|
The Tech Guru Commodity Report |
 |
|
|
|
|
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.
To subscribe to the S & P day trade
recommendations click here:
If you have any questions, please e-mail them to:
support@thetechguru.com
or call (540) 843-GURU (4878)
The
week in review -
6/24/02
- 6/28/02
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Monday 06-24-02 : NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very significant),
and (significant) is the least of 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.
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 -
993.70 and 994.20 intra-day channels also 993 peak (significant) /
997.50, 997.80 and 998 peaks also 999.50 intra-day channel (major
area) / 1002 GBX channel
(very major area) / 1007.50 day top / 1007.80
day gap (major area) / 1013.70 GBX top (major)
/ 1018.50 day channel and 1020.30 closing price (major area)
/ 1025 day top and 1025.70 GBX top (very
major area) / 1030 weekly
channel (very major area)
/ 1033 day channel (major).
Support: For the
September contract -
986 day channel and 985 bottom (very
major area) / 981 minor weekly
channel and 980.50 day channel also 980 weekly bottom on the daily
chart and 978 weekly bottom on the weekly chart (very
major area) / 973 close and gap
on the weekly chart (very major
area) / 955 GBX bottom on the
Sept. contract (very major area).
Comments:
The sell-off on Friday and the fact that it closed
down for the 5th week in a row, leaves the chart in bearish territory.
The market continue to face the 973 gap support found on the weekly
chart, which can still stimulate some rallies but overall the
resistance at this time seems to be outweighing the support for
possible lower prices to develop. Rallies up near the 997 -
1002 area can still be considered a selling opportunity. A trade
above 1018.50 is slightly bullish but only a trade above 1030 - 1033
can bring any solid bullishness back to the chart. A trade below
973 will confirm lower prices to follow. Remain bearish until
the market can prove otherwise.
Day trades: For
the September contract -
Aggressive traders can sell rallies near 997 - 1002
area for obj. near 989 - 986 area to complete the trade. (Use a
protective buy stop at 1005.20. Do not rev. long).
Very aggressive traders can
attempt long positions near 987 - 986 area for obj. near 993
- 994 area. (Use a protective sell stop at 983. Do not
rev. short).
Buy stop at 1010 for obj. near 1013 - 1014 area.
Buy stop at 1021 for obj. near 1024 - 1025 area.
Sell stop at 977 for obj. near 974 - 973 area.
Sell stop at 968 for obj. near 960 - 955 area.
Sell stop at 951 for obj. near 944 - 939 area.
Long-term short positions can continue to hold short
positions and use a protective buy stop at 1120.
Bulletin - Originally sent 6/24/02 11:20 am (est)
Congratulations to those traders who used the
Tech Guru phone consultation service and
received the trade information to buy at
the 981 area meeting a
profitable obj. near 986, which completed
the trade. It is understood that this
trade was not listed in the original daily
report, but obtained through the phone
consultation service. For those of you
who are interested in finding out additional
trades inside a particular trading area, can
sign up for the phone consultation service and
also take advantage of these situations.
Whenever anyone has a question or a doubt in what to do in a certain trading area they can call the Tech Guru 's phone line for instant technical advice. NOTE: The trades that develop during the day and are advised on the phone service will not be listed on the daily results, but who cares. When profits can be realized over and above what the report produces, all the better. For further information on the phone service, just call The Tech Guru at (540) 843-4878. Bulletin - Originally sent 6/24/02 2:58 pm (est)
The market rallied from the 973 support area
as expected. Congratulations to the
traders who went long on the recommendation
from the phone service meeting the obj. near
the 990 - 995 area.
The market continued to rally up to the sell
area near 997 - 1002, where short positions
were taken.
The stop at 1005.20 was hit putting the short position in a loss to complete the trade.
Aggressive
traders can attempt the short position again
near the 1002 area for obj. near 995 -
993. (use a protective buy stop at
1013. Do not rev. long). NOTE:
All other trade recommendations from today's
report are now considered complete or
otherwise cancelled including the buy stop
at 1010.
