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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.
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
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.
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
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.
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
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).
Aggressive
traders can sell rallies
near 1156.90 - 1158.30
area and if possible
near 1159.10 for obj.
near 1155 - 1154 area.
(Use a buy stop and
rev long at 1160).
Aggressive
traders can buy dips
near 1144.50 - 1143.70
area and if possible
near 1142.50 for obj.
near 1147 - 1149 area.
(Use a sell stop and
rev short at 1135.70).
(Conservative traders
can use a protective
sell stop at 1140.
Do not rev. short).
Buy stop
at 1155.10 for obj.
near 1156.70 - 1157.90
area.
Buy stop
at 1160 for obj. near
1162 - 1163.80 area.
Buy stop
at 1165 for obj. near
1168 - 1169 area.
Sell stop
at 1135.70 for obj.
near 1133.70 - 1132.30
area.
Sell stop
at 1131.50 for obj.
near 1130 - 1129.40
area.
Sell stop
at 1128.70 for obj.
near 1127 - 1126.40
gap area.
Bulletin - Originally sent 03/04/04 (10:19 am est)
Short positions were
taken at 1152. The
sell-off down to 1149.80
is near enough to the
1149.20 obj. and
completes the trade.
Bulletin - Originally sent 03/04/04 (1:46 pm est)
Short positions were
taken at the high end of
the sell area at
1154.50. The obj.
is to exit near 1152 -
1151 area.
Continue to use a buy
stop and rev. long at
1155.10.
NOTE: The high
today is 1155.
Traders using the report
to trade the e-mini
should still be short
even though the e-mini
extended a little higher
then the big contract.
Bulletin - Originally sent 03/04/04 (1:56 pm est)
Short positions were
taken at 1154.50.
The sell-off down to
1152.20 is near enough
to the 1152 obj. and
completes the trade.
Results: 03/04/04
A
TECHNICAL GUIDE FOR
DAY TRADING THE S
& P
S
& P - For Friday
03-05-04: 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 -
1154.30 minor day
channel and 1155 day
top also 1156.80
minor day channel (very
major area)
/ 1157.50 day top
and 1157.90 minor
monthly 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 1163.50 daily
upper channel and
1163.80 minor weekly
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 -
1153.50
intra-day channel
also 1152.80 and
1152.20 base (major
area) /
1151.80 and 1151.50
base (major
area) /
1149.40 day bottom (major)
/ 1146.20 day
channel and 1145.30
major day channel (very
major area)
/ 1143 day bottom (major)
/ 1141.20 major
monthly channel and
1140.50 major weekly
channel also 1140.50
day bottom and
1139.90 major day
channel (very
major area)
/ 1137.80 day bottom
and 1137 GBX bottom
also 1136.80 minor
weekly channel (very
major area)
/ 1133.60 minor
weekly channel and
1133.20 weekly
bottom also 1132.80
day bottom (major
area) /
1130.80 long-term
day channel and
1129.90 monthly
closing price (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
rally on Thursday,
as small as it was,
still managed to
close up for the
second day leaving
the chart in neutral
to slightly bullish
condition again, as
was also seen in
Monday's session. This
similar condition
still faces major
resistance at both
the 1158.70 top area
and the 1163.80
channel. Only
a trade above
1163.80 will bring
any solid
bullishness back to
the chart for higher
prices. A
trade today below
1146.20 - 1145.30
area is slightly
bearish but only a
trade below 1140.50
and 1136.80 can
bring any solid
bearishness back to
the chart.
Remain defensive
inside the first
neutral trading area
between 1157.90 -
1145.30 area and
also between the
major weekly trading
area at 1163.80 and
1136.80.
Day
trades:
For The March
contract -
Aggressive
traders can
sell
rallies near 1156 -
1157.90 area and if
possible near
1159.10 for obj.
near 1153.50 -
1152.80 area.
(Use a buy stop and
rev. long at
1160.10).
Aggressive
traders can buy
dips near 1147 -
1145.30 area for
obj. near 1149 -
1151.50 area.
(Use a sell stop and
rev. short at 1144).
Buy
stop at 1160.10 for
obj. near 1162 -
1163.80 area.
Buy
stop at 1165.30 for
obj. near 1168 -
1169 area.
Buy
stop at 1171 for
obj. near 1174 -
1176.60 area.
Sell
stop at 1144 for
obj. near 1142.50 -
1140.50 area.
Sell
stop at 1135.70 for
obj. near 1133.80 -
1132.80 area.
Sell
stop at 1129 for
obj. near 1127 -
126.40 gap area.
Bulletin - Originally sent 03/05/04 (9:38 am est)
The market just missed
the buy area at 1147 on
the open.
Aggressive traders can
buy at the market, which
is trading at 1148.50 at
this time. The
obj. is near 1151 - 1152
area. (Continue to
use a sell stop and rev.
short at 1144).
Bulletin - Originally sent 03/05/04 (9:50 am est)
Long positions were
taken at 1148.50.
The rally up to 1151
meets the obj. and
completes the trade.
Bulletin - Originally sent 03/05/04 (10:12 am est)
The rally up to 1156 put
traders into short
positions. The
sell-off down to 1153.50
meets the obj. and
completes the trade.
Bulletin - Originally sent 03/05/04 (10:35 am est)
The buy stop was hit at
1160 putting traders
into long positions.
The rally up to 1162
meets the obj. and
completes the trade.
Bulletin - Originally sent 03/05/04 (10:46 am est)
The rally up to 1163.70
hit the major resistance
and is considered a
sell.
Aggressive traders can
sell at the market,
which is trading at
1162.70 at this time.
The obj. is near 1159.50
- 1158 area.
Continue to use a buy
stop and rev. long at
1165.
Bulletin - Originally sent 03/05/04 (11:07 am est)
Short positions were
taken at 1162.70.
The sell off down to
1159.50 meets the obj.
and completes the trade.
Results: 03/05/04
The
week in review - 03/08/04
- 03/12/04
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Monday 03-08-04: 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 -
1159.40 intra-day channel and 1159.40 minor upper channel also 1160 peak
(major area) / 1161.40 newly developed long-term major
weekly channel (very major area) /
1163.50 weekly top and 1163.80 daily upper channel (major area)
/ 1165 daily upper channel also 1165.20 and 1165.50 minor weekly upper
channels (very major area) /
1169 weekly top (major) / 1177 and 1178.50 monthly
double top also 1180 weekly closing gap and 1180.90 long-term major
weekly upper channel (very major area)
/ 1187 weekly closing price and 1189.20 minor weekly upper channel also
1189.50 weekly top (major area) / 1191.20 major weekly
upper channel and 1194.80 major monthly upper channel (very
major area).
Support: For
the March contract -
1156.70, 1155.50 and 1154.70 base area (major
area) / 1152.80 minor weekly channel and 1151 intra-day gap
also 1150.50 minor day channel without GBX prices (very
major area) / 1148.20 minor weekly channel and 1147.80
major weekly channel also 1146.80 major day channel and GBX bottom (very
major area) / 1143 weekly bottom and 1142.50
minor monthly channel without GBX prices also 1141.20 major monthly
channel and 1140.50 weekly channel and day bottom (very
major area) / 1137.80 day bottom and 1137 GBX bottom
also 1136.50 weekly channel and 1135.30 long-term major weekly channel (very
major area) / 1133.20 weekly bottom also 1133.30 day
channel and 1132.20 long-term major day channel (very
major area) / 1127 day bottom and 1126.40 day gap also
1126 GBX bottom (major area) / 1123.90 major weekly
channel and 1123 weekly bottom (very major
area) / 1121 weekly bottom and 1120.80 minor monthly
channel (major area) / 1119.40 GBX bottom and 1118.10
major monthly channel (very major area)
/ 1113.80 and 1112 weekly bottoms (major area) /
1108.90 weekly closing gap (very major
area).
Comments:
The rally on Friday from the support area and
sell-off from the major resistance proved the significance of each area
but because the weekly closing price was higher from last Friday's
close, it leaves the chart in neutral to bullish condition. A
trade above 1165 - 1165.50 area will be considered a breakout for higher
prices. A trade today below 1150.50 and 1146.80 areas are
slightly bearish but only a trade below 1142.50 - 1140.50 area can bring
any solid bearishness back to the chart. Remain defensive inside
the first neutral trading area between 1161.40 and 1152.80 and also
between the major weekly range between 1165.50 and 1135.30.
Day trades:
For The March contract -
Aggressive traders can sell rallies
near 1159 - 1161.40 area and if possible near 1163.80 for obj. near 1154
- 1152.80 area. (Use a buy stop and rev. long at 1166.50).
