Archived S & P's

The week in review - 05/03/04 - 05/07/03

The Tech Guru's S & P Day Trading Recommendations

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Monday 05-03-04: 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 June contract -

1109 intra-day channel and minor day channel also 1109.20 intra-day gap (major area) / 1111 and 1111.80 peaks (major area) / 1113.80 day channel with GBX prices and 1114 intra-day gap (major area) / 1115.60 day channel and 1116 peak (very major area) / 1117.80 peak and 1118.50 day top (major area) / 1120 intra-day gap and 1120.20 peak also 1120.80, 1121.20 and 1121.70 peaks (major area) / 1123.70 peak (major) / 1127.50 and 1127.80 peaks also 1128 day top and 1128.20 peak (major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 top also 1139 peak (major area) / 1144.30 minor weekly channel and 1144.50 peak also 1145 long-term major weekly channel and 1145.60 long-term major monthly channel and 1146.20 weekly top (very major area) / 1148.50 weekly top and 1150 weekly double top (major area) / 1162.30 June contract's weekly top and 1162.40 monthly channel also 1163.50 weekly chart's top (very major area).

Support: For the June contract -

1104.70 newly developed day channel and 1104 weekly bottom (major area) / 1103.40 long-term day channel and 1102.30 major weekly channel also 1101 long-term day channel (very major area) / 1097.80 day channel and 1097.80 weekly channel also 1096.40 daily down channel (very major area) / 1093.80 day bottom and 1093.30 weekly channel with GBX prices also 1092.50 weekly channel without GBX prices and 1091.50 day gap (major area) / 1090.10 GBX bottom (major) / 1085.30 minor weekly channel and 1085 major weekly bottom also 1084.50 weekly bottom and 1084.30 weekly closing prices (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area) / 1053 weekly chart's bottom and 1050.80 June contract's weekly bottom (very major area).

Comments:

The sell-off on Friday close down for the third day in a row and managed to close down for the week and down for the month, leaving the chart in totally bearish territory. The close on Friday was also below the 1109.70 monthly channel confirming the beginning of a major downtrend for lower prices to be expected. A trade today above 1115.60 is slightly bullish but only a trade above 1136.50, which is the first monthly channel, can bring any solid bullishness back to the chart. A trade below 1103.40 and 1101 long-term support channels can bring prices down to challenge the 1097.80 and 1096.40 area and possibly near 1093.30 - 1092.50 channel support. Remain defensive inside the first trading range between (1109 - 1113.80 and 1115.60 resistances) and (1103.40 - 1102.30 and 1101 support) areas.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1107 - 1109 area for obj. near 1103.70 - 1102.30 area and possibly near 1101. (Use a protective buy stop at 1111.20. Do not rev. long).

Aggressive traders can sell rallies near 1112.50 - 1115.60 area for obj. near 1105 - 1103.40 area and possibly near 1102.30 - 1101 area. (Use a protective buy stop at 1119.70. Do not rev. long).

Sell stop at 1100 for obj. near 1098 - 1096.40 area.

Sell stop at 1095.80 for obj. near 1093.80 - 1093.30 and possibly near 1092.50 - 1091.50 gap.

Sell stop at 1089 for obj. near 1087 - 1085 area.

Sell stop at 1078.70 for obj. near 1076.70 - 1075.10 area.

* There is a substantial risk of loss in trading futures and options. These recommendations cannot guarantee a profit. Placing contingent orders such as "Stop Loss" or "Stop Limit" orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Bulletin - Originally sent 05/03/04 (2:57 pm est)

Short positions were taken on the rally at 1112.50 and 1115.60. The sell-off down to 1110.30 is a worthy price to consider taking profits and complete the trades. The market is trading at 1111.30 at this time to exit the short positions.

Results: 05/03/04

Sold @ 1109	Bought @ 1111.20	= - $ 550.00
Sold @ 1112.50	Bought @ 1111.30	= + $ 300.00
Sold @ 1115.60	Bought @ 1111.30	= + $1,075.00
TOTAL (P & L)		+ $ 825.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Tuesday 05-04-04: 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.