Bulletin - Originally sent 6/24/02 3:27 pm (est) The sell at 1002 was taken again for the obj. near 995 - 993 area. The market is trading at 997 - 998 area and seems to be holding support. It is recommended to exit at 997 - 998 area and take profits even though prices can possibly move lower. Taking profits seem like a good move at this time. Bulletin - Originally sent 6/24/02 3:35 pm (est) Well, the market reached the obj. of 995 before the bulletin was sent to exit at the 997 - 998 area. Either way every traders taking the sell at 1002, for the second time, realized a profit. Results: 6/24/02
A
TECHNICAL GUIDE FOR DAY TRADING THE
S & P
S
& P - For Tuesday 06-25-02 :
NOTE: After
each support and resistance listed will
designate a value - (very major) holds
the highest importance, then (major),
(very significant), and (significant) is
the least of 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.
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:
999.80 peak (significant) / 1002 and
1003 peaks also 1003 minor day channel (major
area) / 1005.50 day top also
1007.50 day top and 1007.80 day gap (major
area) / 1012 minor day channel
and 1013.70 GBX top (major area)
/ 1020.30 day session close (major)
/ 1025 day top and
1025.70 GBX top (very
major area) / 1030
major day channel and 1030 weekly
channel (very
major area) / 1039
day top and 1042.40 GBX top also 1045
gap and 1045.50 weekly top (very
major area).
Support:
994.50 and 993 rev. channels also 992.50
intra-day channel (major area)
/ 988 intra-day base and 987.50
intra-day gap (major area)
/ 978 rev. peak and intra-day gap (major
area) / 973
weekly close and 971 bottom (very
major area) / 963.50
down channel (major) / 955
GBX bottom on the Sept. contract (very
major area) / 945
weekly down channel (very
major).
Comments:
The recovery rally on
Monday from the 973 support area was
expected and proved the significance of
the area. The close on Monday
being higher than Friday's close also
removes the bearishness from the chart
leaving it neutral for the possibility
of additional rallies to develop.
A trade above 1003 can bring prices up
near the 1012 resistance area. A
trade above 1012 - 1013.70 area can
bring prices up to challenge the 1025
and 1030 major resistance. NOTE:
The
1030 resistance is such a major area
that it can possibly put a lid on any
further rallies and will be considered a
major selling area if it ever gets
there. A trade below 988 today is
bearish but only a trade below 973 - 971
area will confirm the continuation of
the downtrend for lower prices.
Remain defensive in this neutral area.
Prices can whiplash to both sides before
proving a direction.
Day
trades: For the September
contract -
Aggressive traders can sell
rallies near 999.80 - 1003 area or buy
dips near 996 - 993 area, whichever side
comes first to complete the trade.
(Use a buy stop and rev. long at 1006).
(Use a sell stop and rev. short at 986).
Buy stop at 1006 for
obj. near 1009 - 1012 area.
Buy stop at 1016.70 for
obj. near 1020 - 1022 area and possibly
near 1025.
Aggressive traders can sell
rallies near 1025 - 1030 area, if it
gets there, for obj. near 1020 - 1018
area and possibly near 1016. (Use
a protective buy stop at 1040. Do
not rev. long).
Sell stop at 986 for
obj. near 981 - 979 area.
Sell stop at 976 for
obj. near 973 - 971 bottom area.
Sell stop at 968 for
obj. near 964.50 - 963.50 area.
Sell stop at 960.50 for
obj. near 956.50 - 955 area.
Sell stop at 952 for
obj. near 947 - 945 area.
Long-term short positions
can continue to hold short positions and
use a protective buy stop at 1120.
Bulletin - Originally sent 6/25/02 10:10 am (est)
The action of the market and technical
formation after the sell area was hit at the 1002 area seem to be
holding support at the 998.50 area, intra-day double bottom double
bottom and rally to the 1003 area again. Traders should consider
liquidation of the short position and scratch the trade before
possible loses occur. The market is trading at the 1000 area at
this time for small profits.
