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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 - 06/01/04
- 06/04/04
The Tech Guru's S & P
Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Tuesday 06-01-04: 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 June contract -
1122.40 and 1123.60 minor day channels also 1123 day top and 1123
monthly channel also 1123.10 minor weekly channel and 1123.60 day
channel and GBX top (very major
area) / 1124.20 weekly top and 1124.30 day top (major
area) / 1127.50 weekly top and 1128 day top (major
area) / 1134.20 day top and 1135.20 major day channel also
1136.60 long-term major monthly channel and 1136.80 long-term major
weekly channel (very major area)
/ 1137.90 day gap and 1138.10 GBX top also 1138.90 minor day channel
(major area) / 1146.20 weekly top and 1148.50 day
top also 1150 weekly top and GBX weekly top (very
major area) / 1158.70 day top and 1161.80 monthly
channel also 1161.80 weekly channel (very
major area) / 1162.50 weekly to and 1163.50 weekly
chart's top (major area) / 1176.30 and 1177.90
minor monthly upper channels (major area).
Support: For
the June contract -
1119.30 intra-day channel and 1119.10 base (major area)
/ 1118.30 base and 1117.50 intra-day channel also 1117.50 day bottom
(very major area) /
1115.10 base and 1114.50 day bottom (major area) /
1111.80 base and 1110.50 base (major area) /
1109.30 day bottom (very major area)
/ 1105.70 base (major) / 1100.10 base and 1099.70
day channel also 1099.20 day channel (major area) /
1095.80 long-term major monthly channel and 1094.70 weekly closing
price (very major area)
/ 1092.50 weekly closing price also 1090 weekly bottom and 1089 day
bottom also 1088.80 long-term major day channel and 1088.30 monthly
channel (very major area)
/ 1087.50 long-term major weekly channel and 1086.50 monthly channel
(very major area) /
1084.20 GBX bottom and 1084 major weekly channel also 1083.50 weekly
channel and 1082.80 minor monthly channel (major area)
/ 1078.30 minor weekly channel and 1078.20 weekly bottom (major
area) / 1075.30 weekly bottom and 1075.10 day bottom (very
major area).
Comments:
Even with the bullish condition, Friday's narrow
trading range managed to close down on the day from Thursday's
close. Because of the fact that 1123 is this weeks monthly
channel resistance it can stimulate some selling pressure for
retracements to the downside. A trade above 1123 - 1123.60
area is bullish and can bring prices up to challenge near the
1136.60 and 1137.10 major resistance areas. A trade above
1136.60 - 1137.10 will be considered a breakout for higher prices.
A trade below 1109.30 is slightly bearish but only a trade below
1099.20 - 1095.80 area can bring any solid bearishness back to the
chart. Remain defensive inside the first narrow trading range
between 1123.60 - 1119.30 area.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1122 -
1123.60 area or buy dips near 1120 - 1119.10 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 1117).
Buy stop at 1126 for obj. near 1127.50 - 1128 area.
Buy stop at 1131 for obj. near 1133.70 - 1135.20 area
and possibly near 1136.60.
Buy stop at 1140.70 for obj. near 1143.70 - 1146.20
top area.
Sell stop at 1117 for obj. near 1115.10 - 1114.50
area and possibly near 1113.
Sell stop at 1111.70 for obj. near 1109.70 - 1109.30
area.
Sell stop at 1108 for obj. near 1106 - 1105.70 area.
Bulletin - Originally sent 06/01/04 (9:55 am est) Long positions were taken on the open at 1118.30, which was at the low end of the buy area but still above the 1117 sell stop. The rally up to 1120.30 is near enough to the 1122 obj. for traders to consider taking profits and complete the trade. Bulletin - Originally sent 06/01/04 (10:04 am est) The rally up to 1122.50 put traders into short positions inside the sell area. The obj. still remains at 1120 and continue to use a buy stop and rev long at 1126. Bulletin - Originally sent 06/01/04 (10:09 am est) Short positions were taken at 1122. The sell-off down to 1120.20 is near enough to the 1120 obj. and completes the trade. Bulletin - Originally sent 06/01/04 (10:15 am est) Since the resistance at 1123 is so significant short positions are being taken again at 1122. The obj. remains at the 1120 - 1119.10 area. Continue to use a buy stop and rev long at 1126. Bulletin - Originally sent 06/01/04 (10:17 am est) Short positions were taken again at 1122. The sell-off down to 1120 meets the obj. and completes the trade. Bulletin - Originally sent 06/01/04 (12:07 pm est) The sell stop at 1117 was hit putting traders into short positions. The sell-off down to 1114.70 meets the obj. and completes the trade. Results: 06/01/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Wednesday 06-02-04: 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 June contract -
1122 newly developed day channel and 1122.50 day top and minor day
channel also 1122.90 GBX top and 1123 monthly channel also 1123 day
top and 1123.10 minor weekly channel and 1123.40 minor day channel (very
major area) / 1124.20 weekly top and 1124.30 day top
(major area) / 1127.50 weekly top and 1128 day top (major
area) / 1134.20 day top and 1134.70 major day channel also
1136.60 long-term major monthly channel and 1136.80 long-term major
weekly channel (very major area) /
1137.90 day gap and 1138.10 GBX top also 1138.60 minor day channel (major
area) / 1146.20 weekly top and 1148.50 day top also 1150
weekly top and GBX weekly top (very
major area) / 1158.70 day top and 1161.80 monthly
channel also 1161.80 weekly channel (very
major area).