Resistance: For the June contract -

1117.30 minor day channel also 1117.90 and 1118.60 day tops (major area) / 1120 intra-day gap and 1120.80 peak (major area) / 1123.70 peak (significant) / 1127.50 and 1127.80 peaks also 1128 day top and 1128.20 peak (major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 top also 1139 peak (major area) / 1144.30 minor weekly channel and 1144.50 peak also 1145 long-term major weekly channel and 1145.60 long-term major monthly channel and 1146.20 weekly top (very major area) / 1148.50 weekly top and 1150 weekly double top (major area) / 1162.30 June contract's weekly top and 1162.40 monthly channel also 1163.50 weekly chart's top (very major area).

Support: For the June contract -

1113.60 intra-day channel and 1113 day channel without GBX prices (major area) / 1111.80 intra-day channel and 1111.20 (very major area) / 1110 and 1109.10 base also 1108.50 day bottom (major area) / 1106.10 weekly closing gap and 1105.40 day channel without GBX prices also 1104.70 day channel with GBX prices (major area) / 1104.20 long-term day channel and 1104 GBX bottom and day bottom (very major area) / 1102.30 major weekly channel and 1101.60 long-term day channel (very major area) / 1198.20 day channel and 1197.80 weekly channel (very major area) / 1094.50 daily down channel and 1093.80 day bottom also 1093.30 weekly channel with GBX prices also 1092.50 weekly channel without GBX prices also 1091.50 day gap (very major area) / 1090.10 GBX bottom (major) / 1085.30 minor weekly channel and 1085 major weekly bottom also 1084.50 weekly bottom and 1084.30 weekly closing prices (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area).

Comments:

The rally on Monday brought prices above the three daily channels and also managed to close above the last two days closing prices removing the bearishness from the chart leaving the chart in neutral condition again. The major trading range remains between 1136.50 and 1101.60. Remain defensive inside the first trading range between 1121.70 and 1113 area and also inside the major trading range between 1136.50 and 1101.60.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1117.30 and 1120 area and if possible near 1120.80 or buy dips near 1114 - 1113 area, whichever side comes first to complete the trade. (Use a buy stop and rev. long at 1122). (Use a sell stop and rev. short at 1109).

Buy stop at 1122 for obj. near 1124.50 - 1126.50 and possibly near 1128 top area.

Buy stop at 1131 for obj. near 1134 - 1136.50 area.

Sell stop at 1109 for obj. near 1106.10 gap - 1105.40 area and possibly near 1104.70.

Sell stop at 1100.50 for obj. near 1098.20 - 1097.80 area.

Sell stop at 1096 for obj. near 1094.50 - 1091.50 area.

Aggressive traders can attempt short positions near the very major resistance at 1136.50 area for obj. near 1130 - 1128 area and possibly near 1124. (Use a protective buy stop at 1139.50. Do not rev. long). NOTE: Position traders can hold the 1136.50 short position overnight. The main obj. is to exit near 1105 - 1102.60 area and possibly near 1097.80. (Continue to use a protective buy stop at 1139.50 in both the GBX and day sessions, for this entire week).

Bulletin - Originally sent 05/04/04 (9:54 am est)

Short positions were taken on the rally up 1117.50. The sell off down to 1115.30 is near enough to the 1114 obj. and completes the trade.

Anyone missing the 1115.30 area should take the short position to the market and buy it at 1116 or better, due to the fact that 1114 was hit in the overnight session.

Bulletin - Originally sent 05/04/04 (10:01 am est)

Long positions were taken at 1115.50. The rally up to 1117.40 is near enough to the 1117.50 obj. and completes the trade.

Bulletin - Originally sent 05/04/04 (11:49 am est)

The rally up to 1117.50 put traders into short positions again. The sell off down to 1114.20 is near enough to the 1114 obj. and completes the trade.

Bulletin - Originally sent 05/04/04 (12:05 pm est)

The sell off down to 1113.50 put traders into long positions. The obj. at this time is 1116 - 1117 area. (Continue to use a sell stop and rev. short at 1109).

Bulletin - Originally sent 05/04/04 (1:09 pm est)

Long positions were taken at 1113.50. The sell off managed to bring prices below the 1113 support level, putting the chart slightly into bearish condition.