Bulletin - Originally sent 6/25/02 11:36 am (est)
The buy stop was hit at 1006 putting
traders into the long position. 998.50 is now considered an
intra-day support area. A failure below the 998.50 is considered
bearish. Long-positions should use a protective sell stop at
995.50.
Considering the top-heavy chart formation,
rallies up near the 1006 area should be considered resistance for long
positions to exit and scratch the trade. If the market fails to
rally near the 1006 area, then long positions should exit as near as
possible to cut losses.
Overall, the major trend is still down,
even though the market remains in neutral territory. Rallies are
still possible but becoming less and less likely as this time.
If the market does trade above the 1012 area, it will then have the
potential for prices to trade near the 1025 - 1030 area which should
be considered a major selling point.
Bulletin - Originally sent 6/25/02 12:07 pm (est)
The whiplashing action seen today
materialized as expected. Unfortunately, traders are now in a
long position from 1006, which does not appear to materialize in a
profit. It is recommended for all traders to exit the long
position near 1003 and cut losses.
Bulletin - Originally sent 6/25/02 3:06 pm (est) The sell stop was hit at 986 where short positions were taken. The market traded down to 982.50 and seems to be holding. There is nothing wrong with taking profits at the 983 area even though it can still hit the obj. near 981. Bulletin - Originally sent 6/25/02 3:08 pm (est) If traders missed taking profits at the 983 area then exit the trade at 986 and scratch the trade. Bulletin - Originally sent 6/25/02 3:53 pm (est)
Anyone failing to take profits at
the 974 - 973.75 area from the sell at 976 must exit and scratch the
trade.
Results: 6/25/02
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Wednesday 06-26-02 : NOTE: After
each support and resistance listed will designate a value - (very major)
holds the highest importance, then (major), (very significant), and
(significant) is the least of 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.
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:
979.50 peak and 980.50 intra-day channel (major area) /
982 intra-day channel and 982.50 peak (major area) /
987 peak (major) / 993 and 994.50 intra-day peaks (major
area) / 998 peak and 999 day channel
(very major area) /
1007.50 top and 1007.80 day gap (major area).
Support:
971 bottom (major) / 968 minor
down channel (very major)
/ 961 down channel (major) / 955
GBX bottom on the Sept. contract (very
major area) / 945.50 daily down
channel and 945 weekly down channel (very
major) / 941 minor daily down
channel and 939 major weekly bottom (very
major) / 935 daily down channel (major)
/ 915 monthly bottom (very
major).
Comments:
The sell-off and close on Tuesday put the chart in
totally bearish territory leaving the market subject to challenging the
939 bottom area and possibly lower. As mentioned in many of the
previous reports, 818 is a 50% retracement area, where prices are likely
to reach in the near future. As this report is being written the
market is down below the 950 area in the overnight session and can bring the
50% retracement area into view sooner then one might think. NOTE:
The 945 channel is a very major
support area that could stimulate some rallies but the overall
bearishness on a technical basis seems likely to keep the downtrend
intact for lower prices to continue. Remain bearish until the
market can prove otherwise. Conservative traders should step aside
and wait for the smoke to clear. Today's trading range can be wide
and volatile.
Day trades: For the
September contract -
Very aggressive traders can attempt
long positions near the 945.50 area for obj. near 952 - 955
area. (Use a protective sell stop at 942.50. Do not rev.
short).
NOTE: If
the market opens below 961 - Aggressive traders can sell
rallies near 961 for obj. near 956 - 954 area. (Use a protective
buy stop at 964.70. Do not rev. long)
NOTE: Because
the market is expected to open below 961 - Aggressive
traders can sell rallies near 968 area and if possible near 971
for obj. near 962 - 960 area. (Use a protective buy stop at
982.70. Do not rev. long).
Sell stop at 932 for obj. near
926 - 922 area and possibly near 915.
