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The Tech Guru Commodity Report |
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Archived S & P Daily Reports THERE IS RISK OF LOSS IN ALL TRADING. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALL RESULTS ARE HYPOTHETICAL. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
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The
week in review - 03/01/04
- 03/05/04
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Monday 03-01-04: NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very significant),
and (significant) is of the least value. Very
aggressive trades - are trades that are against the
trend or a high dollar risk when wide stops are used. "The
Golden Rule" - Do
not use a buy stop inside a sell area or a sell stop inside a buy
area. The word NEAR can
be 1/2 to 1 point from a price listed in any trade to enter or
complete a trade.
Special
instructions for using stops - All
stops listed are for the day session only. Where stops ARE NOT
mentioned, they should be placed below the second support
area listed or above the second resistance area listed,
or 22 points from the (trade entry point), whichever is the
lesser amount. NOTE: The
first support area becomes the resistance after the market
trades through the second support area listed.
The first resistance area becomes the support after the market
trades through the second resistance area listed.
Resistance: For
the March contract -
1144.70 newly developed minor weekly channel and 1146 peak (major
area) / 1149.40 newly developed long-term major monthly
channel and 1149.80 peak also 1150.60 day channel (very major
area) / 1153.90 newly developed major monthly channel and
1154.50 long-term major weekly channel (very major area) /
1156.50 major weekly channel and 1157.90 newly developed minor monthly
channel also 1158.30 weekly channel and 1158.70 weekly top and 1159.10
minor weekly upper channel (very major area) /
1162.30 daily upper channel also 1162.50 and 1163.50 day tops also
1163.80 minor weekly upper channel (very major area) /
1169 weekly top (major) / 1176.60 long-term major
weekly upper channel also 1177 and 1178.50 monthly double top and 1180
weekly closing gap (very major area) / 1183.50 minor
weekly upper channel and 1185.30 major weekly upper channel (very
major area) / 1187 weekly closing price and 1189.50 weekly
top (major area) / 1194.80 major monthly upper
channel (very major area).
Support: For
the March contract -
1143.20 and 1142.40 minor day channels also 1142.50 minor monthly
channel (major area) / 1141.20 major monthly channel
and 1140.70 weekly channel also 1140.50 day bottom also 1139.40 and
1139.20 major day channels (very major area) /
1137.80 day bottom and 1137 GBX bottom also 1136.80 minor weekly
channel and 1136.50 day channel (very major area) /
1133.60 minor weekly channel and 1133.20 weekly bottom (major
area) / 1130.80 day channel (major) /
1128.70 long-term major weekly channel and 1127 day bottom also
1126.40 day gap and 1126 GBX bottom and 1125.30 long-term major day
channel (very major area) / 1123 weekly bottom and
1122.30 GBX weekly bottom also 1121 weekly bottom and
1120.80 minor monthly channel (very major area) /
1119.40 GBX bottom and 1118.10 are both major monthly and weekly
channels (very major area) / 1113.80 weekly bottom
also 1112 weekly bottom to 1108.90 weekly closing gap (very
major area) / 1103.50 monthly bottom (major) /
1097.20 weekly bottom to 1194.20 weekly bottom also 1093.50 weekly
closing gap (very major area).
Comments:
The closing price on Friday was below the 1149.40 resistance area but
managed to close up from last week's and last month's closing prices,
which leaves the chart dead neutral with no solid direction.
The possibility of a rally above the 1158.70 top area can still
develop as easily as a sell off below the 1136.60 and 1128.70 major
support areas. A trade above the 1163.80 channel can challenge
prices near the 1176.60 area and the 1177-1178.50 double top area.
A trade today below 1136.50 is bearish but only a trade below
1128.70 can bring solid bearishness into the chart. Remain
defensive inside the first neutral trading area between the 1149.40
-1150.60 resistance and 1142.50 -1139.20 support area. The major
weekly trading area remains between 1163.80 -1128.70 area.
Day trades:
For The March contract -
Aggressive traders can sell rallies
near 1149.40 - 1150.60 area or buy dips near 1143.20 -
1140.10 area, whichever side comes first, to complete the trade.
(Use a buy stop and rev. long at 1152). (Use a sell stop and
rev. short at 1139).
Buy stop at 1152 for obj. near 1153.50 - 1156 area
and possibly near 1157.90.
Buy stop at 1165 for obj. near 1168 - 1169 area.
Buy stop at 1170 for obj. near 1174 - 1176.60 area
and possibly near 1177 - 1178.50 top area.
Sell stop at 1139 for obj. near 1137.50 - 1136.50
area.
Sell stop at 1135 for obj. near 1131.50 - 1128.70
area.
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).
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