It is recommended for traders to exit the long position taken at 1113.50. Sell at the market, which is trading at 1113.50 and scratch the trade at break even.

Bulletin - Originally sent 05/04/04 (2:55 pm est)

The buy stop at 1122 was hit putting traders into long positions. The rally up to 11124.50 meets the obj. and completes the trade.

Results: 05/04/04

Sold @ 1117.50	Bought @ 1115.50	= + $ 500.00
Bought @ 1115.50	Sold @ 1117.50	= + $ 500.00
Sold @ 1117.50	Bought @ 1114	= + $ 875.00
Bought @ 1113.50	Sold @ 1113.50	= $ -0-
Bought @ 1122	Sold @ 1124.50	= + $ 625.00
TOTAL (P & L)		+ $2,500.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Wednesday 05-05-04: 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.

Resistance: For the June contract -

1116 intra-day channel (major) / 1118.80 and 1119 peaks (major area) / 1123.80 newly developed day channel and 1124 intra-day gap also 1124.90 day channel with GBX prices (major area) / 1125.80 and 1127 minor day channels also 1127 peak and 1127.50 day top and 1128 day top (very major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 top also 1139 peak (major area) / 1144.30 minor weekly channel and 1144.50 peak also 1145 long-term major weekly channel and 1145.60 long-term major monthly channel and 1146.20 weekly top (very major area) / 1148.50 weekly top and 1150 weekly double top (major area) / 1162.30 June contract's weekly top and 1162.40 monthly channel also 1163.50 weekly chart's top (very major area).

Support: For the June contract -

1115.20 and 1114.50 minor day channels without GBX prices also 1114 intra-day channel (major area) / 1113 base and 1111.50 day bottom (major area) / 1110 and 1109.10 base also 1108.50 day bottom (major area) / 1106.10 day channel and 1106.10 weekly closing gap also 1105.50 long-term major day channel and 1105 major day channel (very major area) / 1104 GBX bottom and 1104 weekly bottom (major area) / 1102.30 major weekly channel and 1102.20 long-term minor day channel (very major area) / 1098.70 day channel and 1097.80 weekly channel (very major area) / 1093.80 day bottom and 1093.30 weekly channel with GBX prices also 1092.60 daily down channel and 1092.50 weekly channel without GBX prices also 1091.50 day gap (very major area) / 1090.10 GBX bottom (major) / 1085.30 minor weekly channel and 1085 major weekly bottom also 1084.50 weekly bottom and 1084.30 weekly closing prices (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area).

Comments:

The sell-off on Tuesday from the major resistance can prove to be a signal for lower prices to continue. The sell-off on Tuesday also managed to close down for the day, which is technically considered a minor key reversal to the downside, leaving the chart in slightly bearish condition. A trade above the 1127.50 - 1128 area is slightly bullish but only a trade above 1136.50 can bring any solid bullishness back to the chart. A trade below 1105.50 and 1102.20 is bearish for prices to challenge the 1097.80 and 1093.30 support area and possibly lower. Remain defensive inside the first narrow trading range between 1116 - 1114.50 and the next trading range between 1125.80 and 1105.50 area.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1116 for obj. near 1114.50 and possibly near 1113 area. (Use a buy stop and rev. long at 1119.30).

Aggressive traders can sell rallies near 1122 - 1123.80 area and if possible near 1125 - 1125.80 for obj. near 1118 - 1116 area. (Use a buy stop and rev. long at 1129.70).

Buy stop at 1119.30 for obj. near 1122 - 1123.80 area.

Buy stop at 1129.70 for obj. near 1133 - 1134.20 area and possibly near 1136.50.

Buy stop at 1139.50 for obj. near 1142 - 1144.50 area and possibly near 1145.

Sell stop at 1109 for obj. near 1106.10 gap - 1105.50 area.

Sell stop at 1101 for obj. near 1098.70 - 1097.80 area.

Sell stop at 1096 for obj. near 1094.50 - 1092.60 area and possibly near 1091.50 gap.

Sell stop at 1090 for obj. near 1087 - 1085 bottom area and possibly near 1080.50.