Sell stop at 909 for obj. near
897 and possibly near 892.
Long-term short positions can
continue to hold short positions and use a protective buy stop at 1120.
Congratulations to those who continued to remain short as recommended.
The main obj. near the 818 area is becoming apparent as this downtrend
unfolds.
Bulletin - Originally sent 6/26/02 11:03 am (est) After the first trade was made at the sell of 961, the stop was hit at 964.70 to complete the trade with a loss. The market did sell off down to the obj. but unfortunately the stop was already hit. For those traders who did not use a stop, congratulations. Because of the resistance, the sell at 961 - 964.70 double top was attempted again and met the obj. at 956.50 - 957 area to complete the trade for a profit this time. The volatility in the market is fast and wide as expected. This trade should not be repeated again. The support at the 945 area is still considered significant and if reached very aggressive traders can still consider long positions for an obj. to 950 - 952 area. Even though this trade is against the downtrend momentum, it is considered a low risk trade because of the dollar amount in the stop at 942.50. Bulletin - Originally sent 6/26/02 12:52 pm (est) Short positions were taken at 968 and again at 971. The obj. at 962 has not been reached yet, but the 965 - 965.25 intra-day double bottom seems worthy enough to exit short positions and take profits. The market remains in neutral condition at this time. 945 will not be considered a buy on a sell-off from this point on, so cancel the very aggressive trade at 945. Bulletin - For New Subscribers - Originally sent 6/26/02 1:08 pm (est) Because the market is now in neutral condition, it was recommended to exit the short positions and take profits. The market does have the potential to move to either side but overall the long-term downtrend remains intact and long positions should not be considered. Position traders looking to add a long-term position can do so at this 966 - 965 area but should not let the trade go into new highs for the day. The market still appears it can bring lower prices
and that is the reason why the 945 buy order was cancelled.
Results:
6/26/02 *
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 6/27/02 9:45 am (est)
The market opened below the 986 - 989
sell area. It appears the market is struggling to
reach the resistance area for the sell to materialize.
Traders with large accounts can attempt selling at this
983 - 984 area and add to their short positions on
rallies up near the 986 - 992 area.
Bulletin
- Originally sent 6/27/02 9:59 am (est)
The market sold off to the 976 area
which is just before the obj. of 973. It would
be wise for traders to consider taking a profit and
reselling at the higher levels near 986 again.
Bulletin
- Originally sent 6/27/02 10:01 am (est)
Anyone failing to exit at the 976
area should not exit on this rally near the 981.50
area. It is still possible for the market to
return back down to 978 where short positions could
then consider taking profits. Overall the
market is still bearish and can possibly reach the
960 area by the end of the day.
Bulletin
- For New Subscribers - Originally sent 6/27/02
10:08 am (est)
The first trade was completed with
a sell at 984 and a buy at 977. Since the
market is facing such major resistance at the 989
- 992 area, rallies up near that area are still
considered a sell. The obj. will still
remain at 973 if the new short position comes to
play near 989 - 992. Continue to use a
protective buy stop at 998.70.
Bulletin
- Originally sent 6/27/02 12:36 pm (est)
Anyone that did not take their
profits when the market hit 964 with the sell
stop at 966 should look to exit near 966 to
scratch the trade.
Bulletin
- Originally sent 6/27/02 3:36 pm (est)
The market reached the sell area
at 989 where short positions were taken again.
The sell-off down to the 979.50
area proved to hold some
support. Short positions can consider
taking profits at the 983 - 981 area to complete
the trade or exit at market on close.
Results:
6/27/02 *
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 6/28/02 (10:29 am est)
The market rallied up to the
1001.50 buy stop where long positions were
taken. The market did not meet the obj.
and is forming a top formation which can
possibly bring prices lower. It is
recommended for long positions to exit and
scratch the trade and cut losses.