Support: For
the June contract -
1118.60 intra-day channel and 1118.50 intra-day gap also 1117 newly
developed day channel (very major
area) / 1114.60 base (major) /
1113.30 minor day channel and base also 1112.50 day bottom and
1111.80 base (major area) / 1110.50 base and
1109.30 day bottom (major area) / 1105.70 and
1104.70 base (major area) / 1101.60 and 1101 day
channels also 1100.10 base (very major
area) / 1095.80 long-term major monthly channel and
1094.70 weekly closing price (very
major area) / 1092.50 weekly closing price (major)
/ 1090 weekly bottom and 1089.70 long-term major day channel
also 1089 day bottom and 1088.30 monthly channel (very
major area) / 1087.50 long-term major weekly
channel and 1086.50 monthly channel (very
major area) / 1084.20 GBX bottom and 1084 major
weekly channel also 1083.50 weekly channel and 1082.80 minor monthly
channel (major area) / 1078.30 minor weekly channel
and 1078.20 weekly bottom (major area) / 1075.30
weekly bottom and 1075.10 day bottom (very
major area).
Comments:
The whiplashing action on Tuesday continued
to prove the significance of the 1123 monthly channel resistance,
leaving the chart neutral and defensive for possible retracements to
the downside again. Even after the rally from the support area
on Tuesday, the 1123 resistance held strong. A trade today
above 1122.50 and 1123.40 areas are bullish and can bring
prices up to challenge near the 1134.70 - 1136.60 major
resistance area. A trade today below 1117 is slightly bearish
but a trade below 1101.60 - 1101 area can bring solid bearishness
back to the chart. Remain defensive inside the 1122 - 1122.50
and 1123 - 1123.40 resistance areas also 1118.60 and 1117 support
areas.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1121.50 -
1122.50 area and if possible near 1123.40 for obj. near 1119 - 1118.60
and possibly near 1117. (Use a buy stop and rev. long at 1125).
Buy stop at 1125 for obj. near 1127 - 1128 area.
Buy stop at 1131 for obj. near 1133.70 - 1134.70 area
and possibly near 1136.60.
Buy stop at 1140.70 for obj. near 1143.70 - 1146.20
top area.
Sell stop at 1116 for obj. near 1114 - 1112.50 bottom
area.
Sell stop at 1111.70 for obj. near 1109.70 - 1109.30
area.
Sell stop at 1108 for obj. near 1106 - 1105.70 area
and possibly near 1104.70 area.
Bulletin - Originally sent 06/02/04 (10:15 am est) Short positions were taken on the opening at 1124.20. The sell off down to 1119.70 is near enough to the 1119 obj. and completes the trade. Bulletin - Originally sent 06/02/04 (2:31 pm est) The buy stop at 1125 was hit putting traders into long positions. The rally up to 1127 meets the obj. and completes the trade. Results: 06/02/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Thursday 06-03-04: 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 -
1126 peak and 1126.30 intra-day channel (major area)
/ 1127 and 1127.30 peaks also 1127.50 newly developed day channel (very
major area) / 1127.70 peak and 1128.20 day top
(major area) / 1134.20 day top and 1134.30 major day
channel also 1135.90 day channel with GBX prices and 1136.60
long-term major monthly channel also 1136.80 long-term major weekly
channel (very major area)
/ 1137.90 day gap and 1138.10 GBX top also 1138.30 minor day channel
(major area) / 1146.20 weekly top and 1148.50
day top also 1150 weekly top and GBX weekly top (very
major area) / 1158.70 day top and 1161.80 monthly
channel also 1161.80 weekly channel (very
major area).