Bulletin - Originally sent 05/05/04 (10:11 am est)

The buy stop was hit at 1119.30 putting traders into long positions. The market is showing signs of resistance at the 1120.50 area that can prevent the obj. of 1122 from being met.

It is recommended for traders to exit the long position at the market, which is trading at 1118.80 at this time, and cut losses.

Results: 05/05/04

Sold @ 1119	Bought @ 1119.30	= - $ 75.00
Bought @ 1119.30	Sold @ 1118.80	= - $ 125.00 sold as per bulletin
Sold @ 1122	Bought @ 1118	= + $1,000.00
Sold @ 1123.80	Bought @ 1121.80	= + $ 500.00
TOTAL (P & L)		+ $1,300.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Thursday 05-06-04: NOTE: After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is of the least value. Very aggressive trades - are trades that are against the trend or a high dollar risk when wide stops are used. "The Golden Rule" - Do not use a buy stop inside a sell area or a sell stop inside a buy area. The word NEAR can be 1/2 to 1 point from a price listed in any trade to enter or complete a trade.

Resistance: For the June contract -

1122.20 day channel (major) / 1123.50 intra-day channel and 1123.80 peak also 1124.10 day channel and 1124.30 day top (very major area) / 1126.50 minor day channel and 1127.50 day top also 1128 day top (major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 top also 1139 peak (major area) / 1143.50 and 1144.10 day channels also 1144.30 minor weekly channel and 1144.50 peak also 1145 long-term major weekly channel and 1145.60 long-term major monthly channel and 1146.20 weekly top (very major area) / 1148.50 weekly top and 1150 weekly double top (major area) / 1162.30 June contract's weekly top and 1162.40 monthly channel also 1163.50 weekly chart's top (very major area).

Support: For the June contract -

1121.10 minor day channel and 1120.20 base also 1119.70 intra-day channel and 1119.20 base (major area) / 1117.80 and 1117.30 base also 1116.70 GBX channel and 1116.30 day bottom also 1115.50 day gap (very major area) / 1114.50 and 1113 base (major area) / 1112.50 GBX bottom and 1111.50 day bottom (major area) / 1108.50 day bottom (major) / 1106.80 and 1106 day channels also 1106.30 day channel and 1106.10 weekly closing gap (very major area) / 1105.70 long-term day channel also 1104 GBX bottom and 1104 weekly bottom (major area) / 1102.90 long-term minor day channel and 1102.30 major weekly channel (very major area) / 1099.10 day channel and 1097.80 weekly channel (very major area) / 1093.80 day bottom and 1093.30 weekly channel with GBX prices also 1092.50 weekly channel without GBX prices also 1091.50 day gap (very major area) / 1090.70 daily down channel and 1090.10 GBX bottom (major area) / 1085.30 minor weekly channel and 1085 major weekly bottom also 1084.50 weekly bottom and 1084.30 weekly closing price (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area).

Comments:

The whiplashing action seen in Wednesday's trading session proved the neutral condition leaving the chart neutral again inside the first narrow range between 1124.10 and 1116.70 area. A trade above 1124.10 and 1126.50 areas can bring prices up to challenge the 1134.20 - 1136.50 major resistance and should be considered a selling area if it gets there. A trade below 1116.70 is slightly bearish but a trade below the 1106.80 - 1106.10 support area can bring prices down to challenge the 1102.60 area and possibly near the 1097.80 weekly support. Remain defensive inside the first narrow trading area between 1124.10 and 1116.70.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1122 - 1124.10 area or buy dips near 1119.70 - 1116.70 area, whichever side comes first, to complete the trade. (Use a buy stop and rev. long at 1128.70). (Use a sell stop and rev. short at 1115).

Aggressive traders can sell rallies near 1134.30 - 1136.50 area for obj. near 1128 - 1126.50 area and possibly near 1124. (Use a buy stop and rev. long at 1139.70).

Buy stop at 1128.70 for obj. near 1131.70 - 1134.30 area and possibly near 1136.50.

Buy stop at 1139.70 for obj. near 1143 - 1144.10 area and possibly near 1145.60.