Results:
6/28/02
The
week in review - 7/01/02
- 7/05/02
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Monday 07-01-02 : NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very significant),
and (significant) is the least of 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.
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:
997.50 day channel (major)
/ 1001 and 1001.50 minor day channel also 1003.20 day top (major
area) / 1007.50 weekly top and 1007.80
day gap (very major area)
/ 1013.70 GBX top and 1015 weekly channel
(very major area) / 1017.50
major day channel and 1020.30 day session close (very
major area) / 1025 day top and 1025.50 GBX top (major
area) / 1038 minor day channel and 1039
day top also 1040 monthly channel (very
major area).
Support:
989 minor day channel and 987 day bottom also 986.20 GBX bottom (major
area) / 980 rev. peak and 979.50 base (major area)
/ 975.20 GBX bottom and 974.50 double closing price (major
area) / 968.50 intra-day base and 964
day bottom (very major area)
/ 960 base (major) / 954 base (major)/ 950.50
weekly bottom to 945.80 GBX bottom (very
major area) / 937 daily down
channel and 931 weekly down channel (very
major area).
Comments:
The sell-off and close on Friday brought prices
down slightly below Thursday's close and also closing down for the 6th
week in a row leaving the chart in neutral to bearish condition.
The overall neutral condition can stimulate whiplashing to both sides
but if rallies develop up near the 1015 area, it should be
considered a good selling opportunity. A trade above 1015 -
1017.50 area can bring prices higher to possibly challenge the 1040
area again. A trade today below 980 - 979.50 is bearish but only
a trade below 968 - 964 area will confirm the downtrend intact for
lower prices to follow. Remain defensive. The chart
formation is very indecisive in direction.
Day trades: For
the September contract -
Very aggressive traders can buy
dips near 989 - 987 area or sell rallies near 991 - 993 area,
whichever side comes first to complete the trade.
Aggressive traders can sell rallies near 996 - 997
for obj. near 991 - 989 area. (Use a buy stop and rev. long at
1009.20). (Conservative traders can use a protective buy stop
at 1003.50. Do not rev. long).
Aggressive traders can buy dips near 982 - 979.50
area for obj. near 987 - 989 area. (Use a sell stop and rev.
short at 978).
Buy stop at 1009.20 for obj. near 1013 - 1015 area.
Buy stop at 1021 for obj. near 1025 and possibly
near 1027 area.
Buy stop at 1030 for obj. near 1035 - 1038 area.
Sell stop at 978 for obj. near 975.50 - 974 area
and possibly near 972.
Sell stop at 959.50 for obj. near 956.50 - 955
area.
Sell stop at 950 for obj. near 945 - 940 area and
possibly near 937.
Long-term short positions can continue to hold
short positions and use a protective buy stop at 1133.
Bulletin - Originally sent 7/01/02 (1:18 pm est) The buy area was hit between 982 and 979.50, putting traders into the long position. The sell-off below 979.50 put some negativity into the chart and it is recommended for traders to exit the long position and scratch the trade. The market is trading at 981 at this time, which should get the trade to break even. Bulletin - Originally sent 7/01/02 (2:13 pm est) This bulletin is to inform all subscribers that the 978 sell stop is still in effect and when reached it will trigger a short position. Bulletin - Originally sent 7/01/02 (2:57 pm est) The sell stop at 978 was hit putting traders into the short position. The chart formation at this time does not seem worthy for the market to continue to the downside. There appears to be too much support in this area. It is recommended for traders to exit the short
position and scratch the trade. Short positions will not be
attempted until the sell stop at 959.50 is reached.
Results:
7/01/02
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Tuesday 07-02-02 : NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is the least of 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.
