peaks (major area) /
1142.70 and 1142.90 peaks (major area) /
1143.20 minor day channel and 1143.80 day top also 1144
minor day channel and 1145.40 long-term major monthly
channel (very major area)
/ 1148 day top (major) / 1150.70
long-term weekly channel and 1152.70 weekly channel (very
major area) / 1154 monthly channel and
1154 day top also 1154.50 minor weekly channel and 1155
weekly top also 1156.80 weekly chart's top (very
major area) / 1162.50 and 1163.50 day
tops also 1163.60 and 1163.70 long-term major weekly upper
channel (very major area)
/ 1166.40 minor weekly upper channel and 1169 weekly top (major
area) / 1174.90 major monthly upper channel (major
area) / 1177 and 1178.50 monthly double top area
and 1180 weekly closing gap in the March contract (very
major area) / 1187 minor weekly upper
channel and 1187.50 weekly closing price also 1189.50
weekly top (major area) / 1191.20 weekly
closing price and 1193 minor weekly upper channel (major
area).
Support: For
the March contract -
1138 day bottom and 1137.10 base (major area)
/ 1136.30 and 1135.80 base also 1135 minor day channel (major
area) / 1133.40 minor GBX channel (major)
/ 1131.80 and 1131 weekly channels (very
major area) / 1127.50 minor day channel
and 1127 day bottom also 1126.40 day gap and 1126.10 minor
weekly channel also 1126 GBX bottom and 1125.10 minor
weekly channel with GBX prices (very
major area) / 1123.80 minor day channel
and 1123 weekly bottom also 1122.30 GBX weekly bottom (major
area) / 1121 weekly bottom and 1119.40 GBX
bottom (major area) / 1113.80 weekly
bottom and 1111.70 long-term major monthly channel also
1110.60 monthly closing price and 1110.10 weekly channel
without GBX prices (very
major area) / 1108.90 weekly closing gap
and 1108.70 long-term major weekly channel also 1108.60
GBX bottom (very major area)
/ 1103.50 monthly bottom (major area) /
1098.50 and 1098.20 minor monthly channels and 1097.20
weekly bottom (very major
area) / 1093.50 weekly closing gap and
1093.30 monthly channel also 1093 GBX weekly bottom (very
major area).
Comments:
The narrow trading range on Monday
leaves the chart neutral inside the 1143.20 - 1135 trading
area. The major trading area is now between 1145.40
and 1131. A trade above 1145.40 is bullish for
prices to challenge the 1148, 1154 and 1155 top areas and
a trade below 1131 is bearish for prices to challenge the
1125.10 - 1123.80 area. Below 1121 - 1119.40 area
can bring prices down to challenge near the 1111.70
major support area. Remain defensive until the
market can prove a solid direction.
Day
trades: For The March contract -
Aggressive traders can buy
dips near 1137 - 1135 area or sell rallies near 1143 -
1145.40 area, whichever side comes first, to complete the
trade. (Use a sell stop and rev. short at 1133).
(Use a buy stop and rev. long at 1146.70).
Aggressive traders can buy dips near
1131.80 - 1131 area for obj. near 1135 - 1138 area.
(Use a sell stop and rev. short at 1129.70).
Buy stop at 1146.70 for obj. near 1148 -
1150.70 area and possibly near 1152.70.
Buy stop at 1158 for obj. near 1161 -
1163.70 area.
Sell stop at 1129.70 for obj. near
1127.50 - 1126.10 area.
Sell stop at 1118 for obj. near 1114 -
1111.70 area.
Bulletin - Originally sent 02/10/04 (9:26 am est)
In the first trade the sell stop and rev. short at 1133 is
being changed to 1134.70.
Sell stop at 1134.70 for obj. near 1132 - 1131 area.
Bulletin - Originally sent 02/10/04 (9:39 am est)
The sell off down to 1137.50 is near enough to the 1137 buy
area, putting traders into long positions. The obj. is
now changed to 1142 - 1144 area. (Continue to use a sell
stop and rev. short at 1134.70).
Bulletin - Originally sent 02/10/04 (10:06 am est)
Long positions were taken at 1137.80. The rally up to
1141 is near enough to the 1142 obj. for traders to consider
taking profits and completes this trade.
Bulletin - Originally sent 02/10/04 (11:09 am est)
The rally up to 1143.50 brought prices to the sell area
putting traders into short positions. Short positions
were taken at 1143. The obj. at this time is near
1140.50 - 1139. (Continue to use a buy stop and rev.
long at 1146.70).
Bulletin - Originally sent 02/10/04 (11:33 am est)
Short positions were taken at 1143. The market is
showing signs of support at the 1142.10 area that could
possibly bring prices up near the 1145.40 resistance.
It is recommended for traders to exit the short positions at
the market, which is trading at 1141.80 and take the small
profits and complete the trade.
Bulletin - Originally sent 02/10/04 (11:37 am est)
Aggressive traders can attempt short positions near 1145 -
1145.40 area. The obj. for this short position will be
near 1142.50 - 1141.50 area. (Continue to use a buy stop
and rev. long at 1146.70).
Bulletin - Originally sent 02/10/04 (1:44 pm est)
Short positions were taken at the major resistance at 1145.40.
The sell off down to 1144.20 is showing signs of support and
because the market traded above the 1145.40 resistance, it is
not worth holding the short position at this time.
Exit all short positions at the market, which is trading at
1144.80 at this time.
Results: 02/10/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday 2-11-04 : NOTE: After
each support and resistance listed will designate a
value - (very major) holds the highest importance, then
(major), (very |