Sell stop at 1115 for obj. near 1112.50 - 1111.50 area.

Sell stop at 1110 for obj. near 1108 - 1106.10 area and possibly near 1105.70 support channel.

Sell stop at 1101.70 for obj. near 1099.10 - 1097.80 area.

Bulletin - Originally sent 05/06/04 (10:07 am est)

The sell stop was hit at 1115, putting traders into short positions. The market is showing signs of support at the 1114 area than can prevent the 1112.50 obj. from being met.

It is recommended for traders to exit the short position at the market, which is trading at 1117.50 and cut losses.

Bulletin - Originally sent 05/06/04 (12:47 pm est)

The sell stop was hit at 1110 putting traders into short positions. The sell-off down to the 1106.10 gap meets the obj. and completes the trade.

Results: 05/06/04

Sold @ 1115	Bought @ 1117.50	= - $ 625.00 bought as per bulletin
Sold @ 1110	Bought @ 1106.10	= + $ 975.00
TOTAL (P & L)		+ $ 350.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Friday 05-07-04: 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.

Resistance: For the June contract -

1114.70 and 1115.10 intra-day channels also 1115.50 peak (major area) / 1117 day channel and 1117.90 newly developed minor day channel also 1118.50 day top and 1119.50 day channel with GBX prices (major area) / 1122 day gap and 1122.50 day channel (very major area) / 1124.30 day top and 1124.50 minor day channel (major area) / 1127.50 and 1128 day tops (major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 GBX top also 1139 peak (major area) / 1143.10 and 1143.80 day channels (major area) / 1144.30 minor weekly channel and 1144.50 peak also 1145 long-term major weekly channel and 1145.60 long-term major monthly channel and 1146.20 weekly top (very major area) / 1148.50 weekly top and 1150 weekly double top (major area) / 1162.30 June contract's weekly top and 1162.40 monthly channel also 1163.50 weekly chart's top (very major area).

Support: For the June contract -

1112.20 intra-day channel and 1111.20 base (major area) / 1109.80 intra-day channel and 1109.50 base also 1108.20 base (major area) / 1105.40 newly developed day channel and 1104.80 day bottom also 1104 weekly bottom and 1103.50 long-term day channel (very major area) / 1102.90 long-term minor day channel and 1102.30 major weekly channel (very major area) / 1099.60 day channel (major) / 1097.80 weekly channel (very major area) / 1093.80 day bottom and 1093.30 weekly channel with GBX prices also 1092.50 weekly channel without GBX prices also 1091.50 day gap (very major area) / 1090.10 GBX bottom (major area) / 1085.30 minor weekly channel and 1085 major weekly bottom also 1084.50 weekly bottom and 1084.30 weekly closing price (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area).

Comments:

The sell-off on Thursday brought prices down to a very major support area, which proved to be significant enough to stimulate a rally leaving the chart neutral inside the 1122.50 - 1102.30 major trading range. A trade above 1122.50 - 1124.50 area is slightly bullish but only a trade above 1136.50 can bring any solid bullishness back to the chart. A trade below 1109.80 - 1108.20 area is slightly bearish but only a trade below 1102.90 - 1102.30 area can prove the downtrend intact for lower prices. Remain defensive inside the first narrow trading range between 1115.10 and 1112.20 and also the next trading range between 1117.90 - 1122.50 resistance and 1105.40 - 1102.30 support area.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1114.70 - 1115.10 area or buy dips near 1112.20 - 1109.80 area, whichever side comes first to complete the trade. (Use a buy stop and rev. long at 1116). (Use a sell stop and rev. short at 1108).

Aggressive traders can sell rallies near 1117.90 - 1119.50 area and if possible near the 1122 gap - 1122.50 area for obj. near 1115.50 - 1113.50 area. (Use a buy stop and rev. long at 1125).

Buy stop at 1116 for obj. near 1117.90 - 1119.50 area and possibly near 1122 gap - 1122.50 area.

Buy stop at 1125 for obj. near 1126.50 - 1127.50 area and possibly near 1128.

Buy stop at 1131 for obj. near 1134 - 1136.50 area.

