The Tech Guru Commodity Report 

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Archived S & P Daily Reports

THERE IS RISK OF LOSS IN ALL TRADING. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALL RESULTS ARE HYPOTHETICAL. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

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The week in review - 03/01/04 - 03/05/04
The Tech Guru's S & P Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Monday 03-01-04:  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 -
1144.70 newly developed minor weekly channel and 1146 peak (major area) / 1149.40 newly developed long-term major monthly channel and 1149.80 peak also 1150.60 day channel (very major area) / 1153.90 newly developed major monthly channel and 1154.50 long-term major weekly channel (very major area) / 1156.50 major weekly channel and 1157.90 newly developed minor monthly channel also 1158.30 weekly channel and 1158.70 weekly top and 1159.10 minor weekly upper channel (very major area) / 1162.30 daily upper channel also 1162.50 and 1163.50 day tops also 1163.80 minor weekly upper channel (very major area) / 1169 weekly top (major) / 1176.60 long-term major weekly upper channel also 1177 and 1178.50 monthly double top and 1180 weekly closing gap (very major area) / 1183.50 minor weekly upper channel and 1185.30 major weekly upper channel (very major area) / 1187 weekly closing price and 1189.50 weekly top (major area) / 1194.80 major monthly upper channel (very major area)
 
Support:  For the March contract -
1143.20 and 1142.40 minor day channels also 1142.50 minor monthly channel (major area) / 1141.20 major monthly channel and 1140.70 weekly channel also 1140.50 day bottom also 1139.40 and 1139.20 major day channels (very major area) / 1137.80 day bottom and 1137 GBX bottom also 1136.80 minor weekly channel and 1136.50 day channel (very major area) / 1133.60 minor weekly channel and 1133.20 weekly bottom (major area) / 1130.80 day channel (major) / 1128.70 long-term major weekly channel and 1127 day bottom also 1126.40 day gap and 1126 GBX bottom and 1125.30 long-term major day channel (very major area) / 1123 weekly bottom and 1122.30 GBX weekly bottom also 1121 weekly bottom and 1120.80 minor monthly channel (very major area) / 1119.40 GBX bottom and 1118.10 are both major monthly and weekly channels (very major area) / 1113.80 weekly bottom also 1112 weekly bottom to 1108.90 weekly closing gap (very major area) / 1103.50 monthly bottom (major) / 1097.20 weekly bottom to 1194.20 weekly bottom also 1093.50 weekly closing gap (very major area).   
 
Comments:
The closing price on Friday was below the 1149.40 resistance area but managed to close up from last week's and last month's closing prices, which leaves the chart dead neutral with no solid direction.  The possibility of a rally above the 1158.70 top area can still develop as easily as a sell off below the 1136.60 and 1128.70 major support areas.  A trade above the 1163.80 channel can challenge prices near the 1176.60 area and the 1177-1178.50 double top area.  A trade today below 1136.50 is bearish but only a trade below 1128.70 can bring solid bearishness into the chart.  Remain defensive inside the first neutral trading area between the 1149.40 -1150.60 resistance and 1142.50 -1139.20 support area.  The major weekly trading area remains between 1163.80 -1128.70 area.   
                                     
Day trades:  For The March contract -
 
Aggressive traders can sell rallies near 1149.40 - 1150.60 area or buy dips near 1143.20 - 1140.10 area, whichever side comes first, to complete the trade.  (Use a buy stop and rev. long at 1152).  (Use a sell stop and rev. short at 1139).
 
Buy stop at 1152 for obj. near 1153.50 - 1156 area and possibly near 1157.90.
Buy stop at 1165 for obj. near 1168 - 1169 area.
Buy stop at 1170 for obj. near 1174 - 1176.60 area and possibly near 1177 - 1178.50 top area.
 
Sell stop at 1139 for obj. near 1137.50 - 1136.50 area.
Sell stop at 1135 for obj. near 1131.50 - 1128.70 area.
 

* 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 03/01/04 (9:35 am est)
 
Short positions were taken at 1149, which is near enough to the 1149.40 sell area.  The obj. still remains at 1143.20.  (Continue to use a buy stop and rev long at 1152).

Bulletin - Originally sent 03/01/04 (10:22 am est)

 
The buy stop was hit at 1152 putting traders into long positions.  The market fail to reach the obj. and is now showing resistance.
 