Aggressive traders can buy dips near 1150.50 - 1148.20
area and if possible near 1147.80 - 1146.80 area for obj. near 1154 -
1157 area. (Use a sell stop and rev. short at 1145).
Aggressive traders can buy dips near 1142.50 -
1141.20 area and if possible near 1140.50 area for obj. near 1145 - 1148
area. (Use a sell stop and rev. short at 1139.90).
Buy stop at 1166.50 for obj. near 1169 top area.
Buy stop at 1171 for obj. near 1174 - 1177 area and
possibly near 1180.
Sell stop at 1145 for obj. near 1143 - 1141.20
area.
Sell stop at 1139.90 for obj. near 1137.80 - 1136.80
area and possibly near 1135.30 area.
Sell stop at 1131 for obj. near 1128 - 1126
area.
Bulletin - Originally sent 03/08/04 (10:40 am est)
The rally up to 1159 put traders into short positions.
The sell-off down to 1156.20 is an intra-day double bottom
and can be considered support to exit short positions and
take profits. This completes the first trade.
Bulletin - Originally sent 03/08/04 (4:18 pm est)
The sell stop was hit at 1145 putting traders into short
positions. The sell-off down to 1143.30 is
near enough to the 1143 obj. and completes the trade.
Results: 03/08/04
A TECHNICAL
GUIDE FOR DAY TRADING THE S & P
S
& P - For Tuesday 03-09-04: 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 -
1147 and 1147.80 peaks also 1147.80 peaks also
1147.80 intra-day channel (major area)
/ 1149.20 and 1149.80 peaks (major area)
/ 1150.60 and 1150.70 peaks also 1151.50 peak (major
area) / 1153.30 intra-day channel and
1153.70 peak (major area) / 1155.30
intra-day channel and 1155.80 peak also 1156.50 minor
day channel and 1157 and 1157.30 peaks (very
major area) / 1158.50 and 1159.30
peaks (major area) / 1160 day top
and 1161.40 long-term major weekly channel (very
major area) / 1163.50 weekly top and
1164 daily upper channel (major area)
/ 1165.20 and 1165.50 minor weekly upper channels
also 1166.50 daily upper channel (very
major area) / 1169 weekly top (major)
/ 1177 and 1178.50 monthly double top also 1180
weekly closing gap and 1180.90 long-term major
weekly upper channel (very
major area) / 1187 weekly closing
price and 1189.20 minor weekly upper channel also
1189.50 weekly top (major area).
Support: For
the March contract -
1143 weekly bottom and 1142.50 minor monthly channel
without GBX prices also 1141.20 major monthly
channel and 1140.50 weekly channel and day bottom (very
major area) / 1137.80 day bottom and
1137 GBX bottom also 1136.50 weekly channel and
1135.30 long-term major weekly channel (very
major area) / 1133.80 day channel
and 1133.20 weekly bottom also 1132.20 long-term
major day channel (very
major area) / 1127 day bottom and
1126.40 day gap also 1126 GBX bottom (major
area) / 1123.90 major weekly channel and
1123 weekly bottom (very
major area) / 1121 weekly bottom and
1120.80 minor monthly channel (major area)
/ 1119.40 GBX bottom and 1118.10 major monthly
channel (very major
area) / 1113.80 and 1112 weekly
bottoms (major area) / 1108.90
weekly closing gap (very
major area).
Comments:
The sell-off on Monday from the
major resistance brought prices down near the
major monthly and weekly support channels, at
1142.50, 1141.20 and 1140.50, leaving the chart
neutral and defensive. A failure below 1140.50
is bearish and will challenge the 1135.30 major
channel and possibly near the 1132.20 long-term day
channel. A trade below 1132.20 will confirm a
change in the major trend to the downside. A
trade today above 1155.30 - 1157.30 area is slightly
bullish but only a trade above 1161.40 can bring any
solid bullishness back to the chart. Remain
defensive inside the first neutral trading area
between 1147.80 and 1142.50 area and also inside the
wider 1157.30 - 1140.50 area.
Day
trades: For The March contract -
Aggressive traders can sell
rallies near 1147 - 1147.80 area for obj. near 1144
- 1142.50 area and possibly near 1141.20. (Use
a buy stop and rev. long at 1148.80).
Aggressive traders can buy dips
near 1142 - 1141.20 area and if possible near
1140.50 for obj. near 1145 - 1147 area. (Use a
sell stop and rev. short at 1139.90).
Buy stop at 1148.80 for obj. near
1150.50 - 1151.50 area and possibly near 1153.30.
Buy stop at 1157.70 for obj. near
1159 - 1161.40 area.
Buy stop at 1162.20 for obj. near
1163.50 - 1165 area.
Sell stop at 1139.90 for obj. near
1137.50 - 1136.80 area and possibly near 1135.30.
Sell stop at 1131 for obj.
near 1128 - 1126 area.
Sell stop at 1116 for obj. near
1114 - 1112 and possibly near 1108.90 gap area.
Bulletin - Originally sent 03/09/04 (9:45 am est)
The sell off down to 1142.70 was near enough to the 1142
buy area, putting traders into long positions. The
obj. remains at 1145 - 1147 area. (Continue to use
a sell stop and rev. short at 1139.90).
Bulletin - Originally sent 03/09/04 (9:49 am est)
Long positions were taken at 1142.90. The rally up
to 1145 meets the obj. and completes the trade.
Bulletin - Originally sent 03/09/04 (11:43 am est)
The sell-off down to the low end of the buy area put
traders into long positions at 1140.50, which is the
very major support.
The rally up to 1145 meets the obj. and completes the
trade.
Bulletin - Originally sent 03/09/04 (1:59 pm est)
The sell stop at 1139.90 was hit, putting traders into
short positions. The market is proving to hold
support at 1138.50.
It is recommended for traders to exit the short position
at the market, which is trading at 1139.50 and scratch
the trade with a small profit.
Results: 03/09/04
A TECHNICAL
GUIDE FOR DAY TRADING THE S & P
S
& P - For Wednesday 03-10-04: 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
-
1140.80 intra-day channel also 1141.80 and 1142.50
peaks (major area) / 1144.30 and
1145 peaks also 1146 day top and 1147.10 GBX top (major
area) / 1150.70 and 1151.50 peaks (major
area) / 1153 minor day channel and
1153.70 peak (very
major area) / 1157.30 and 1158.50
and 1159.30 peaks also 1160 day top (major
area) / 1161.40 long-term major weekly
channel (very major
area) / 1163.50 weekly top and
1164.30 daily upper channel (major area)
/ 1165.20 and 1165.50 minor weekly upper channel (very
major area) / 1168 daily upper
channel and 1169 weekly top (major area)
/ 1177 and 1178.50 monthly double top also 1180
weekly closing gap and 1180.90 long-term major
weekly upper channel (very
major area).
Support:
For the March contract
-
1136.90 newly developed day channel also 1136.30
bottom (major area) / 1135.30
long-term major weekly channel and 1134.90
long-term major day channel (very
major area) / 1133.20 weekly
bottom (major) / 1127 day bottom
and 1126.40 day gap also 1126 GBX bottom (major
area) / 1123.90 major weekly channel and
1123 weekly bottom also 1121 weekly bottom and
1120.80 minor monthly channel (very
major area) / 1119.40 GBX bottom
and 1118.10 major monthly channel (very
major area) / 1113.80 and 1112
weekly bottoms (major area) /
1108.90 weekly closing gap (very
major area) / 1103.50 monthly
bottom (major) / 1097.20 weekly
bottom and 1094.20 weekly bottom also 1093.50
weekly closing gap (very
major area).
Comments:
The sell-off on Tuesday broke
below the 1140.50 major support area, which is
bearish but prices managed to hold above the
1136.80 - 1135.30 major support area. The
market closed below the 1140.50 area which leaves
the chart in neutral to bearish condition and very
defensive. A trade below the 1135.30 support
will be a technical failure and the first signal
of the beginning of a down trend. A trade
below the 1118.10 major channel will confirm the
downtrend intact for lower prices. A
trade today above 1153 - 1153.70 area is slightly
bullish but only a trade above 1161.40 can bring
any solid bullishness back to the chart.
Remain defensive inside the first trading area
between 1153 - 1135.30 area.
Day
trades: For The March contract -
Aggressive traders can buy
dips near 1137 - 1135.30 area for obj. near 1140 -
1142.50 area. (Use a sell stop and rev.
short at 1132.50).
Aggressive traders can sell
rallies near 1151 - 1153 area for obj. near 1147 -
1145 area. (Use a protective buy stop at
1156. Do not rev. long).
Sell stop at 1132.50 for obj.
near 1130 - 1128 area and possibly near 1126 gap.
Sell stop at 1125.70 area for
obj. near 1123.90 - 1120.80 area.