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:
972.20 peak and 974 minor intra-day channel (major area)
/ 980.50 and 981 intra-day channels (major area)
/ 985.80 and 985.90 intra-day peaks (major area)
/ 988 minor day channel and 990.10 weekly
close (very major area)
/ 991.50 day channel (very
major) / 995.80 day top and 996.50 GBX top (major
area) / 999 and 1000 minor
channels (very major area)
/ 1003.20 day top (major) / 1007.50 weekly top
and 1007.80 day gap (major area) / 1013.20
GBX top and 1014 major day channel also 1015 weekly channel (very
major area).
Support:
968.50 minor day channel (major) / 964
day bottom and 960 intra-day base (very
major area) / 954 and
952.50 intra-day base also 950.50 day bottom (very
major area) / 945.80 GBX bottom (major)
/ 940.50 down channel (major) / 934
daily down channel and 931 weekly down channel also 929 weekly
bottom (very major area)
/ 915 monthly bottom (very
major).
Comments:
The sell-off on Monday from the resistance
area put the chart in bearish territory. The close on
Monday was the lowest closing price since Feb. 1998, which also
adds to the bearishness for possible lower prices to develop.
The market faces major support at 964 - 960 area, which can
possibly stimulate some short lived rallies and should be
considered a selling opportunity. A trade above 991.50 and
1000 can bring some bullishness back to the chart but only a
trade above 1015 can reverse the momentum to the upside for a
while. A trade below 964 - 960 area will confirm the
downtrend intact for lower prices to develop. A trade
below 940.50 will bring prices down to challenge the 929 and 915
major weekly and monthly bottom areas and possibly lower.
Remain bearish until the market can prove otherwise.
Day trades:
For the September contract -
Aggressive traders can sell rallies near 972 -
974 area for obj. near 968.50 and possibly near 964. NOTE:
If rallies continue before
this trade is complete, then follow the next aggressive trade
and exit both short positions together at the obj. or stop
listed in that trade.
Aggressive traders can sell rallies near
980 - 981 area for obj. near 976 - 974 area. (Use a
protective buy stop at 982.70. Do not rev. long).
Aggressive traders can sell rallies near 985 -
987 and if possible near 990 for obj. near 980 - 978 area and
possibly near 975. (Use a protective buy stop at 993.
Do not rev. long).
Buy stop at 1003.50 for obj. near 1007 -
1007.80 gap.
Buy stop at 1009.50 for obj. near 1013 - 1015
area.
Sell stop at 959.50 for obj. near 956 - 955
area and possibly near 953.
Sell stop at 950 for obj. near 946 - 944 area
and possibly near 941 area.
Sell stop at 937 for obj. near 934 - 931 area
and possibly near 929.
Long-term short position can continue to remain
short and use a protective buy stop at 1133.
Bulletin - Originally sent 7/02/02 (11:57 am est) The sell-stop was hit at 950 putting traders into the short position. the market continued down to 948.50 but immediately rallied off the 948.50 proving that this area might have more support than anticipated. It is recommended to exit the short position and scratch the trade. Traders can use a sell stop at 947 for an obj. near 944 - 941 area. Bulletin - Originally sent 7/02/02 (12:22 pm est) The sell stop was hit at 947 putting traders into the short position. The market then reversed and is now moving to the upside. The resistance at this time is at 953 that can still be considered a sell. Use a protective buy stop at 957.70 on short positions at this time. Bulletin - Originally sent 7/02/02 (12:48 pm est) After the sell was made at 953, the market
proceeded lower to the 950 level. The reversal back up to
this 952.50 level is now looking slightly bullish. All
short positions should exit and cut losses.
Results:
7/02/02
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Wednesday 07-03-02 :
NOTE: After
each support and resistance listed will designate a value
- (very major) holds the highest importance, then (major),
(very significant), and (significant) is the least of
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.
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:
948 day channel also 949.80 peak and 950 intra-day channel
and GBX channel (major area) / 953 and
954 peaks also 953 intra-day channel (major area)
/ 957 peak (major) / 960
double peak and 963 intra-day channel (very
major area) / 969.60 top and 974.20 GBX
top (major area) / 980.50 minor day
channel (major) / 986
major day channel (very
major area) / 990.10
weekly and monthly closing price (very
major area).