Support: For
the June contract -
1124.30 base and 1123.90 newly developed day channel also 1123.50
intra-day channel (major area) / 1121.70 and
1121.50 base also 1121.50 day channel (very
major area) / 1120 and 1119.50 base also 1118.20 day
bottom (major area) / 1114.60 base and 1114.10
minor day channel (very major area)
/ 1113.30 base and 1112.50 day bottom also 1111.80 base (major
area) / 1109.30 day bottom (major) /
1105.70 and 1104.70 base (major area) / 1103.50 and
1102.80 day channel (very major area)
/ 1100.10 base (major) / 1095.80 long-term major
monthly channel and 1094.70 weekly closing price (very
major area) / 1092.50 weekly closing price (major)
/ 1090.70 long-term major day channel and 1090 weekly bottom also
1089 day bottom and 1088.30 monthly channel (very
major area) / 1087.50 long-term major weekly
channel and 1086.50 monthly channel (very
major area) / 1084.20 GBX bottom and 1084 major
weekly channel also 1083.50 weekly channel and 1082.80 minor monthly
channel (major area).
Comments:
The follow-through rally on Wednesday seems
bullish except for the fact that the market now faces the 1134.70
and 1136.60 major channels, which can prove to be a significant
enough resistance to hold back any further rallies for a while.
A trade above 1136.60 - 1136.80 area will be considered a breakout
for higher prices. A trade today below the 1121.50
channel is slightly bearish but a trade below the 1118.20 day bottom
and also below the 1114.10 day channel is bearish enough to bring
prices down to challenge the 1103.50 and 1102.80 day channels and
possibly near the 1095.80 major monthly channel. Remain
defensive inside the first trading range between 1126.30 -
1123.50 and also between 1127.50 and 1121.50 area. The very
major trading range is between 1136.60 and 1095.80.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1126 -
1127.50 area for obj. near 1123.90 - 1123.50 and possibly near
1121.50. (Use a buy stop and rev. long at 1128.50).
Aggressive traders can buy dips near 1121.50 -
1118.20 area for obj. near 1123 - 1124.50 area. (Use a sell stop
and rev. short at 1117.30).
Aggressive traders can sell rallies near 1135.90 -
1136.60 if it gets there for obj. near 1129 - 1126 area and possibly
near 1124. (Use a buy stop and rev. long at 1139.70).
Buy stop at 1130.50 for obj. near 1132.50 - 1134.20
area and possibly near 1135.90 - 1136.60 area.
Buy stop at 1139.70 for obj. near 1143 - 1145 area.
Sell stop at 1117.30 for obj. near 1115 - 1114.10
area.
Sell stop at 1111.70 for obj. near 1109.70 - 1109.30
area.
Sell stop at 1108 for obj. near 1105.70 - 1104.70
area and possibly near 1103.50 - 1102.80 area.
Bulletin - Originally sent 06/03/04 (9:02 am est) The trading range in the GBX session brought prices down below the 1118.20 bottom, which now brings the technical support to a slightly lower area for the day session. It is recommended for traders to adjust the sell stop listed in the second trade and also in the first sell stop listed. Cancel the sell stop at 1117.30 and use a sell stop at 1116.50. The trade will now read - (sell stop and rev. short at 1116.50 for obj. near 1115 - 1114.10 area). Bulletin - Originally sent 06/03/04 (10:37 am est) Long positions were taken on the opening at 1121.50 and on the sell off at 1119. The rally up to 1122.80 is near enough to the 1123 obj. and completes the trade for both long positions. Results: 06/03/04
A TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S & P -
For Friday 06-04-04: 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 June contract -
1116.20 peak and 1116.30 intra-day channel (major area)
/ 1119.20 intra-day channel and peak (major area) /
1121.30 peak and 1121.80 minor day channel also 1122.50 intra-day
channel (very major area)
/ 1123 peak and 1123.40 minor day channel with GBX prices (major
area) / 1125 day top and 1125.40 day gap also 1125.80 GBX top (major
area) / 1126.80 day channel also 1127 and 1127.30 peaks and
1128.20 day top (very major area)
/ 1133.90 major day channel and 1134.20 day top also 1135.50 day channel
with GBX prices and 1136.60 long-term major monthly channel also 1136.80
long-term major weekly channel (very major
area) / 1137.90 day gap and 1138 minor day channel
also 1138.10 GBX top (major area) / 1146.20
weekly top and 1148.50 day top also 1150 weekly top and 1150 GBX weekly
top (very major area) /
1158.70 day top and 1161.80 monthly channel also 1161.80 weekly channel (very
major area).
Support: For
the June contract -
1114.90 minor day channel and closing price also 1114.50 day bottom (very
major area) / 1112.50 day bottom and 1111.80 base (major
area) / 1109.30 day bottom (major) / 1105.70
base and 1105.50 day channel also 1104.70 base and 1104.60 day channel (very
major area) / 1100.10 base (major) /
1095.80 long-term major monthly channel and 1094.70 weekly closing price
(very major area) /
1092.50 weekly closing price and 1091.60 long-term major day channel
also 1090 weekly bottom (very major area)
/ 1089 day bottom and 1088.30 monthly channel (very
major area) / 1087.50 long-term major weekly
channel and 1086.50 monthly channel (very
major area) / 1084.20 GBX bottom and 1084 major weekly
channel also 1083.50 weekly channel and 1082.80 minor monthly channel (major
area).