It is recommended to exit the long position at the market, which is trading at 1151 and scratch the trade with a small loss.

Bulletin - Originally sent 03/01/04 (10:33 am est)

 
Aggressive traders can sell at 1151 - 1150 area for obj. near 1146 - 1144 area.
 
(Use a protective buy stop at 1152.90.  Do not rev. long).

Bulletin - Originally sent 03/01/04 (11:17 am est)

 
Short positions were taken at 1150.50.  The sell-off down to 1146.80 is near enough to the 1146 obj. and completes the trade.

Results:    03/01/04

Sold @ 1149 Bought @ 1152   = -  $   750.00     sold as per bulletin         
Bought @ 1152 Sold @ 1151 = -  $   250.00     sold as per bulletin
Sold @ 1150.50 Bought @ 1146.80 = + $   925.00     sold as per bulletin
Bought @ 1152 Sold @ 1156 = + $1,000.00
TOTAL (P & L)    + $   925.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Tuesday 03-02-04:  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 -
1157.40 Newly developed day channel and 1157.50 day top also 1157.90 minor monthly channel and 1158.30 weekly channel also 1158.70 weekly top and 1159.10 minor weekly upper channel (very major area) / 1162.60 daily upper channel also 1162.50 and 1163.50 day tops also 1163.80 minor weekly upper channel (very major area) / 1169 weekly top (major) / 1176.60 long-term major weekly upper channel also 1177 and 1178.50 monthly double top and 1180 weekly closing gap (very major area) / 1183.50 minor weekly upper channel and 1185.30 major weekly upper channel (very major area) / 1187 weekly closing price and 1189.50 weekly top (major area) / 1194.80 major monthly upper channel (very major area)
 
Support:  For the March contract -
1155.20 and 1155 Intra-Day channels also 1154.10 base and 1153.10 minor day channel without GBX prices (major area) / 1151.30 and 1151 base area (major area) / 1148.10 minor day channel and 1146.80 day bottom (major area) / 1145.90 and 1144.70 minor day channels also 1144.60 weekly closing gap and 1144.30 GBX bottom (major area) / 1141 and 1140.70 major day channels also 1140.50 day bottom (very major area) / 1137.80 day bottom and 1137.40 day channel also 1137 GBX bottom and 1136.80 minor weekly channel (very major area) / 1133.60 minor weekly channel and 1133.20 weekly bottom (major area) / 1131.30 day channel (major) / 1128.70 long-term major weekly channel and 1127 day bottom also 1126.70 long-term major day channel and 1126.40 day gap and 1126 GBX bottom and (very major area) / 1123 weekly bottom and 1122.30 GBX weekly bottom also 1121 weekly bottom and 1120.80 minor monthly channel (very major area) / 1119.40 GBX bottom and 1118.10 are both the major monthly and major weekly channels (very major area) / 1113.80 weekly bottom also 1112 weekly bottom to 1108.90 weekly closing gap (very major area) / 1103.50 monthly bottom (major) / 1097.20 weekly bottom to 1194.20 weekly bottom also 1093.50 weekly closing gap (very major area).   
 
Comments:
The rally on Monday brought prices up near a very critical resistance area but it managed to close near the high for the day, which leaves the chart in a neutral to slightly bullish condition.  A trade today above 1159.10 is bullish but only a trade above the 1162.60 - 1163.80 area will be considered a breakout for higher prices to follow.  A trade today below 1145.90 - 1144.70 area is slightly bearish but only a trade below 1137.40 -1136.80 area can bring any solid bearishness back to the chart.  Remain defensive inside the first neutral trading area between 1159.10 and 1153.10 area. 
                                     
Day trades:  For The March contract -
 
Aggressive traders can sell rallies near 1157.40 - 1159.10 area or buy dips near 1155.20 - 1153.10 area, whichever side comes first, to complete the trade.  (Use a buy stop and rev. long at 1160).  (Use a sell stop and rev. short at 1151.50).
 
Buy stop at 1160 for obj. near 1162 - 1163.80 area.
Buy stop at 1165 for obj. near 1168 - 1169 area.
Buy stop at 1171 for obj. near 1174 - 1176.60 area and possibly near 1177 - 1178.50 top area.
 