Sell stop at 1116 for obj. near
1113.80 - 1112 area and possibly near 1108.90 gap
area.
Buy stop at 1143.30 for obj. near
1145 - 1146 area and possibly near 1147.
Buy stop at 1149 for obj. near
1151 - 1153 area.
Buy stop at 1166 for obj. near
1168 - 1169 area and possibly near 1171.
Bulletin - Originally sent 03/10/04 (9:52 am est)
The sell-off down to 1138.10 is near enough to the
1137 buy area putting traders into long positions.
The obj. remains near 1140 - 1142.50 area.
Continue to use a sell stop and rev. short at 1132.50
Bulletin - Originally sent 03/10/04 (9:58 am est)
Long positions were taken at 1138.30. The
rally up to 1140 meets the obj. and completes the
trade.
Bulletin - Originally sent 03/10/04 (10:00 am est)
Because of the significance in the support area at
1135.30, it is recommended for traders to attempt
long positions again near 1137 - 1135.30 area. The
obj. for this repeated trade will still remain at
1140 - 1141.50 area. (Continue to use a sell
stop and rev. short at 1132.50).
Bulletin - Originally sent 03/10/04 (10:35 am est)
Long positions were taken on the sell off at
1136.50. The rally up to 1141 meets the obj.
and completes the trade.
Bulletin - Originally sent 03/10/04 (1:52 pm est)
The sell stop was hit at 1132.50 putting traders
into short positions. the sell-off down to
1131 is near enough to the obj. of 1130 and
completes the trade.
Results: 03/10/04
A
TECHNICAL GUIDE FOR DAY TRADING THE S
& P
S
& P - For Thursday 03-11-04: 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 June
contract -
1121 intra-day channel (major area)
/ 1124.50 and 1126 peaks also 1126.60
intra-day channel (major area)
/ 1131.40 newly developed day channel also
1131.80, 1132.30 and 1133.30 peaks (very
major area) / 1136.20 minor
day channel also 1137, 1137.30 and 1137.50
peak area (major area) /
1140.50 day top (major) /
1144.80 day top (major) /
1147.90 minor day channel and 1149.20 peak (very
major area) / 1157.30 peak and
1158.70 day top (major area)
/ 1160.40 proportional equivalent to the
long-term major weekly channel (very
major area) / 1162.40 week top
for the June contract also 1163.50 daily upper
channel (major area) /
1165.20 and 1165.50 minor weekly upper
channels (very
major area).
Support:
For the June
contract -
1117.10 is the proportional equivalent for the
major monthly channel (very
major area) / 1113.50 and 1112
weekly bottoms (major area) /
1108.10 weekly closing gap (very
major area) / 1104 and 1101.70
day bottoms also 1103.50 monthly bottom on the
monthly chart (major area) /
1098.50 weekly bottom (major)
/ 1092.40 weekly closing gap (very
major area) / 1083.50 weekly
bottom on the June contract (major).
Comments:
The sell-off on Wednesday
brought prices below the major channels,
putting the chart in bearish condition and is
now at the beginning of a major downtrend.
A trade below 1117.10 will confirm the
downtrend intact for lower prices to follow.
A trade today above 1131.80 and 1136.20
channels are slightly bullish but only a trade
above 1147.90 channel can bring any solid
bullishness back to the chart. Remain
defensive inside the first trading area
between 1126.60 and 1117.10 area. NOTE:
Due to the bearish conditions, (buy
stop to rev. long) orders will not be used in
Thursday's session.
Day
trades: For The June contract -
Aggressive traders can sell
rallies near 1120.70 - 1121.30 area for obj.
near 1119 - 1117.10 area. (Use a
protective buy stop at 1122.70. Do not
rev. long).
Aggressive traders can sell
rallies near 1126 - 1131 area for obj. near
1122.50 - 1121.50 area. (Use a
protective buy stop at 1133.30. Do not
rev. long).
Aggressive traders can sell
rallies near 1135 - 1136.20 area for obj. near
1131 - 1129 area. (Use a protective buy
stop at 1137.80. Do not rev. long).
Sell stop at 1115.80 for obj.
near 1113.50 - 1112 bottom areas and possibly
near 1108.10 gap.
Sell stop at 1106 for obj.
near 1104 - 1102.50 area.
Sell stop at 1096 for obj.
near 1092.40 gap area and possibly near 1088
bottom.
Bulletin - Originally sent 03/11/04 (10:27 am est)
The rally up to 1120.30 put traders into short
positions. The sell off down to 1117 meets
the obj. and completes the trade.
The sell stop at 1115.80 was hit and liquidated at
1117 taking a small loss.
Bulletin - Originally sent 03/11/04 (10:47 am est)
Short positions were taken again at 1122.
The sell off down to 1118.50 meets the obj. and
completes the trade.
Bulletin - Originally sent 03/11/04 (1:40 pm est)
The rally up to 125.20 was near enough to the 126
sell area putting traders into short positions.
The sell-off down to 1122 meets the obj. and
completes the trade.
Results: 03/11/04
A
TECHNICAL GUIDE FOR DAY TRADING THE S
& P
S
& P - For Friday 03-12-04: 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 June
contract -
1106.50 peak (major) / 1109
peak and 1109.90 newly developed minor day
channel also 1110.70 intra-day channel (very
major area) / 1112.30,
1112.70 and 1113.50 peak areas (major
area) / 1119.50 peak and 1122.30
major day channel (very
major area) / 1124.50 peak
and 1125.20 day top (major area)
/ 1131.80 peak and 1131.90 minor day channel
(very major
area) / 1137 peak and
1140.50 day top (major area)
/ 1144.30 minor day channel and 1144.80 day
top (very
major area).
Support:
For the June
contract -
1103.50 is a double bottom to Thursday's day
session low and the monthly chart's bottom (major
area) / 1101.70 day bottom (major)
/ 1098.50 weekly bottom (major)
/ 1092.40 weekly closing gap and 1091.80 day
bottom (very
major area) / 1088 day
bottom (major) / 1083.50
weekly bottom on the June contract and
1083.40 minor monthly channel also 1080.90
major weekly channel (very
major area) / 1072.80 weekly
channel and 1067.50 weekly bottom (very
major area) / 1053 weekly
and monthly bottom (very
major area).
Comments:
The sell-off on Thursday
brought prices crashing down for the fourth
day in a row trading through the weekly and
monthly channels confirming a downtrend has
developed and is intact for lower prices to
be expected. There remains the last
major channels found on the monthly chart at
1083.40 and two from the weekly chart at
1080.90 and 1072.80 that could possibly
stimulate some retracement rallies from
these areas. A trade today above the
1109.90 channel and again above the 1122.30
channel would both be slightly bullish but
only a trade above the 1131.90 channel can
bring any solid bullishness back to the
chart. A trade above the 1144.30
channel can reverse the major trend back to
the upside for a technical key reversal,
which seems unlikely at this time.
Remain defensive inside the first trading
area between the 1109.90 and 1098.50.
Day
trades: For The June contract
-
Very aggressive traders can Buy or
sell inside the first narrow
trading area between 1106 and 1102,
whichever side comes first, to complete the
trade. If the market opens above or
below this trading area then this trade
should be cancelled.
Aggressive traders can sell
rallies near 1109 - 1109.90 area and if
possible near 1110.70 for obj. near 1106 -
1103 area. (Use a protective buy stop
at 1114.70. Do not rev. long).
Aggressive traders can sell
rallies near 1119 - 1122 area if it can get
there for obj. near 1115 - 1113 area.
(Use a buy stop and rev. long at 1126.70).
Very aggressive traders can attempt
long positions near 1098.50 bottom
area for obj. near 1100 - 1101.70 area and
possibly near 1102.50. (Use a sell
stop and rev. short at 1097).
Buy stop at 1126.70 for
obj. near 1129 - 1131.90 area.
Buy stop at 1133.30 for
obj. near 1135 - 1137 area.
Sell stop at 1097 for obj.
near 1092.50 gap area and possibly near
1091.80.
Sell stop at 1087 for obj.
near 1083.40 major monthly channel and
possibly near 1080.90 weekly channel.
Bulletin - Originally sent 03/12/04 (12:50 pm est)
The rally up to 1118.70 was near enough to the
1119 sell area, putting traders into short
positions. The sell off down to 1115 meets
the obj. and completes the trade.
Bulletin - Originally sent 03/12/04 (12:55 pm est)
Correction - The market did not
trade to 1118.70 in the June contract. It
was accidentally read in when the March hit
1118.70. It was assumed to be the June.
There were no trades taken near the 1119 area
yet.
Bulletin - Originally sent 03/12/04 (2:57 pm est)
The rally up to 1118 is near enough to the 1119
sell area and is also considered a double top on
the intra-day chart putting traders into short
positions.