Comments:
The sell-off on Thursday from the resistance area
managed to close below the last five days closing prices, which is
technically a minor key reversal and slightly bearish; but because
prices held above the 1114.10 support, which moves up to 1114.90 for
Friday, keeps the chart in neutral condition. A trade below
1114.90 - 1114.50 area is slightly bearish and can bring prices down to
challenge the 1105.50 - 1104.60 support channels and possibly near the
1095.70 major support. A trade above 1121.80 and 1123.40 channels
is slightly bullish but only a trade above 1136.60 can prove to bring
the uptrend back into play. Remain defensive inside the first
trading range between 1119.20 and 1114.90 area and also between 1123.40
and 1109.30 area. The very major trading range remains between
1136.60 and 1095.80.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1119 - 1121.80
area or buy dips near 1115.50 - 1114.90 area, whichever side comes first,
to complete the trade. (Use a protective buy stop at 1124. Do
not rev. long). (Use a sell stop and rev. short at 1114).
Aggressive traders can sell rallies near 1134 - 1136.60
area, if it gets there, for obj. near 1129 - 1126 area and possibly
near 1124. (Use a buy stop and rev. long at 1139.70).
Buy stop at 1128.70 for obj. near 1132 - 1134 area and
possibly near 1136.60.
Buy stop at 1139.70 for obj. near 1143 - 1146 area.
Sell stop at 1114 for obj. near 1112 - 1109.30 area.
Sell stop at 1108 for obj. near 1106 - 1104.60 area.
Sell stop at 1103 for obj. near 1100.50 1099 and possibly
near 1097.
Bulletin - Originally sent 06/04/04 (1:23 pm est) The buy stop at 1128.70 was hit, putting traders into long positions. The market is showing signs of resistance at the 1129.70 that can prevent the obj. of 1132 from being met. It is recommended for traders to exit the long position at the market, which is trading at 1127.50 at this time and cut losses. Results: 06/04/04
The week in review - 06/07/04
- 6/11/04
The Tech Guru's S & P
Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Monday 06-07-04: 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.
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 -
1125.90 Intra-day channel and 1126.20
newly developed weekly channel (major area) / 1127,
1127.50 and 1127.70 peaks (major area) / 1128.90
newly developed day channel and 1129.50 weekly top
(very major area) /
1130.20 and 1131.20 daily upper channels (major area) /
1133.20 major weekly channel and 1133.40 major day channel also
1134.20 day top and 1134.70 long-term major weekly channel (very
major area) / 1135.20 day channel with GBX prices
and 1136.60 long-term major monthly channel (very
major area) / 1137.70 day channel and 1137.90 day gap
also 1138.10 GBX top (major area) / 1146.20
weekly top and 1148.50 day top also 1150 weekly top and 1150 GBX
weekly top (very major area) /
1158.70 day top (major area) / 1161.80 monthly
channel also 1162.50 weekly top and 1163.50 weekly chart's top (very
major area) / 1176.30 and 1177.90 minor monthly upper
channels (major area).
Support: For
the June contract -
1122.50 intra-day channel and 1121.50 day channel without GBX prices
also 1121.50 base (major area) / 1120.80 intra-day
channel and 1120.60 day bottom (major area) / 1118.70
day channel with GBX prices (major area) / 1116.50
and 1115.70 minor day channels also 1115.50 GBX bottom (major
area) / 1114.90 day gap and 1114.50 day bottom also 1113.60
minor weekly channel (very major area)
/ 1112.50 day bottom and 1111.80 base (major area) /
1109.30 day bottom (major) / 1107.40 and 1106.50 day
channels (very major area) /
1095.80 long-term major monthly channel (very
major area) / 1092.60 long-term day channel and
1092.20 long-term major weekly channel (very major area) /
1090 weekly bottom (major) / 1088.30 monthly
channel and 1087 major weekly channel also 1086.20 weekly channel (very
major area) / 1084.50 day bottom and 1084.20 GBX
bottom (major area) / 1079.30 minor weekly channel
and 1078.20 weekly bottom (very major
area) / 1075.30 major weekly bottom (major
area).