Support:
945.60 bottom and 944 minor down channel (major
area) / 939 GBX down
channel and 939 weekly major bottom (very
major area) / 931
daily down channel and 931 weekly down channel also 929
monthly and weekly bottom (very
major area) / 925 long-term daily down
channel (major) / 917.70
monthly bottom (very
major area) / 907
daily down channel and 903 monthly bottom (very
major area).
Comments:
The continuation of the sell-off
seen on Tuesday leaves the chart in bearish condition and
brought prices down to a very critical area. The low
on Tuesday at 945.60 nearly matches last week's GBX bottom
but the major support found at 939, which is the low made
from 9/11 and also the 931 - 929 area will be an important
area to monitor. A trade below 929 and 925 can bring
prices down to challenge the 917.70 and 903 monthly
bottoms. A trade below 903 can bring prices down to
challenge the 818 area, which is the 50% retracement on
the monthly chart and the main obj. mentioned in many of
the past issues. At this time, a trade above 986
and 1000 can bring some bullishness back to the chart but
only a trade above 1015 can reverse the momentum to the
upside. Remain bearish but very defensive at the 939
and 929 areas. Rallies can be stimulated from these
support areas but should be short lived and considered a
selling opportunity.
Day trades:
For the September contract -
Aggressive traders can sell rallies near
949 - 953 area for obj. near 944.50 and possibly near 941
- 939 area. (Use a buy stop and rev. long at 965).
(Conservative traders can use a protective buy stop at
957.70).
Very aggressive
traders can attempt long positions near 944 - 940
area for obj. near 948 - 949 area and possibly near
952. (Use a sell stop and rev. short at 937).
Buy stop at 965 for obj. near 969 and
possibly near 972.
Sell stop at 937 for obj. near 934 - 931
area and possibly near 929.
Sell stop at 923 for obj. near 918.
Sell stop at 914 for obj. near 909 - 907
area and possibly near 903.
Long-term short positions can continue to
hold short position and use a protective buy stop at 1086.
Bulletin - Originally sent 7/03/02 (10:23 am est) The market rallied up to the 953 area where short positions were taken. The sell-off down to the 945 area completes the second profitable trade today. HAPPY FOURTH OF JULY Bulletin - Originally sent 7/03/02 (11:09 am est) The sell stop at 937 was
hit on the big contract but was not reached on the E-mini. Since
this report does reflect the big contract, it is considered short
positions were taken. The rally seen thereafter proved that this
trade is not worthy of keeping, and it is recommended for all short
positions to exit and cut losses.
Results:
7/03/02 *
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 7/05/02 (10:49 am est)
The buy stop was hit at 978 meeting the obj. at 982
to complete the trade. At this time, the market is showing
resistance at the 982 area that can possibly stimulate lower prices.
Aggressive traders can attempt short
positions at the 979 - 982 area for obj. to reach 973
- 968 area and possibly 965. (Use a protective buy stop
at 994.70. Do not rev. long).
Results:
7/05/02
The
week in review -
7/08/02
- 7/12/02
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR DAY
TRADING THE S & P
S
& P - For Monday 07-08-02 : NOTE: After
each support and resistance listed will designate a value - (very
major) holds the highest importance, then (major), (very
significant), and (significant) is the least of 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.
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:
992 minor GBX channel and 993 top (major area) /
994 minor day channel and 995.80 day top also 996.50 GBX top (major
area) / 1000 weekly channel also
1002 major day channel (very
major area) / 1003.20 day
top and 1007.50 weekly top also 1007.80 day gap (very
major area) / 1013.70 GBX top (major)
/ 1020.30 day session close (major) / 1025
day top and 1025.50 GBX top also 1026 minor day channel (very
major area) / 1039 day top
and 1042.40 GBX top also 1045 day gap and 1045.50 weekly top (very
major area) / 1048 major
weekly channel (very major
area).