The sell-off down to 1115 meets the obj. and
completes the trade.
Bulletin - Originally sent 03/12/04 (3:19 pm est)
Due to the significance of the resistance at the
1122.30 major channel area it is still
considered a sell.
It is recommended to sell near 1121 - 1122 area
for obj. near 1118 - 1116 area and possibly near
1114. (Continue to use a buy stop and rev
long at 1126.70). (Conservative traders
can use a protective buy stop at 1123.70.
Do not rev. long).
Results: 03/12/04
The
week in review - 03/15/04
- 3/19/04
The Tech Guru's S & P Day
Trading Recommendations
A
TECHNICAL GUIDE FOR DAY TRADING THE S
& P
S
& P - For Monday 03-15-04: 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 June
contract -
1119.80 day top (major) /
1122.70 peak and 1125.20 day top (major
area) / 1127.60 minor day channel
also 1128.80 peak (very
major area) / 1131,
1131.80 and 1132.30 peaks (major
area) / 1137 and 1137.50 peaks (major
area) / 1140 peak and 1140.50 day
top also 1140.70 minor day channel (very
major area) / 1142.70 and
1143.80 peaks also 1144.80 day top (major
area) / 1148.80 intra-day gap and
1149.30 peak (major area)
/ 1155.50 and 1157.30 peaks also 1158.70
weekly top and 1159.10 long-term
major weekly channel (very
major area) / 1162.30
weekly top (major area) /
1166.80 minor weekly upper channel (very
major area).
Support:
For the June
contract -
1114.50 base and 1114.40 rev. channel also
1113.50 minor day channel without GBX
prices and 1113.20 base (major
area) / 1110.80 base (major)
/ 1108.50 day bottom (major area)
/ 1107.20 newly developed long-term major
weekly channel also 1106.10 newly
developed major weekly channel (very
major area) / 1105.60 GBX
major weekly channel also 1104.30 day gap
and 1103.50 weekly bottom without GBX
prices (very
major area) / 1101.70 day
bottom and 1101.20 GBX bottom (major
area) / 1098.90 minor daily down
channel and 1098.50 weekly bottom (major
area) / 1092.40 weekly closing
gap and 1091.80 day bottom (very
major area) / 1088 day
bottom (major) / 1085.90 major
weekly channel and 1083.50 weekly
bottom also 1083.40 minor
monthly channel (very
major area) / 1076.50
weekly channel (very
major area) / 1067.50
weekly bottom (major) /
1053 weekly and monthly bottom (very
major area).
Comments:
The recovery rally on
Friday brought prices up near a very
major resistance but managed to close
above that same channel, which now moves
down to 1113.20 and now for Monday becomes
support, leaving the chart neutral to
slightly bearish between the weekly range
between 1127.60 - 1107.20. A trade
today above 1127.60 is slightly bullish
but only a trade above 1140.70 channel can
bring any solid bullishness back to the
chart. A trade today below 1113.20
is bearish and can bring prices down to
challenge 1107.20 and 1104.30 gap and
possibly near 1098.70 channel. A
trade below 1098.70 can challenge the
1092.40 weekly gap and possibly near the
1085.90 and 1083.40 major channels, which
can very easily stimulate buying and make
a major retracement to the upside.
Remain defensive inside the first trading
area between 1119 -1122.70 resistance and
1114.50 - 1113.20 support area.
Day
trades: For The June
contract -
Aggressive traders can sell
rallies near 1119 - 1122.70 or buy dips
near 1115.50 - 1114.50 area, whichever
side comes first to complete the trade.
(Use a protective buy stop at 1123.20.
Do not rev. long). (Use a protective sell
stop at 1112.70. Do not rev. short).
Aggressive traders can sell
rallies near 1127 - 1127.60 area for obj.
near 1125 - 1123 area. (Use a buy
stop and rev. long at 1129.20).
Aggressive traders can attempt
long positions near 1107.60 -
1106 area for obj. near 1111 - 1112 area.
(Use a sell stop and rev. short at 1105).
Buy
stop at 1129.20 for obj. near 1131 -
1133 area.
Buy
stop at 1134.70 for obj. near 1137
- 1138 area and possibly near 1140.70.
Sell
stop at 1110 for obj. near 1108.50 bottom
and possibly near 1107.60 - 1106 area.
Sell
stop at 1105 for obj. near 1103 - 1102.20
area.
Sell
stop at 1101 for obj. near 1098.90 channel
and 1098.50 bottom area.
Sell
stop at 1096.70 for obj. near 1093.50 -
1092.40 gap area.
Bulletin - Originally sent 03/15/04 (10:58 am est)
The sell stop at 1110 was hit putting traders
into short positions. The sell-off down
to 1107.60 meets the obj. and completes the
trade.
Bulletin - Originally sent 03/15/04 (11:48 am est)
The sell off down to 1107.60 put traders into
long positions. The market is showing
resistance at the 1109.50 area, which can
prevent the 1111 obj. from being met.
It is recommended for traders to exit the long
position at the market, which is trading at
1107.80 at this time, and take small profits.
Bulletin - Originally sent 03/15/04 (12:09 pm est)
The sell stop at 1105 was hit, putting traders
into short positions. The sell off down
to 1103.50 is near enough to the 1103 obj. and
completes the trade.
Results: 03/15/04
A
TECHNICAL GUIDE FOR DAY TRADING THE
S & P
S
& P - For Tuesday 03-16-04: 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 June
contract -
1106.70 and 1107.50 intra-day channels
also 1107.50 peak (major area)
/ 1109 and 1109.70 peaks also 1110.20
newly developed day channel and 1110.20
peak (very
major area) / 1114.50
peak and 1114.90 newly developed minor
day channel also 1115.40 peak and
1115.80 day top (very
major area) / 1118.10
weekly closing gap and 1118.30 GBX top
also 1119.80 day top (major
area) / 1123.30 minor day
channel and 1124.50 peak also 1125.20
day top (very
major area) / 1132.30
intra-day peak (major)
/ 1137 peak and 1137.10 minor day
channel (very
major area) / 1140.50
day top (major) /
1144.80 day top (very
major area) / 1148.80
intra-day gap and 1149.20 peak (major
area) / 1156.80 weekly closing
price and 1158.70 weekly top also
1159.10 long-term major weekly channel (very
major area).
Support:
For the June
contract -
1103.40 intra-day channel and 1102.80
base also 1102.20 base and 1101.70 day
bottom also 1101.20 GBX weekly bottom (major
area) / 1098.50 weekly bottom
and 1096.60 minor down channel (major
area)/ 1092.40 weekly closing
gap and 1091.80 day bottom (very
major area) / 1088 day
bottom (major) /
1085.90 major
weekly channel and 1083.50 weekly
bottom also 1083.40 minor
monthly channel (very
major area) / 1076.50
weekly channel (very
major area) / 1067.50
weekly bottom (major) /
1053 weekly and monthly bottom (very
major area).
Comments:
The sell-off on
Monday brought prices down near the
double bottom to last week's low but
settled in neutral to bearish condition
for possible lower prices to
materialize. A trade below 1101.70
- 1101.20 bottom area can bring prices
down to challenge the 1096.60 channel
and the 1092.40 gap area and possibly
near the 1085.90 and 1083.40 major
channels. The 1085.90 and 1083.40
channels are significant enough support
areas to stimulate buying for a
substantial upward retracement to
develop. A trade today above the
1110.20 and 1114.90 day channels would
be considered slightly bullish but only
a trade above 1123.30 channel can bring
any solid signal for retracement to
develop near the 50% retracement area of
1132. Remain defensive inside the
first trading area between 1110.20 and
1103.40 area also between the second
area of 1114.90 and 1096.60.
Day
trades: For The June
contract -
Aggressive traders can sell
rallies near 1109 - 1110.90 area for
obj. near 1104.50 - 1103.40 area and
possibly near 1102.50. (Use a buy
stop and rev. long at 1111.50). NOTE:
If the market
opens above 1110.20 today this first
trade will be cancelled.
Aggressive traders can sell
rallies near 1114 - 1114.90 area for
obj. near 1112 - 1110 area. (Use a
buy stop and rev.long at 1116.70).
Aggressive traders can sell
rallies near 1123 - 1123.30 area for
obj. near 1119.50 - 1118 area.
(Use a buy stop and rev. long at
1126.70).
Buy stop at 1111.50 for
obj. near 1114 - 1114.90 area.
Buy stop at 1116.70 for
obj. near 1118 - 1119 area.
Buy stop at 1126.70 for
obj. near 1123.70 - 1122 area.
Sell stop at 1101 for
obj. near 1098.50 - 1096.60 area.
Sell stop at 1095.70
for obj. near 1092.40 gap and possibly
near 1091.80 bottom.