Comments:
The whiplashing action on Friday managed to close
up for the week but below the major resistances leaving the chart
neutral and defensive for retracements and swings in prices in either
direction. A trade above 1128.90 - 1129.50 area is slightly
bullish but a trade above 1133.20 - 1134.70 can bring solid
bullishness to the chart. A trade above 1136.60 will be
considered a breakout for higher prices. A trade below 1121.50 -
1118.70 area is slightly bearish but a trade below 1115.70 - 1113.60
area can bring price down to challenge the 1107.40 - 1106.50 area and
possibly near the 1095.80 major monthly support. Remain
defensive inside the first trading range between 1126.20 - 1128.90
resistance and 1121.50 - 1118.70 support.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1125.90 -
1127 area and if possible near 1128.90 for obj. near 1123 - 1121.50
area. (Use a protective buy stop at 1129.80. Do not rev.
long).
Aggressive traders can sell rallies near 1133 -
1134.70 area and if possible near 1136.60 for obj. near 1129.50 - 1127
area and possibly near 1125.90. (Use a buy stop and rev. long at
1139.70).
Buy stop at 1139.70 for obj near 1143 - 1145 area.
Buy stop at 1153 for obj. near 1156 - 1158 area.
Sell stop at 1121 for obj. near 1119 - 1118.70 area.
Sell stop at 1111.70 for obj. near 1109.30 and possibly
near 1107.40 - 1106.50 area.
Sell stop at 1103.50 for obj. near 1098.80 - 1095.80
area.
Bulletin - Originally sent 06/07/04 (9:10 am est) The GBX session made a high of 1131, which is above the 1129.80 protective stop in the first trade. Because of the technical formation and the resistance at 1130.20 - 1131.20 daily upper channel, aggressive traders can still sell on the opening and now use a protective buy stop at 1131.50. Bulletin - Originally sent 06/07/04 (3:48 pm est) Short positions should continue to use a buy stop at 1139.70 but the technical formation is not worthy of going long at this time. Cancel the buy stop for long positions at 1139.70. Results: 06/07/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Tuesday 06-08-04: 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 June contract -
1141 peak and intra-day gap also 1141
intra-day channel also 1141.40 and 1141.50 newly developed day
channels (major area) / 1146.20 weekly top and
1148.40 weekly channel also 1148.50 day top and 1150 weekly top
and 1150 GBX weekly top (very major
area) / 1158.70 day top (major area)
/ 1161.80 monthly channel also 1162.50 weekly top and 1163.50 weekly
chart's top (very major area)
/ 1176.30 and 1177.90 minor monthly upper channel (major area).
Support: For
the June contract -
1139 intra-day channel and 1138.70 base (major
area) / 1135 day channel without GBX prices and 1134.70 base (very
major area) / 1132.50 and 1132.30 base (major
area) / 1130.10 GBX channel also 1129.80 and 1129.30 base (major
area) / 1128 intra-day channel and 1127.80 day bottom (very
major area) / 1125 day channel without GBX prices (major
area) / 1123.20 weekly closing gap and 1121.90 day channel
with GBX prices (very major area)
/ 1120.60 day bottom (major) / 1117.50 and 1116.50
minor day channels (major area) / 1115.50 GBX bottom
and 1114.90 day gap also 1114.50 day bottom also 1113.60 minor weekly
channel (very major area)
/ 1112.50 day bottom and 1111.80 base (major area) /
1109.30 day bottom and 1109.30 day channel also 1108.30 day channel
without GBX prices (very major area)
/ 1095.80 long-term major monthly channel (very
major area) / 1093.60 long-term major day channel and
1092.20 long-term major weekly channel (very
major area).
Comments:
The rally on Monday brought prices above the very
major resistances, leaving the chart in bullish territory, facing only
the 1146.20 weekly top and 1148.40 weekly channel. A trade above
these areas will confirm the major uptrend back into play. A
trade below 1135 - 1134.70 area is slightly bearish but only a trade
below 1121.90 can bring any solid bearishness back to the chart.
Remain defensive inside the first trading range between 1146.20 - 1135
area and also between 1148.40 - 1128 area.
Day trades:
For The June contract -
Aggressive traders can buy dips near 1135.50 - 1135
area for obj. near 1138.50 - 1139 area. (Use a sell stop and
rev short at 1134).
Aggressive traders can sell rallies near 1146 - 1148.40
area for obj. near 1143 - 1141 area. (Use a buy stop and rev. long
at 1152.50).
Buy stop at 1152.50 for obj. near 1156 - 1158 area and
possibly near 1161.
Sell stop at 1134 for obj. near 1131.50 - 1130.10 area
and possibly near 1128.
Sell stop at 1127 for obj. near 1125.50 - 1125 area and
possibly near 1123.20 gap.