Sell stop at 1140 for obj. near 1138 - 1136.80 area.
Sell stop at 1135.50 for obj. near 1133.60 - 1131.30 area and possibly near 1128.70.
 

* 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 03/02/04 (9:57 am est)

 
Long positions  were taken on the open at 1154.  The rally up to 1156.40 is near enough to the 1157.40 obj. to consider taking profits and complete the trade.

Bulletin - Originally sent 03/02/04 (12:25 pm est)

 
The sell stop was hit at 1151.50 putting traders into short positions.  The obj. remains near 1148.50 - 1146.50 area.

Bulletin - Originally sent 03/02/04 (12:35 pm est)

 
NOTE:  The sell stop and rev. short at 1151.50 was listed in the first trade but was an oversight and not listed at the bottom of the page with all the other sell stops as usual.  Sorry for the inconvenience. 

Bulletin - Originally sent 03/02/04 (1:14 pm est)

 
Short positions were taken at 1151.50.  The sell-off down to 1149.10 is near enough to the 1148.50 obj. and completes the trade.

Results:    03/02/04

Bought @ 1154 Sold @ 1156.40   = + $   600.00           
Sold @ 1156.40 Bought @ 1154 = + $   600.00     
Sold @ 1151.50 Bought @ 1149.20 = + $   575.00
TOTAL (P & L)    +  $1,775.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Wednesday 03-03-04:  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 -
1149.70 and 1150.30 peaks (major area) / 1152 intra-day channel and 1152.20 intra-day gap also 1153 peak (major area) / 1154.20 intra-day channel and 1155.50 minor day channel also 1155.70 peak (very major area) / 1156.50 day top and 1157.10 minor day channel also 1157.50 day top (major area) / 1157.50 day top and 1157.90 minor monthly channel also 1158.30 weekly channel and 1158.70 weekly top also 1159.10 minor weekly upper channel (very major area) / 1162.50 day top and 1162.90 daily upper channel also 1163.50 day top and 1163.80 minor weekly upper channel (very major area) / 1169 weekly top (major) / 1176.60 long-term major weekly upper channel also 1177 and 1178.50 monthly double top and 1180 weekly closing gap (very major area) / 1183.50 minor weekly upper channel and 1185.30 major weekly upper channel (very major area) / 1187 weekly closing price and 1189.50 weekly top (major area) / 1194.80 major monthly upper channel (very major area)
 
Support:  For the March contract -
1148.60 and 1147 minor day channels and 1146.50 day bottom (major area) / 1144.60 weekly closing gap and 1144.30 GBX bottom (major area) / 1142.50 and 1142.30 major day channels also 1141.20 major monthly channel and 1140.50 major weekly channel and day bottom (very major area) / 1138.20 day channel and 1137.80 day bottom also 1137 GBX bottom and 1136.80 minor weekly channel (very major area) / 1133.60 minor weekly channel and 1133.20 weekly bottom (major area) / 1131.80 day channel (major area) / 1128.70 long-term major weekly channel and 1127 day bottom also 1126.40 day gap and 1126 GBX bottom (very major area) / 1123 weekly bottom and 1122.30 GBX weekly bottom also 1121 weekly bottom and 1120.80 minor monthly channel (very major area) / 1119.40 GBX bottom and 1118.10 are both the major monthly and major weekly channels (very major area) / 1113.80 weekly bottom also 1112 weekly bottom to 1108.90 weekly closing gap (very major area) / 1103.50 monthly bottom (major) / 1097.20 weekly bottom to 1194.20 weekly bottom also 1093.50 weekly closing gap (very major area).   
 
Comments:
    The sell-off on Tuesday from the major resistance brought prices down to a major support leaving the chart dead neutral again.  A trade today above 1155.50 is slightly bullish but only a trade above 1159.10 and 1163.80 can bring any solid bullishness back to the chart.  A trade below  the 1142.50 - 1142.30 channels and 1140.50 is slightly bearish but only a trade below the 1136.80 channel can bring any solid bearishness back to the chart.  Remain defensive inside the first neutral trading area between 1155.50 and 1147 area and also the second neutral area between 1157.90 and 1142.50 area.
                                     
Day trades:  For The March contract -
 
Aggressive traders can buy dips near 1148 - 1147 area or sell rallies near 1153 - 1155.50 area, whichever side comes first, to complete the trade.  (Use a sell stop and rev. short at 1146).  (Use a buy stop and rev. long at 1160).
 