Sell stop at 1090 for
obj. near 1085.90 - 1083.40 area.
Bulletin - Originally sent 03/16/04 (9:39 am est)
The buy stop was hit at 1111.50 putting
traders into long positions. The rally
up to 1112.90 is near enough to the 1114
obj. and completes the trade.
Bulletin - Originally sent 03/16/04 (10:17 am est)
Short positions were taken at 1112.70.
The sell-off down to 1110 meets the
obj. and completes the trade.
Bulletin - Originally sent 03/16/04 (3:33 pm est)
The sell stop was hit at 1101 putting
traders into short positions. the
rally from the 1101 area is proving to have
support but can be on a temporary basis.
Aggressive traders can remain short until
the obj. at 1098.50 - 1096.60 is reached or
exit at market on close. Protective
buy stops must be placed above the 1110.90
resistance area. Conservative traders
can exit near 1104 and cut losses.
Results: 03/16/04
A
TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S
& P - For Wednesday 03-17-04: 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 June
contract -
1111.40 minor day channel and 1111.90
peak also 1112.30 peak (major
area) / 1115.80 day top (major)
/ 1118.10 weekly closing gap and
1118.30 GBX top also 1119 minor day
channel and 1119.80 day top (very
major area) / 1124.50
peak and 1125.20 day top (major
area) / 1131.60 is the 50%
retracement made over the last 8 days
also 1131.80 and 1133.30 peaks also
1133.50 minor day channel (very
major area) / 1137
peak and 1138.30 day session closing
price (major area) /
1140.50 day top (major)
/ 1142.70 and 1143.80 peaks also
1144.80 day top (major area)
/ 1156.80 weekly closing price and
1157.30 peak also 1158.70 weekly top
and 1159.10 long-term major weekly
channel (very
major area).
Support:
For the June
contract -
1109 base (major) /
1106.70 and 1106.30 base also 1106.20
intra-day gap (major area)
/ 1102.50 base and 1102 newly
developed long-term major day channel (major
area) / 1100.30 and 1099.90
minor daily down channel lines also
1098.50 weekly bottom (very
major area) / 1092.40
weekly closing gap and 1091.80 day
bottom (very
major area) / 1088 day
bottom (major) /
1085.90 major
weekly channel and 1083.50
weekly bottom also 1083.40 minor
monthly channel (very
major area) / 1076.50
weekly channel (very
major area) / 1067.50
weekly bottom (major)
/ 1053 weekly and monthly bottom (very
major area).
Comments:
The rally on
Tuesday is considered a minor
technical key reversal to the upside,
which removes the bearishness from the
chart. It leaves the chart in
neutral condition between the 1118.10
- 1119 major resistance and the
1102.50 - 1098.50 major support areas.
A trade above 1119 can bring prices up
to challenge the 1125.20 top and
possibly near the 1131.60 area, which
is the 50% retracement between the
1162.30 top and 1101 bottom made in
the last 8 trading days. A trade
below 1099.90 - 1098.50 area can
challenge prices near the 1092.40 gap
and possibly near the 1085.90 and
1083.40 major support areas, which can
stimulate buying due to the
significance of these areas.
Traders should expect whiplashing to
both sides of the major areas between
1131.60 and 1083.40 until a
significant amount of chart formation
can develop to confirm a specific
direction. Remain defensive
today inside the first trading area
between 1115 and 1106.70 and also
inside the 1119 - 1102.50 major daily
area.
Day
trades: For The June
contract -
Aggressive traders can sell
rallies near 1113 - 1115 area or buy
dips near 1108 - 1106.70 area,
whichever side comes first, to
complete the trade. (Use a buy
stop and rev. long at 1116.30).
(Use a sell stop and rev. short at
1105.50).
Aggressive traders can sell
rallies near 1118 - 1119 area for obj.
near 1115 - 1113 area. (Use a
buy stop and rev. long at 1122.30).
Aggressive traders can buy
dips near 1103 - 1099.90 area for obj.
near 1106 - 1108 area. (Use a
sell stop and rev. short at 1095.50).
Buy stop at 1116.30
for obj. near 1118 - 1119 area.
Buy stop at 1122.30
for obj. near 1124.30 - 1125 area.
Buy stop at 1127 for
obj. near 1130 - 1131.60 area and
possibly near 1133.50.
Sell stop at 1105.50
for obj. near 1103.50 - 1102.50 area
and possibly near 1099.90.
Sell stop at 1095.50
for obj. near 1093.50 - 1092.40 gap
area and possibly near 1091.80 bottom.
Bulletin - Originally sent 03/17/04 (11:53 am est)
It is not certain whether the buy stop at
1122.30 was hit. The intra-day chart
shows 1122.20 as a high, but the daily
chart shows 1122.40 as a high.
It is recommended to re-enter short
positions if the buy stop was hit and exit
long positions. The obj. for short
positions remains at 1115. Use a new
buy stop and rev. long at 1123.30.
The obj. for 1123.30 if it gets hit, will
be 1124.60 - 1125.20.
Bulletin - Originally sent 03/17/04 (12:55 am est)
Due to the intra-day technical formation
at this time, long positions will not be
taken at the buy stop at 1123.30.
Continue to use a protective buy stop at
1123.30 to protect short positions.
The obj. for all short positions still
remains at 1115 - 1113 area.
Bulletin - Originally sent 03/17/04 (2:35 pm est)
The market is showing signs of support at
the 1120.70 area the can prevent the 1115
obj. from being met.
It is recommended for traders to exit the
short positions at the market, which is
trading at 1121.50 at this time and cut
losses.
Results: 03/17/04
A
TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S
& P - For Thursday 03-18-04: 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 June
contract -
1124.70 newly developed minor day
channel also 1124.80 and 1125.20 day
tops (major area) /
1129.90 minor day channel also 1131.60
is the 50% retracement area and
1131.80 peak (very
major area) / 1133.30
peak (major) / 1137
peak and 1138.30 day session closing
price (major area) /
1140.50 day top (major) /
1142.70 and 1143.80 peaks also 1144.80
day top (major area)
/ 1156.80 weekly closing price and
1157.30 peak also 1158.70 weekly top
and 1159.10 long-term major weekly
channel (very
major area).
Support:
For the June
contract -
1120.70 and 1119.70 base area (major
area) / 1118 newly developed
day channel with GBX prices and
1116.80 base and congestion area (very
major) / 1113.50 day
bottom and 1113 rev. peak (major
area) / 1110.30 day gap (major)
/ 1106.70 and 1106.30 base also
1106.20 intra-day gap (major
area) / 1102.50 base and
1102.50 long-term major day channel (major
area) / 1101 day bottom also
1099.60 and 1099 minor daily down
channels also 1098.50 weekly bottom (very
major area) / 1092.40
weekly closing gap and 1091.80 day
bottom (very
major area) / 1088 day
bottom (major) /
1085.90 major
weekly channel and 1083.50
weekly bottom also 1083.40 minor
monthly channel (very
major area) / 1076.50
weekly channel (very
major area) / 1067.50
weekly bottom (major)
/ 1053 weekly and monthly bottom (very
major area).
Comments:
The rally on
Wednesday brought prices up to
challenge the 1125.20 top area but
failed to penetrate through, leaving
the chart neutral and defensive inside
the 1129.90 - 1110.30 trading area.
A trade today above 1125.20 is
slightly bullish but a trade above the
1129.90 - 1131.60 area is bullish and
can bring prices up to challenge the
1140.50 - 1144.80 top area and
possibly near the 1159.10 major weekly resistance
area. A trade today below
1120.70 - 1118 area is slightly
bearish but a trade below 1110.30 -
1106.70 area can bring prices down to
challenge the 1099.60 - 1098.50
channel support area and possibly near
the 1092.40 gap and 1085.90 major
channel support. Remain
defensive inside the first trading
area between 1124.70 and 1118 and also
the major trading area between 1129.90
and 1110.30.
Day
trades: For The June
contract -
Aggressive traders can sell
rallies near 1124 - 1125 area or buy
dips near 1120.70 - 1119.70 area,
whichever side comes first, to
complete the trade. (Use a buy
stop and rev. long at 1126).
(Use a sell stop and rev. short at
1115.80).
Buy stop at 1126 for
obj. near 1129 - 1129.90 area and
possibly near 1131.60.
Buy stop at 1134.60
for obj. near 1136.50 - 1137 area.
Sell stop at 1115.80
for obj. near 1114 - 1113.50 area and
possibly near 1110.30 gap.
Sell stop at 1108.90
for obj. near 1106.90 - 1106.30 area.
Bulletin - Originally sent 03/18/04 (1:25 pm est)
The sell stop at 1115.80 was hit putting
traders into short positions. The
sell-off down to 1112 meets the obj. and
completes the trade.