Bulletin - Originally sent 06/08/04 (9:50 am est) The sell-off down to 1136.10 is near enough to the 1135.50 buy area, putting traders into long positions. The rally up to 1138.20 is near enough to the 1138.50 obj. and completes the trade. Results: 06/08/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P
- For Wednesday 06-09-04: 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 June contract -
1142.90 newly developed day channel and 1143 day top (major
area) / 1144.30 minor daily upper channel (major)
/ 1146.20 weekly top and 1148.40 weekly channel also 1148.50 day top
and 1150 weekly top (very major area)
/ 1158.70 day top (major area) / 1161.80 monthly
channel also 1162.50 weekly top and 1163.50 weekly chart's top (very
major area) / 1176.30 and 1177.90 minor monthly
upper channels (major area).
Support: For
the June contract -
1142.20 minor day channel (major area) / 1137.50
base and 1137.40 GBX channel (very
major area) / 1136.60 base and 1135.50 day bottom (major
area) / 1132.30 base (major) / 1128.50 day
channel and 1127.80 day bottom (very
major area) / 1125 day channel with GBX prices and
1123.20 weekly closing gap (very major
area) / 1120.60 day bottom (major)
/ 1118.50 and 1117.30 minor day channels (major area)
/ 1115.50 GBX bottom and 1114.90 day gap also 1114.50 day bottom and
1113.60 minor weekly channel (very
major area) / 1112.50 day bottom and 1111.80 base
also 1111.30 minor day channel (major area) /
1110.20 minor day channel and 1109.30 day bottom (major
area) / 1105 rev. peak (major area) /
1095.80 long-term major monthly channel and 1094.50 long-term major
day channel (very major area).
Comments:
The follow-through rally on Tuesday from the
support area proved the bullishness in the chart but the market
continues to face the 1146.20 major top and 1148.40 weekly channel
that can possibly hold back rallies for a while. A trade
above 1146.20 and 1148.40 area will confirm the uptrend back
into play for higher prices. A trade above 1161.80
monthly channel and 1163.50 major weekly top can bring prices up to
challenge the 1176.30 - 1177.90 area. A trade today below
1137.40 can bring prices down to challenge the 1128.50 channel and
possibly near 1125. A trade today below 1125 is bearish and
can bring prices down to challenge the 1118.50 - 1117.30 area and
possibly near 1111.30. Only a trade below 1125 can bring any
solid bearishness back to the chart but only a trade below 1095.80
will reverse the trend to the downside. Remain defensive
inside the first narrow trading range between 1144.30 - 1137.40 area
and also between the major range between 1148.40 - 1128.50 area.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1144.30 -
1146 area and if possible near 1148.40 for obj. near 1142.20 - 1140.80
area. (Use a buy stop and rev. long at 1151.70).
Aggressive traders can buy dips near 1138.50 -
1137.40 area for obj. near 1140.80 - 1142.20 area. (Use a
sell stop and rev. short at 1134.30).
Aggressive traders can buy dips near 1128.50 - 1125
area for obj. near 1131 - 1132.30 area and possibly near 1134.
(Use a sell stop and rev. short at 1122).
Buy stop at 1151.70 for obj. near 1154 - 1158 area
and possibly near 1161.
Buy stop at 1166.50 for obj. near 1170 - 1173 area
and possibly near 1176.30.
Sell stop at 1134.30 for obj. near 1132.30 - 1128.50
area.
Sell stop at 1122 for obj. near 1120 - 1118.50 area
and possibly near 1117.30.
Sell stop at 1116.30 for obj. near 1114.90 gap -
1113.60 area.
Bulletin - Originally sent 06/09/04 (9:44 am est) Long positions were taken at 1138.50. The rally up to 1140.30 is near enough to the 1140.80 obj. and completes the trade. Bulletin - Originally sent 06/09/04 (1:01 pm est) The sell stop was hit at 1134.30 putting traders into short positions. The market is showing signs of support at the 1134.10 - 1134.70 area that can prevent the obj. at 1132.30 from being hit. It is recommended for traders to exit the short positions at the market, which is trading at 1135.90 at this time, and cut losses. Results: 06/09/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Thursday 06-10-04: 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 June contract -
1133.40 and 1133.50 peaks also 1133.50 and 1134 intra-day
channels (major area) / 1135 intra-day channel
and 1135.80 peak (major area) / 1136.50 and
1136.90 peaks also 1137.60 minor day channel (very
major area) / 1139 and 1140 peaks also 1140.30
day top (major area) / 1142.10 day gap and
1142.40 day channel also 1142.80 minor day channel and 1143 day
top (very major area) /
1146.20 weekly top and 1148.40 weekly channel also 1148.50 day
top and 1150 weekly top (very
major area) / 1158.70 day top (major
area) / 1161.80 monthly channel also 1162.50 weekly top
and 1163.50 weekly chart's top (very
major area) / 1176.30 and 1177.90 minor monthly
upper channels (major area).