Sell stop at 1108 for obj. near 1106 - 1105.40 area and possibly near 1102.90 - 1102.30 area.

Sell stop at 1101.70 for obj. near 1099.60 - 1097.80 area.

Sell stop at 1096 for obj. near 1094 - 1093.30 area and possibly near 1092.50 - 1091.50 gap area.

Results: 05/07/04

Sold @ 1101.70	Bought @ 1099	= + $ 675.00
Sold @ 1096	Bought @ 1095.50	= + $ 125.00
TOTAL (P & L)		+ $ 800.00

The week in review - 05/10/04 - 05/14/04

The Tech Guru's S & P Day Trading Recommendations

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Monday 05-10-04: 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.

Resistance: For the June contract -

1099.80 and 1100 intra-day channels (major area) / 1102 and 1102.70 peaks (major area) / 1104.30 peak and 1105.90 intra-day channel (very major area) / 1109.20 peak and 1110.30 intra-day channel also 1110.90 peak (major area) / 1112.90 day channel and 1113 peak (very major area) / 1114.70 minor day channel and 1116.60 day top also 1116.90 day channel without GBX prices (major area) / 1118.50 day top (major) / 1120.80 day channel without GBX prices and 1122 day gap (very major area) / 1124.30 day top (major) / 1126.80 minor day channel and 1127.50 weekly top also 1128 day top (major area) / 1134.20 day top and 1134.70 rev. base also 1136.50 minor monthly channel (very major area) / 1137.90 day gap and 1138.10 GBX top also 1139 peak (major area) / 1142.40 minor weekly channel and 1142.90 long-term weekly channel also 1145.60 long-term monthly channel (very major area).

Support: For the June contract -

1094.70 weekly channel with GBX prices and 1093.80 day bottom also 1093.70 weekly channel without GBX prices (very major area) / 1091.50 day gap and 1090.10 GBX bottom (major area) / 1085 major weekly bottom and 1084.50 weekly bottom also 1084.30 weekly closing price (very major area) / 1080.50 GBX weekly bottom and 1080 day bottom (major area) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area) / 1053 monthly bottom and 1050.80 weekly bottom on the June contract (very major area) / 1040.30 weekly bottom without GBX prices and 1136.30 weekly gap also 1135.30 weekly bottom with GBX prices (very major area).

Comments:

The sell-off on Friday failed the 1102.30 weekly channel support, closing down for the week, leaving the chart in bearish territory and confirming the major downtrend intact for lower prices. A trade below the 1094.70 and 1093.70 minor weekly channel supports can bring prices down to challenge the 1085 major bottom and possibly near the 1053 monthly bottom. A trade above the 1105.90 is slightly bullish but only a trade above the 1116.60 and 1120.80 resistance areas can bring any solid bullishness back to the chart. Remain defensive inside the first trading range between 1099.80 and 1094.70 and also between the next trading range between 1105.90 and 1090.10 area.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1099 - 1100 area or buy near 1096 - 1094.70 area, whichever side comes first, to complete the trade. (Use a protective buy stop at 1101.30. Do not rev. long). (Use a sell stop and rev. short at 1093).

Aggressive traders can sell rallies near 1103 - 1105.90 area for obj. near 1100 - 1099 area. (Use a protective buy stop at 1107.30. Do not rev. long).

Aggressive traders can sell rallies near 1109 - 1112.90 area for obj. near 1106 - 1104.50 area and possibly near 1102. (Use a protective buy stop at 1113.70. Do not rev. long).

Sell stop at 1093 for obj. near 1091.50 - 1090.10 area.

Sell stop at 1089 for obj. near 1087 - 1085 bottom and possibly near 1084.50 - 1084.30 area.

Sell stop at 1083 for obj. near 1081 - 1080 area.

Sell stop at 1079 for obj. near 1077 - 1075.10 area.

Sell stop at 1072 for obj. near 1069 - 1067.80 area and possibly near 1065.60.

Sell stop at 1062.50 for obj. near 1058 - 1056 area and possibly near 1053.

Bulletin - Originally sent 05/10/04 (10:08 am est)

The sell stop at 1089 was hit on the opening, putting traders into short positions. The sell off down to 1087 - 1085 area meets the obj. and completes the trade.