The rally up to the sell area at 1124
put traders into short positions.
The sell-off down to 1120.70 meets the
obj. and completes the trade.
Results: 03/18/04
A
TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Friday 03-19-04: 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 June
contract -
1124.80 double top and 1125.20 day
top also 1126.30 minor day channel
(very
major area) /
1131.60 is the 50% retracement
area and 1131.80 peak (major
area) / 1133.30 peak
(major) / 1137
peak and 1138.30 day session
closing price (major area)
/ 1140.50 day top (major) /
1142.70 and 1143.80 peaks also
1144.80 day top (major
area) / 1156.80 weekly
closing price and 1157.30 peak
also 1158.70 weekly top and
1159.10 long-term major weekly
channel (very
major area).
Support:
For the June
contract -
1121 and 1120.70 base area
also 1120.70 intra-day channel (major
area) / 1117 newly
developed day channel also 1116.70
and 1116.50 base area (very major
area) / 1113.90
minor GBX channel (significant) /
1111.70 bottom to 1110.30 day gap
also 1109.50 GBX bottom (very
major area) /
1106.70 and 1106.30 base also
1106.20 intra-day gap (major
area) / 1104 long-term
major day channel (very
major area) / 1101
day bottom and 1098.50 weekly
bottom also 1098.90 and 1098.10
minor down channel (very
major area) / 1092.40
weekly closing gap and 1091.80 day
bottom (very
major area) / 1088
day bottom (major)
/ 1085.90 major
weekly channel and 1083.50
weekly bottom also 1083.40 minor
monthly channel (very
major area) /
1076.50 weekly channel (very
major area) /
1067.50 weekly bottom (major)
/ 1053 weekly and monthly bottom (very
major area).
Comments:
The whiplashing
action on Thursday was likely as
mentioned in Wednesday's report,
due to the neutral and defensive
condition in the chart. The
same whiplashing action is
expected on Friday until a
significant amount of technical
formation can develop to indicate
the direction of the next leg.
A trade above 1126.30 is slightly
bullish but only a trade and close
above 1133.30 can bring any
significant bullishness back to
the chart. A trade below
1117 today is slightly bearish but
only a trade and close below
1106.70 can bring any solid
bearishness back to the chart.
Remains defensive inside the first
trading area between 1126.30 and
1117.
Day
trades: For The June
contract -
Aggressive traders can
sell rallies near 1124 -
1126.30 area for obj. near 1118 -
1117 area, whichever side comes
first to complete the trade.
(Use a buy stop and rev. long at
1129.30). (Use a sell stop
and rev. short at 1113).
Buy stop at
1129.30 for obj. near 1131 -
1133.50 area.
Buy stop at
1134.60 for obj. near 1136.50 -
1137 area and possibly near 1139.
Buy stop at
1146.80 for obj. near 1153 - 1156
area and possibly near 1159.10.
Sell stop at 1113
for obj. near 1110.30 gap and
possibly near 1109.50.
Sell stop at
1105.80 for obj. near 1104 and
possibly near 1102.50.
Sell stop at 1097
for obj. near 1093.50 - 1092.40
gap area and possibly near 1088.
Bulletin - Originally sent 03/19/04 (9:34 am est)
The 1119 is near enough to the 1118
buy area putting traders into long
positions. The obj remains
near 1124 - 1126.20 area.
Bulletin - Originally sent 03/19/04 (11:04 am est)
Long positions were taken at 1119 and
1117. The rally up to 1120.30 is
showing signs of resistance at this
time and because of the neutral
conditions in the chart it is not
worth risking to look for the obj. at
1124 - 1126.30 area.
It is recommended to exit long
positions at the market, which is
trading at 1119 and take small profits
and scratch the trade.
Bulletin - Originally sent 03/19/04 (3:26 pm est)
The sell stop was hit at 1113 putting
traders into short positions.
The sell-off down to 1111 is near
enough to the 1110.30 obj. and
completes the trade.
Bulletin - Originally sent 03/19/04 (3:32 pm est)
NOTE: There was a
miss-print signal on my screen for the
low of the S & P. The
correct low was 1111.30, which is also
near enough for traders to exit and
take profits as well.
Results: 03/19/04
The
week in review - 03/22/04
- 03/26/04
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Monday 03-22-04: 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 June contract -
1109.50 intra-day channel and peak also 1110.30 peak (major
area) / 1113.50 peak and 1114.70 peak also 1115.50 intra-day
channel (major area) / 1117.20 intra-day gap and
1118.30 peak also 1117.90 and 1119.20 day channels without GBX prices
also 1119.70 and 1120 peaks (very major
area) / 1122 day top and 1122.80 day gap also 1123.70
newly developed day channel with GBX prices and 1124.80 weekly top
excluding GBX prices (very major
area) / 1127.20 GBX weekly top (major) /
1131.60 is the 50% retracement area and 1131.80 peak (major
area) / 1133.30 peak (major) / 1137 peak
and 1138.30 day session closing price (major area) /
1140.50 day top (major) / 1142.70 and 1143.80
peaks also 1144.80 day top (major area) / 1156.80
weekly closing price and 1157.30 long-term major weekly channel (very
major area).
Support: For
the June contract -
1106.90 newly developed long-term major weekly channel and 1106.50 day
bottom also 1104.80 long-term major day channel (very
major area) / 1102.10 day channel and 1101 weekly bottom
also 1100.50 weekly minor down channel (very
major area) / 1098.50 weekly bottom and 1098.20 minor
daily down channel (major area) / 1092.90 weekly
channel also 1092.40 weekly closing gap and 1091.80 day bottom (very
major area) / 1089.10 major weekly channel and 1088 day
bottom (very major area) /
1083.50 weekly bottom and 1083.40 minor monthly channel also 1080.20
major weekly channel (very major area)
/ 1075 day bottom (major) / 1067.50 weekly bottom and
1066 weekly bottom in the June contract (major area) /
1053 weekly and monthly bottom (very major
area).
Comments:
The sell-off on Friday brought prices down into
bearish territory but because the market failed to close on Friday
below 1106.70, it leaves the chart defensive for possibly buying
pressure and price retracements back to the upside resistance. A
trade below the 1102.10 - 1100.50 channels and also below the
1098.20 channel can bring solid bearishness for lower prices to develop.
A trade below the 1083.40 monthly channel and 1080.20 weekly channel can
bring prices down to challenge the 1167.50 and 1153 major bottom areas.
A trade today above 1117.90 - 1119 channels would be slightly
bullish but only a trade above 1123.70 - 1124.80 area can bring any
solid bullishness back to the chart. Remain defensive inside the
first major trading area between 1117.90 - 1100.50 area and the minor
trading area between 1113 - 1115.50 and 1104.80 - 1102.10 area.
Day trades:
For The June contract -
Aggressive traders can buy dips near 1102.10 - 1098.20 area
for obj. near 1106 - 1109.50 area. (Use a sell stop and rev. short
at 1095.70).
Aggressive traders can sell rallies near 1115.50 and
1117.90 area and if possible near 1119 for obj. near 1110.30 - 1109.50
area. (Use a buy stop and rev. long at 1120.90).
Buy stop at 1120.90 for obj. near 1122.80 gap - 1123.70
area.
Buy stop at 1128 for obj. near 1131 - 1133 area.
Buy stop at 1134.60 for obj. near 1136.50 - 1137 area
and possibly near 1138.30.
Sell stop at 1095.70 for obj. near 1092.90 - 1091.80
area.
Sell stop at 1086.70 for obj. near 1083.50 - 1081 area.
Sell stop at 1079 for obj. near 1077 - 1074 area.
Results: 03/22/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Tuesday 03-23-04: 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 June contract -
1093.70 peak and 1094 intra-day channel also 1095 peak (major
area) / 1096.70 and 1097.30 peaks (major area) /
1099.70 peak (major) / 1002 day top to 1007.30
day gap (major area) / 1113.50 peak and 1113.80
day channel without GBX prices (very
major area) / 1116.30 minor day channel without
GBX prices (major area) / 1118.30 peak and
1120.20 day channel with GBX prices (very
major area) / 1122 day top and 1122.80 day gap (major
area) / 1124.80 weekly top excluding GBX prices and
1125.20 day top (major area) /1127.20 GBX weekly
top (major) / 1131.60 is the 50% retracement
area and 1131.80 peak (major area) / 1133.30
peak (major) / 1137 peak and 1138.30 day session
closing price (major area) / 1140.50 day top (major).