Support: For
the June contract -
1128.20 day channel with GBX prices and
1127.80 day bottom (very major
area) / 1123.20 weekly closing gap and 1122.80
GBX bottom (major area) / 1119.50 and 1118.10
minor day channels (major area) / 1115.50 GBX
bottom and 1114.90 day gap also 1114.50 day bottom (major
area) / 1113.60 minor weekly channel and 1113.20 minor
day channel with GBX prices also 1112.50 day bottom and 1112
minor day channel and 1111.80 base (very
major area) / 1109.30 day bottom (major)
/ 1105 rev. peak (major area) / 1095.80
long-term major monthly channel and 1095.50 long-term major day
channel (very major area).
Comments:
The sell-off on Wednesday proved the
significance of the major resistance area but managed to hold
above the 1128.20 - 1127.80 support leaving the chart in neutral
condition. A trade above 1137.60 is slightly bullish but
only a trade above 1142.40 and 1148.40 area can bring any solid
bullishness back to the chart. A trade below 1128.20
- 1127.80 area is slightly bearish but only a trade below
1113.60 can bring any solid bearishness back to the chart.
Remain defensive inside the first trading range between 1134 -
1137.60 resistance and 1128.20 - 1127.80 support.
Day trades:
For The June contract -
Aggressive traders can sell rallies near 1133 -
1134 area or buy dips near 1128.70 - 1128.20 area, whichever side
comes first to complete the trade. (Use a protective buy
stop at 1135.90. Do not rev. long or be more aggressive and
use a buy stop and rev. long at 1138.30). (Use a sell stop
and rev. short at 1126.90).
Aggressive traders can sell rallies near 1136.50
- 1137.60 area for obj. near 1134 - 1133 area and possibly near
1132. (Use a buy stop and rev. long at 1138.30).
Buy stop at 1138.30 for obj. near 1140 - 1141
area and possibly near 1142.40.
Buy stop at 1143.70 for obj. near 1145.70 -
1146.20 area and possibly near 1148.40.
Buy stop at 1151.70 for obj. near 1154 - 1158
area.
Sell stop at 1126.90 for obj. near 1123.20 gap -
1122.80 area.
Sell stop at 1121.90 for obj. near 1120.60 -
1119.50 area and possibly near 1118.10.
Sell stop at 1116.80 for obj. near 1114.90 gap -
1113.60 area.
Bulletin - Originally sent 06/10/04 (9:05 am est) The GBX session traded above the 1135 intra-day channel resistance, which now brings the trading range to the 1137.60 resistance and 1128.20 support. The first trade will be adjusted to the following: Aggressive traders can sell rallies near 1133 - 1134 area and if possible near 1137.60 for obj. near 1128.70 - 1128.20 area. (Use a buy stop and rev. long at 1138.30). Results: 06/10/04
S & P - For Friday 06-11-04 Reminder: The U.S. Markets will be closed on Friday, June 11th in observance of former President Ronald Reagan's funeral, therefore we will not be issuing an S & P report.
The week in review - 06/14/04
- 06/18/04
The Tech Guru's S & P
Day Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Monday 06-14-04: 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 September contract -
1134.60 minor day channel with GBX prices and 1135.50 day gap also
1136.50 GBX top (major area) / 1139.70 day top (major
area) / 1141 newly developed long-term major weekly channel
and 1141.40 day channel also 1141.50 weekly channel and 1142.10 minor
weekly channel and 1142.20 weekly top (very
major area) / 1144.50 weekly top and 1145.50 monthly
channel (very major area)
/ 1146.50 weekly top and 1148.10 weekly top (major area)
/ 1149.80 monthly channel (very major
area) / 1152.40 minor weekly upper channel (major)
/ 1155.70 weekly closing price and 1156.80 weekly upper channel also
1157.60 GBX weekly top (major area) / 1160.80 weekly
top for the Sept. contract and 1161.50 minor weekly channel also
1161.80 minor monthly channel and 1163.50 weekly chart's top (very
major area) / 1176.30 and 1177.30 minor monthly upper
channel (major area).
Support: For
the September contract -
1133.10 minor weekly channel with GBX prices (major area)
/ 1131.10 day gap and 1130.30 day bottom (major area)
/ 1127.50 day bottom and 1125.40 minor weekly channel (very
major area) / 1122.70 weekly closing gap (major
area) / 1119.60 monthly closing price and 1118.70 minor day
channel also 1117.50 day channel (very
major area) / 1114.30 day gap and 1112 day bottom (major
area) / 1109 day bottom (major) / 1104.50
rev. peak (major) / 1096.70 long-term major day
channel and 1095.80 long-term major monthly channel also 1094.20 minor
day channel (very major area)
/ 1089.50 weekly bottom and 1089 day bottom also 1088.30 monthly
channel (very major area)
/ 1086.50 monthly channel and 1084.50 day bottom (major area)
/ 1082.50 and 1079.50 minor monthly channels
(very major area).