Bulletin - Originally sent 05/10/04 (11:04 am est)

The sell stop at 1083 was hit, putting traders into short positions. The sell off down to 1081 - 1080.50 area meets the obj. and completes the trade.

Bulletin - Originally sent 05/10/04 (1:10 pm est)

The sell stop at 1079 was hit putting traders into short positions. The rally up to 1089.20 is now considered resistance where additional short positions can be added. Use a protective buy stop for both short positions at 1094.70. Do not rev long.

Bulletin - Originally sent 05/10/04 (1:55 pm est)

Short positions were taken at 1079 and 1089. The sell-off down to 1084.50 is showing signs of neutral conditions being a 50 % retracement for the day.

It is recommended to exit both short positions at the market, which is trading at 1085.50 at this time and average near the break even for these trades realizing a small loss for both trades together.

Results: 05/10/04

Sold @ 1089	Bought @ 1086	= + $ 750.00
Sold @ 1083	Bought @ 1081	= + $ 500.00
Sold @ 1079	Bought @ 1085.30	= - $1,625.00
Sold @ 1089	Bought @ 1085.50	= + $ 875.00
TOTAL (P & L)		+ $ 500.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Tuesday 05-11-04: 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.

Resistance: For the June contract -

1084.50 intra-day channel and 1084.70 peak also 1085.30 intra-day channel and 1086.50 peak (major area) / 1088.20 intra-day channel and 1089.70 peak (major area) / 1092 day top (major) / 1095.50 weekly closing gap and 1096.50 intra-day channel also 1096.60 GBX top (very major area) / 1102 and 1104.30 peaks (major area) / 1109.20 day channel also 1110.90 and 1111.40 peaks (very major area) / 1112.80 minor day channel and 1113 peak also 1114.20 day channel with GBX prices (major area) / 1116.60 day top (major) / 1118.50 day top and 1119.10 day channel without GBX prices (very major area) / 1122 day gap and 1124.30 day top (major area).

Support: For the June contract -

1080 base and 1079.50 newly developed long-term day channel (major area) / 1078.50 bottom (major) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area) / 1053 monthly bottom and 1050.80 weekly bottom on the June contract (very major area) / 1040.30 weekly bottom without GBX prices and 1136.30 weekly gap also 1135.30 weekly bottom with GBX prices (very major area) / 1130.40 monthly bottom (very major area) / 997.30 monthly bottom and 994.10 monthly gap (very major area).

Comments:

The opening gap down and sell-off on Monday proves the bearishness, leaving the chart in bearish condition for lower prices. A trade above 1095.50 - 1096.50 area is slightly bullish but only a trade above 1109.20 - 1111.40 area can bring any solid bearishness back to the chart. A trade below 1075.10 bottom can bring prices down to challenge the 1067.80 - 1065.60 area and possibly near the 1053 bottom area. Remain defensive inside the first trading range between the 1084.50 - 1088.20 resistance and the 1080 - 1079.50 support areas.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1084.50 - 1088.20 area for obj. near 1081 - 1079.50 area. (Use a buy stop and rev. long at 1090).

Aggressive traders can sell rallies near 1095 - 1096 area for obj. near 1092 - 1089.80 area. (Use a buy stop and rev. long at 1098.70).

Buy stop at 1090 for obj. near 1091.90 - 1093.70 area and possibly near 1095.

Buy stop at 1098.70 for obj. near 1101 - 1102 area and possibly near 1104.30.

Aggressive traders can sell rallies near 1109 - 1111 area, if it can get there, for obj. near 1105 - 1102 area. (Use a protective buy stop at 1115. Do not rev. long).

Sell stop at 1078 for obj. near 1076 - 1075.10 area.

Sell stop at 1072 for obj. near 1068 - 1067.80 and possibly near 1065.60.

Sell stop at 1062 for obj. near 1058 - 1056 area and possibly near 1053.

Bulletin - Originally sent 05/11/04 (9:43 am est)

The buy stop at 1090 was hit putting traders into long positions. The rally up to 1091.50 is near enough to the 1091.90 obj. and completes the trade.