Support: For
the June contract -
1091.50 intra-day channel also 1090.50 and 1090 base (major
area) / 1087.50 day bottom and 1085 10 down channel (major
area) / 1083.50 weekly bottom and 1083.40 minor monthly
channel (very major area) /
1080.20 major weekly channel and 1080 day bottom (very
major area) / 1075 day bottom (major)
/ 1067.50 weekly bottom and 1066 weekly bottom in the June
contract (major area) / 1053 weekly and monthly
bottom (very major area).
Comments:
The sell-off on Monday brought prices down
near the very critical support area at 1089.10 and 1083.40.
As mentioned in last Tuesday's report this area is significant
enough to possibly stimulate buying for a substantial upward
retracement. A trade below the 1083.40 and 1080.20 channels
will fail this major support area for lower prices to follow.
A trade today above 1094 - 1095 area can stimulate some rallies
but only a trade above the 1113.50 and 1120.20 channels can bring
any solid bullishness back to the chart. Remain
defensive inside the first trading area between 1094 - 1095
resistance and 1091.50 - 1090.50 support and also the very major
trading area between 1113.50 - 1116.30 channel resistances and
1083.40 - 1080.20 channel supports.
Day trades:
For The June contract -
Aggressive traders can sell rallies near
1094 - 1095 area or buy dips near 1092 - 1090.50 area, whichever
side comes first, to complete the trade. (Use a buy stop and
rev. long at 1098). (Use a sell stop and rev. short at
1089.50).
Aggressive traders can buy dips near 1083.40 -
1080.20 area for obj. near 1087 - 1091 area. (Use a sell
stop and rev. short at 1079.80).
Aggressive traders can sell rallies near 1113.50
- 1116.30 area if it gets there for obj. near 1110 - 1108 area.
(Use a protective buy stop at 1117.30. Do not rev. long).
Buy stop at 1098 for obj. near 1099.70 - 1101
area.
Buy stop at 1103.30 for obj. near 1106 -
1107.30 gap area.
Sell stop at 1089.50 for obj. near 1087.50 and
possibly near 1085.10 - 1083.40 area.
Sell stop at 1079.80 for obj. near 1076.80 - 1075
bottom area.
Bulletin - Originally sent 03/23/04 (9:15 am est)
The market has traded through the 1098 buy stop in the overnight
session putting the chart in a position for possible
retracements to higher prices.
The sell area at 1094 - 1095 is now cancelled. The buy
area is still intact at the 1092 - 1090.50 area. Continue
to use a sell stop and rev. short at 1089.50.
Very aggressive traders can attempt long positions in
the 1094 - 1095 area for obj. near 1099 - 1101 area. (Use
a sell stop and rev. short at 1089.50)
Bulletin - Originally sent 03/23/04 (10:26 am est)
Very aggressive traders entered long positions on the sell-off
down to 1095.70, which is near enough to the 1095.
It is still considered a buy at the 1092 - 1090.50 area.
Continue to use a sell stop at 1089.50 to protect and rev. all
long positions.
Bulletin - Originally sent 03/23/04 (10:35 am est)
Long positions were taken at 1095.90. The rally up to
1098.70 is near enough to the 1099.70 obj. and completes the
trade.
Bulletin - Originally sent 03/23/04 (11:16 am est)
The sell-off down to 1095 put traders into long positions
again. The rally up to 1099 is near enough to the
1099.70 obj. and completes the trade.
NOTE: The 1095 - 1094 buy area is finished. It is
still considered a buy at the 1092 - 1090.50 area.
Bulletin - Originally sent 03/23/04 (12:07 pm est)
The sell off down to 1092.80 is near enough to the 1092 buy
area, putting traders into long positions. The rally up
to 1095.50 meets the obj. and completes the trade.
Bulletin - Originally sent 03/23/04 (12:17 pm est)
The sell off down to 1091.50 put traders into long positions
again. The obj. remains at 1094 - 1095 area.
(Continue to use a sell stop and rev. short at 1089.50).
Bulletin - Originally sent 03/23/04 (1:05 pm est)
Long positions were taken at 1091.50 and 1090.50. The
rally up to 1093.50 is near enough to the 1094 obj. and
completes the trade.
Results: 03/23/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday 03-24-04: 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 June contract -
1093.20 day channel with GBX prices (major)
/ 1095.50 peak and 1095.70 intra-day gap (major
area) / 1098.60 intra-day channel and minor day
channel (very major area)
/ 1100 peak and 1100.30 day top (major area)
/ 1102 day top and 1103.50 intra-day channel (major
area) / 1107.30 day gap and 1107.40 GBX top
also 1109.80 day channel without GBX prices (very
major area) / 1116.70 day channel with
GBX prices and 1118.30 peak (very
major area) / 1122 day top and
1122.80 day gap (major area) / 1124.80
weekly top excluding GBX prices and 1125.20 day top (major
area) /1127.20 GBX weekly top (major) /
1131.60 is the 50% retracement area (major area).
Support: For
the June contract -
1089.10 day channel and 1087.50 day bottom (major
area) / 1083.50 weekly bottom and 1083.40
minor monthly channel (very
major area) / 1080.20 major weekly
channel and 1080 day bottom (very
major area) / 1075 day bottom (major)
/ 1067.50 weekly bottom and 1066 weekly bottom in the
June contract (major area) / 1053
weekly and monthly bottom (very
major area).
Comments:
The whiplashing action seen in
Tuesday's session had all to do with the market facing
major support areas inside bearish conditions. If
the market continues to hold above the 1087.50 bottom
and the 1083.40 - 1080.20 major support channels then substantial
rallies can develop. A trade today above
1103.50 will challenge the 1109.80 area and possibly
near the 1113.50 - 1116.70 major channel resistance.
A trade above the 1122 - 1124.80 top areas can challenge
the 50% retracement area at 1131.60. A trade below
1083.40 - 1080.20 area will fail the major support
channels and can bring prices down to challenge near the
1067.50 and 1053 major bottoms. Remain defensive
inside the first trading area between 1093.20 and
1089.10 area and also between the 1098.60 and 1083.40
area.
Day
trades: For The June contract -
Aggressive traders can sell rallies
near 1093 - 1093.60 area or buy dips near 1091 - 1089.10
area, whichever side comes first, to complete the trade.
(Use a buy stop and rev. long at 1094). (Use a
sell stop and rev. short at 1087).
Aggressive traders can sell rallies
near 1096 - 1098.60 area for obj. near 1092 - 1090 and
possibly near 1087.50 bottom. (Use a buy stop and
rev. long at 1100.90).
Aggressive traders can buy dips near
1084.50 - 1083.40 area for if possible near 1080.20 for
obj. near 1087.50 - 1089.50 area and possibly near 1092.
(Use a sell stop and rev. short at 1079.50).
Aggressive traders can attempt short positions
near 1107 - 1109.80 area for obj. near 1104.50 - 1103.50
area. (Use a buy stop and rev. long at 1111).
Buy stop at 1094 for obj. near 1096 -
1098.60 area
Buy stop at 1100.90 for obj. near
1102.50 - 1103.50 area.
Buy stop at 1104.70 for obj. near 1107
- 1109.80 area.
Buy stop 1110.80 for obj. near 1112.80
- 1113.50 area.
Sell stop at 1087 for obj. near 1084.50
- 1083.40 area and possibly near 1080.20.
Sell stop at 1079.50 for obj. near 1076
- 1075 area.
Sell stop at 1073.50 for obj. near 1069
- 1067.50 area.
Sell stop at 1064.50 for obj. near 1059
- 1055 area and possibly near 1053.
Bulletin - Originally sent 03/24/04 (9:39 am est)
Short positions were taken at 1093. The sell off down
to 1091 meets the obj. and completes the trade.
Bulletin - Originally sent 03/24/04 (9:53 am est)
Long positions were taken at 1091. The rally up to
1093 meets the obj. and completes the trade.
Bulletin - Originally sent 03/24/04 (10:11 am est)
The buy stop was hit at 1094, putting traders into long
positions.
The sell off down to 1091 hit the buy area, where long
positions were taken again. Traders are now long at
1094 and 1091. The obj. is 1096 - 1098.60 area.
(Continue to use a sell stop and rev. short at 1087).
Bulletin - Originally sent 03/24/04 (10:25 am est)
The rally up to 1094 is showing signs of resistance.
Exit the long positions and scratch the trade. The
market is trading at 1093.50.
Bulletin - Originally sent 03/24/04 (11:13 am est)
The sell stop at 1087 was hit, putting traders into short
positions. The sell off down to 1085 is near enough to
the 1084.50 obj. and completes the trade.
Bulletin - Originally sent 03/24/04 (11:21 am est)
The sell off down to 1085 was near enough to the buy area at
1084.50, putting traders into long positions. The
rally up to 1087.50 meets the obj. and completes the trade.