Comments:
The sell-off from the major resistance on Wednesday
put the chart in neutral territory for Thursday. The narrow
trading range on Thursday did not change the neutral condition but the sell-off
on Friday in the GBX session showed signs of weakness but as seen,
prices still managed to close up for the week, which was higher from
last Friday's close, leaving the chart neutral and still defensive for
prices to swing either way. A trade above 1141 - 1142.10 area is
bullish but a trade above 1145.50 and 1149.80 area will be considered
a breakout and the uptrend intact for higher prices. A trade
below 1127.50 - 1125.40 area is slightly bearish but only a trade
below 1118.70 and 1117.50 can bring significant bearishness back
to the chart. Remain defensive inside the first narrow trading
range between 1134.60 and 1130.30 area and also between the
second range between 1141 and 1125.40 area. The major
monthly trading range remains between 1149.80 and 1095.80. A
trade above or below the monthly range can likely point the major
direction.
Day trades:
For The September contract -
Aggressive traders can sell rallies near 1134.60 -
1135.50 area for obj. near 1131.10 gap - 1130.30 area. (Use a buy
stop and rev long at 1137.70).
Aggressive traders can buy dips near 1125.40 - 1122.70
area for obj. near 1129 - 1130 area. (Use a sell stop and rev
short at 1121.70).
Buy stop at 1137.70 for obj. near 1139.70 - 1141 area.
Buy stop at 1150 for obj. near 1152 - 1153 area.
Buy stop at 1158 for obj. near 1160 - 1161 area.
Sell stop at 1121.70 for obj. near 1119.70 - 1118.70
area and possibly near 1117.50 area.
Sell stop at 1116.70 for obj. near 1114.70 - 1114.30
area and possibly near 1112.
Sell stop at 1108 for obj. near 1105 - 1104.50 area.
Sell stop at 1103 for obj. near 1099 - 1096.70 area and
possibly near 1095.80 area.
Bulletin - Originally sent 06/14/04 (2:31 pm est) The sell-off down to 1125.40 put traders into long positions. The market is showing signs of resistance at the 1127.50 and 1126.50 area that can prevent the obj. at 1129 from being reached. It is recommended for traders to exit all long positions taken at the market, which is trading at 1125.40 at this time, and scratch the trade. Results: 06/14/04
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S & P -
For Tuesday 06-15-04: 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 September contract -
1126.50 and 1127.40 peaks (major area) / 1128.70 day
channel and 1129.50 peak (major area) / 1131.20 peak
and 1131.40 day top also 1132.70 minor day channel (very
major area) / 1136.20 day gap and 1136.50 day top (major
area) / 1139.70 day top (major) / 1141
long-term major weekly channel and 1141.50 weekly channel also 1141.10
and 1141.60 day channels and 1141.70 day gap (very
major area) / 1142.10 minor weekly channel and 1142.20
weekly top (major area) / 1144.50 weekly top and
1145.50 monthly channel (very major
area) / 1146.50 weekly top and 1148.10 weekly top (major
area) / 1149.80 monthly channel (very
major area) / 1152.40 minor weekly upper channel (major)
/ 1155.70 weekly closing price and 1156.80 weekly upper channel also
1157.60 GBX weekly top (major area) / 1160.80 weekly
top for the Sept. contract and 1161.50 minor weekly channel also
1161.80 minor monthly channel and 1163.50 weekly chart's top (very
major area) / 1176.30 and 1177.30 minor monthly upper
channel (major area).
Support: For
the September contract -
1124.20 base and 1124.10 newly developed day channel (major
area) / 1121.80 and 1120.50 day bottoms (major area)
/ 1119.60 monthly closing price and 1119.50 day channels (very
major area) / 1114.30 day gap and 1112 day bottom
(major area) / 1109 day bottom (major)
/ 1104.50 rev. peak (major) / 1097.70 long-term major
day channel and 1095.80 long-term major monthly channel also 1095
minor day channel (very major area)
/ 1089.50 weekly bottom and 1089 day bottom also 1088.30 monthly
channel (very major area)
/ 1086.50 monthly channel and 1084.50 day bottom (major area)
/ 1082.50 and 1079.50 minor monthly channels
(very major area).
Comments:
The sell-off on Monday brought prices down to fill
the weekly closing gap but failed to penetrate through the 1118.70 -
1117.50 support channels leaving the chart neutral to slightly
bearish. The 1118.70 and 1117.50 support channels now move up
to 1119.50 for Tuesday's session. A trade below 1119.50 is
bearish and can bring prices down to challenge near the 1097.70 and
1095.80 major support channels. A trade above 1132.70 is
slightly bullish but only a trade above 1141 and 1142.10 can bring any
significant bullishness back to the chart. Remain defensive
inside the first trading area betwe |