Bulletin - Originally sent 05/11/04 (11:02 am est)

The rally up to 1094.20 was near enough to the 1095 sell area, putting traders into short positions at 1094. The sell off down to 1092 meets the obj. and completes the trade.

Results: 05/11/04

Sold @ 1089	Bought @ 1090	= - $ 250.00
Bought @ 1090	Sold @ 1091.50	= + $ 375.00
Sold @ 1094	Bought @ 1092	= + $ 500.00
Sold @ 1094.80	Bought @ 1089.80	= + $1,250.00
Sold @ 1095	Bought @ 1092	= + $ 750.00
TOTAL (P & L)		+ $1,875.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Wednesday 05-12-04: 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.

Resistance: For the June contract -

1095 intra-day channel and 1095 day top also 1095.50 weekly closing gap and 1096.60 GBX top (very major area) / 1102 and 1104.30 peaks (major area) / 1105.50 day channel (very major area) / 1110.90 minor day channel and 1110.90 peak also 1111.40 peak and 1111.60 day channel with GBX prices (very major area) / 1113 peak (major) / 1116.60 day top and 1117.50 day channel without GBX prices also 1118.50 day top (very major area) / 1122 day gap and 1124.30 day top (major area) / 1127.50 and 1128 day tops (major area) / 1134.20 day top and 1136.50 monthly channel (very major area).

Support: For the June contract -

1089.80 base and 1088.10 base also 1088 day bottom and 1087.40 - 1087 GBX base (major area) / 1083.40 GBX base and 1083.40 day gap (major area) / 1081.70 intra-day channel and 1081.50 GBX bottom also 1080.40 long-term day channel and 1080 intra-day base (very major area) / 1078.50 day bottom (major) / 1075.10 day bottom (major) / 1067.80 weekly bottom and 1065.60 GBX weekly bottom (major area) / 1053 monthly bottom and 1050.80 weekly bottom on the June contract (very major area) / 1040.30 weekly bottom without GBX prices and 1136.30 weekly gap also 1135.30 weekly bottom with GBX prices (very major area) / 1130.40 monthly bottom (very major area).

Comments:

The recovery rally seen on Tuesday from the established bearish condition is an occasional technical move that sometimes happens after a large two day sell-off that was seen on Friday and Monday. This rally does not remove the bearish conditions for Wednesday. The rally on Tuesday did bring prices up to the major resistance, which proved to be significant enough to stimulate selling and completed the recommended day trade more than once in Tuesday's session. The 1095 - 1096.60 resistance remains for Wednesday and also the major day channel now found at 1105.50. A trade on Wednesday above 1105.50 is slightly bullish but only a trade above 1117.50 can bring any solid bullishness back to the chart. A trade today below 1080.40 is bearish and can stimulate enough selling pressure to bring prices down to challenge the 1067.80 area and possibly near the 1053 major bottom. Remain defensive inside the first trading range between 1095 and 1083.40 and also between the next trading range between 1105.50 and 1080.40.

Day trades: For The June contract -

Aggressive traders can sell rallies near 1094 - 1096 area for obj. near 1089.80 - 1088.10 area and possibly near 1087. (Use a buy stop and rev. long at 1098.70).

Aggressive traders can sell rallies near 1102 - 1105.50 area for obj. near 1099 - 1096 area. (Use a buy stop and rev. long at 1107.50).

Buy stop at 1098.70 for obj. near 1102 - 1105.50 area.

Buy stop at 1107.50 for obj. near 1109 - 1110.90 area and possibly near 1111.40.

Sell stop at 1086.70 for obj. near 1083.40 area and possibly near 1081.10.

Sell stop at 1078 for obj. near 1076 - 1075.10 area.

Sell stop at 1072 for obj. near 1068 - 1067.80 and possibly near 1065.60.

Sell stop at 1062 for obj. near 1058 - 1056 area and possibly near 1053.

Bulletin - Originally sent 05/12/04 (10:23 am est)

The sell stop at 1086.70 was hit, putting traders into short positions. The sell off down to 1083.80 is near enough to the 1083.40 obj. and completes the trade.

Bulletin - Originally sent