Bulletin - Originally sent 03/24/04 (1:42 pm est)
The rally up to 1096 - 1098.60 area put traders into short
positions at 1096.50. The sell off down to 1092.50 is
near enough to the 1092 obj. and completes the trade.
Results: 03/24/04
A TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S & P -
For Thursday 03-25-04: 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 June contract -
1092 peak and 1092.40 intra-day channel (major area) /
1094.30 newly developed minor day channel and 1094.50 intra-day channel
also 1094.80 and 1095.30 peaks (major area) / 1096.90
minor day channel and 1097.30 day top (very major area) /
1100 peak and 1100.30 day top (major area) / 1102 day top
(major) / 1105.70 day channel without GBX prices (very
major area) / 1107.30 day gap and 1107.40 GBX top (major
area) / 1110.60 and 1113.20 minor day channels without GBX prices
(major area) / 1118.30 peak and 1118.40 day channel with
GBX prices (very major area) / 1122 day top and 1122.80
day gap (major area) / 1124.80 weekly top excluding GBX
prices and 1125.20 day top (major area) /1127.20 GBX
weekly top (major) / 1131.60 is the 50% retracement
area (major area).
Support: For
the June contract -
1091.50 minor intra-day channel and 1089.50 base (major area) /
1086.20 intra-day channel and 1086 base also 1085.80 newly developed
long-term day channel and 1085 day bottom (major area) /
1083.50 weekly bottom and 1083.40 minor monthly channel (very
major area) / 1080.20 major weekly channel and 1080 day
bottom (very major area) /
1075 day bottom (major) / 1067.50 weekly bottom and 1066
weekly bottom in the June contract (major area) / 1053
weekly and monthly bottom (very major area).
Comments:
The whiplashing action continued into Wednesday's
session stimulating rallies after prices approached near the 1083.40 major
support area, which proved the significance of the area As long as
prices remain above the 1083.40 and 1080.20 support channels then higher
prices can develop. A failure below the 1083.30 and 1080.20 support
areas can bring prices down to challenge the near the 1067.50 and 1053
major bottom area. A trade today above the 1084.30 and 1086.90
channels can bring prices up to challenge the 1105.70 area and possibly
near the 1110.60 and 1113.20 channels. Only a trade above the
1118.40 channel can bring any solid bullishness back into the chart.
Remain defensive inside the 1194.30 - 1196.80 resistance and the 1185.80 -
1183.40 support areas.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1094 - 1096.90
area for near 1092 - 1089.50 area. (Use a buy stop and rev. long at
1098.50).
Aggressive traders can buy dips near 1086 - 1083.40 area
and if possible near 1080.20 for obj. near 1089.50 - 1092 area. (Use
a sell stop and rev. short at 1079).
Buy stop at 1098.50 for obj. near 1100 - 1102 area.
Buy stop at 1103.70 for obj. near 1105 - 1105.70 area.
Buy stop 1106.70 for obj. near for obj. near 1108 -
1110.60 area.
Sell stop at 1089 for obj. near 1086 - 1083.40 area.
Sell stop at 1079 for obj. near 1076 - 1075 area.
Sell stop at 1073 for obj. near 1069.50 - 1067.50 area.
Sell stop at 1064 for obj. near 1060 - 1058 area and
possibly near 1053.
Bulletin - Originally sent 03/25/04 (10:30 am est)
Short positions were taken on the opening at 1096.70.
The sell off down to 1093.80 is near enough to the 1092 obj.
for traders to consider taking profits. Buy the S
& P at the market, which is trading at 1094.50 to
complete this trade.
Bulletin - Originally sent 03/25/04 (11:22 am est)
The buy stop was hit at 1098.50, putting traders into long
positions. The market is showing signs of resistance
and can possibly fail to meet the obj. at 1100.
It is recommended to exit long positions at the market,
which is trading at 1097 and scratch the trade with a small
loss.
Bulletin - Originally sent 03/25/04 (12:52 pm est)
The buy stop was hit at 1103.70 putting traders into long
positions. The rally up to 1104.80 is near enough to
the 1105 obj. and completes the trade.
Bulletin - Originally sent 03/25/04 (2:06 pm est)
NOTE: Due to the amount of resistance at the
1107 - 1110.60 area and the condition of the intra-day chart
formation the buy stop at 1106.70 is being
cancelled.
Results: 03/25/04
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Friday 03-26-04: 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 June contract -
1106 day channel and 1106 close (major area)
/ 1107.70 and 1108 day channels without GBX
prices also 1109.20 day top and 1109.70 day channel
with GBX prices (very
major area) / 1113.50 peak
(significant) / 1116.20 minor day channel without GBX
prices (major area) / 1118.30 peak (major) /
1122 day top and 1122.80 day gap (major area) /
1124.80 weekly top excluding GBX prices and 1125.20
day top (major area) /1127.20 GBX
weekly top (major) / 1131.60 is
the 50% retracement area (major area)
/ 1137 peak and 1138.30 day session closing price (major
area) / 1140.50 day top (major) /
1142.70 and 1143.80 peaks also 1144.80 day top (major
area) / 1156.80 weekly closing price and
1157.30 long-term major weekly channel (very
major area).
Support: For
the June contract -
1105.30 minor intra-day channel also 1104.30 and 1104
base area (major area) / 1103 base
and 1102.60 minor day channel without GBX prices also
1102 base (major area) / 1099.50 to
1098.30 base area (major area) / 1096
base and 1095.80 minor day channel without GBX prices (very
major area) / 1093.80 day bottom (major) /
1091.50 day gap and 1090.10 GBX bottom also 1089.50
base (major area) / 1086.60 long-term
major day channel and 1085 day bottom (very
major area) / 1083.40 minor monthly
channel also 1082.50 minor down channel (very
major area) / 1080.20 major
weekly channel and 1080 day bottom (very
major area) / 1075 day bottom (major)
/ 1067.50 weekly bottom and 1066 weekly bottom in the
June contract (major area).
Comments:
The rally on Thursday proved the
significance of the base that developed over the few
days from the major support areas at 1083.40 and
1080.20. The support proved to be enough to
stimulate substantial buying as mentioned and
suspected it would. The rally brought prices up
near the major resistance areas, which can now
stimulate some selling pressure for retracements to
the downside. A trade today above the 1107.70
and 1109.70 channels is slightly bullish buy only a
trade above the 1116.20 channel can bring any
bullishness back to the chart. A trade today
below the 1095.20 channel is slightly bearish but
only a trade below the 1083.40 and 1080.20 major
monthly and weekly channels can bring any solid
bearishness back to the chart. Remain defensive
inside the first trading area between the 1107.70 and
1109.70 resistance and the 1105.30 and 1102.60 support
areas.
Day
trades: For The June contract -
Aggressive traders can sell rallies
near 1107 - 1109.70 area or buy dips near 1105.30 -
1102.60 area, whichever side comes first to complete
the trade. (Use a buy stop and rev. long at
1111.30). (Use a sell stop and rev. short at
1101).
Aggressive traders can buy dips near
1096 - 1095.30 area for obj. near 1098 - 1099 area.
(Use a sell stop and rev. short at 1093).
Aggressive traders can buy dips near
1083.40 - 1080.20 area, if it gets there, for obj.
near 1090 - 1092 area. (Use a sell stop and rev.
short at 1079).
Aggressive traders can sell rallies
near 1115 - 1116.20 area for obj. near 1113.50 -
1111.50 area. (Use a buy stop and rev. long at
1117.30).
Buy stop at 1111.30 for obj. near
1115 - 1116.20 area.
Buy stop at 1117.30 for obj. near
1118.30 - 1122 area.
Sell stop at 1101 for obj. near 1096
- 1095.30 area.
Sell stop at 1093 for obj. near
1091 - 1089.50 area and possibly near 1086.60 major
channel.
Bulletin - Originally sent 03/26/04 (9:54 am est)
Long positions were taken at 1105.30. The rally up to
1107.70 meets the obj. and completes the trade.
Short positions were taken at 1107.70 for obj. near 1105.30.
(Continue to use a buy stop and rev. long at 1111.30).
Bulletin - Originally sent 03/26/04 (10:24 am est)
Short positions were taken at 1107.70 and 1109.70.
The sell-off down to 1106 is near enough to the 1105.30
obj. and completes the trade.
Bulletin - Originally sent 03/26/04 (1:27 pm est)
The buy stop at 111.30 was hit putting traders into long
positions. The market is showing signs of resistance
at the 1112.80 area that can prevent the obj. of 1115 from
being reached.
It is recommended for traders to exit the long position at
the market, which is trading at 1111.50 at this time and
scratch the trade.
Results: 03/26/04
HYPOTHETICAL PERFORMANCE RESULTS HAVE
MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL
OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT,
THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE
RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
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