Sell stop at 1146 for obj. near 1144.60 - 1142.50 area.
Sell stop at 1140 for obj. near 1138.20 - 1136.80 area.
Sell stop at 1135.50 for obj. near 1133.60 - 1131.80 area.
Sell stop at 1131 for obj. near 1128.70 and possibly near 1126.40 gap area.
 
Buy stop at 1160 for obj. near 1162 - 1163.80 area.
Buy stop at 1165 for obj. near 1168 - 1169 area.
Buy stop at 1171 for obj. near 1174 - 1176.60 area and possibly near 1177 - 1178.50 top area.
 

* 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 03/03/04 (10:20 am est)

 
The sell stop at 1146 was hit on the open putting traders into short positions.  The market is showing support at the 1145.50 area preventing the obj. from being hit. 
 
It is recommended to exit the short position at the market, which is trading at 1146 at this time and scratch the trade.

Bulletin - Originally sent 03/03/04 (2:56 pm est)

 
The rally up to 1152.70, which actually formed an intra-day double top was near enough to the 1153 sell area putting traders into short positions. 
 
The sell-off down to 1150 is worthy enough to consider taking profits being that it is near enough to the 1148 obj. and now appears to have some support.  This completes the trade.

Results:    03/03/04

Sold @ 1146 Bought @ 1146   =    $      -0-        bought as per bulletin  
Sold @ 1152.50 Bought @ 1150 = + $   625.00     
TOTAL (P & L)    + $   625.00
 
A TECHNICAL GUIDE FOR DAY TRADING THE S & P
S & P - For Thursday 03-04-04:  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 -
1151.40 peak and 1151.60 intra-day channel (major area) / 1152.20 peak and 1152.70 day top also 1153 peak and 1154.50 minor day channel (major area) / 1156.90 day and 1157.50 day top (major area) / 1157.90 minor monthly channel and 1158.30 weekly channel also 1158.70 weekly top and 1159.10 minor weekly upper channel (very major area) / 1162.50 and 1163.50 day tops also 1163.20 daily upper channel and 1163.80 minor weekly upper channel (very major area) / 1169 weekly top (major) / 1176.60 long-term major weekly upper channel also 1177 and 1178.50 monthly double top and 1180 weekly closing gap (very major area) / 1183.50 minor weekly upper channel and 1185.30 major weekly upper channel (very major area) / 1187 weekly closing price and 1189.50 weekly top (major area) / 1194.80 major monthly upper channel (very major area)
 
Support:  For the March contract -
1149.80 and 1149.30 base also 1148.90 intra-day channel (major area) / 1145.10 and 1144.80 base area also 1143.70 major day channel and 1143 day bottom (major area) / 1141.20 major monthly channel and 1140.50 major weekly channel (very major area) / 1139 day channel and 1137.80 day bottom also 1137 GBX bottom and 1136.80 minor weekly channel (very major area) / 1133.60 minor weekly channel and 1133.20 weekly bottom also 1132.30 day channel (major area) / 1129.90 monthly closing price and 1129.40 long-term major day channel (very major area) / 1127 day bottom and 1126.40 day gap also 1126 GBX bottom (major area) / 1123 weekly bottom and 1122.30 GBX weekly bottom also 1121 weekly bottom and 1120.80 minor monthly channel (very major area) / 1119.40 GBX bottom and 1118.10 are both the major monthly and major weekly channels (very major area) / 1113.80 weekly bottom also 1112 weekly bottom to 1108.90 weekly closing gap (very major area).
 
Comments:
The whiplashing action on Wednesday proved the neutral condition but the market managed to closed up for the day leaving the chart in neutral to slightly bullish condition.  A trade today above 1159.10 is bullish but only a trade above 1163.80 will be considered a breakout for higher price.  A trade below 1143.70 - 1141.20 area is slightly bearish but only a trade below 1140.50 and 1139 area and also 1136.80 can bring any solid bearishness into the chart.  Remain defensive inside the first neutral trading area between 1154.50 and 1143.70 area. 
                                         
Day trades:  For The March contract -
 
Aggressive traders can sell Rallies near 1151.60 - 1153 area and if possible near 1154.50 for obj. near 1149.20 - 1148.90 area.  (Use a buy stop and rev. long at 1155.10).