Support:
987 intra-day channel (major) / 981.60 base also
979.20 and 979.10 double base (major area) / 976.80
intra-day channel and 976 day channel (very
major area) / 964 day bottom to 953.20 day gap (major
area) / 948.50 base and 947.60 day session close (major
area) / 941.20, 939.20 and 938.20 intra-day base area (major
area) / 936.10 base and 935 bottom
(very major area).
Comments:
The rally on Friday brought prices up just
above last weeks settling price but just below the previous weeks
close leaving the chart totally neutral. The rally on Friday
did remove the bearishness from the chart but is still facing the
1000 - 1002 resistance area, which can keep the pressure on the
downside. A trade above 1002 and 1007.50 areas will be
considered a breakout for prices to challenge the 1025 and 1048
areas again. A trade below 976 today is bearish but a trade
below the 964 bottom will confirm the downtrend intact for lower
prices to follow. Remain defensive inside the 1000 - 976
neutral area.
Day trades:
For the September contract -
Aggressive traders can sell rallies near 999 -
1000 area for obj. near 987 and possibly near 983 - 981 area.
(Use a buy stop and rev. long at 1003.70).
Aggressive traders can buy dips near 981 and if
possible near 976 area for obj. near 989 - 991 area and possibly
near 993. (Use a sell stop and rev. short at 973).
Buy stop at 1003.70 for obj. near 1007.80 area
and possibly near 1009 - 1013 area.
Buy stop at 1017 for obj. near 1020 - 1022 area
and possibly near 1026.
Sell stop at 973 for obj. near 967 - 964 area.
Sell stop at 959 for obj. near 955 and possibly
near 953 area.
Long-term short positions can continue to hold
short positions and use a protective buy stop at 1086.
Bulletin - For New Subscribers - Originally sent 7/08/02 (10:25 am est) The sell off down to the 981.50 created a minor double bottom and should be considered near enough to the 981 buying area for long positions to be considered. Bulletin - Originally sent 7/08/02 (1:54 pm est) The sell off today brought prices down for long positions to be taken at 981.50 and again at 976. The rally at this time is showing resistance at 984. Long positions should consider taking profits at this level, which will complete the trade for both long positions. Bulletin - For New Subscribers - Originally sent 7/08/02 (1:57 pm est) Traders missing to exit
the long position at 984 should exit near 982 to complete the trade.
Results:
7/08/02
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Tuesday 07-09-02 : NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is the least of 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.
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:
980.30 peak and 981.30 intra-day channel (major
area) / 983.80 and 985.30 intra-day peaks (major
area) / 990 day channel and 992.20 GBX channel also 992
and 992.50 minor channels (major area) / 999
major day channel also 1000 weekly channel (very
major area) / 1003.20 day
top and 1007.50 weekly top also 1007.80 day gap (very
major area) / 1013.70 GBX top (major)
/ 1020.30 day session close (major) / 1024
minor day channel also 1025 day top and 1025.50 GBX top (very
major area).
Support:
976.50 intra-day channel and 976.20 base (major area) /
974.50 intra-day channel and 973 bottom (major area)
/ 966 GBX channel and 964 bottom (very
major area) / 955 rev.
peak to 953.20 day gap also 950.10 GBX bottom (very
major area) / 947.60 day session close (major)
/ 941.20, 939.20 and 938.20 intra-day base area (major
area) / 936.10 base and 935
bottom (very major area)
/ 925 minor down channel (major).
Comments:
The sell-off on Monday from the resistance
proves the significance of the area and the close put the chart
in neutral to slightly bearish condition. A trade below
966 - 964 area today is bearish and can bring prices down to
challenge the 953.20 gap area and possibly lower. A trade
above 992.50 today is bullish and a trade above 999 - 1000 area
will be considered a breakout for higher prices.
Remain defensively bearish inside the 990 - 966 neutral area.
Day trades:
For the September contract -
Aggressive traders can sell rallies near 979 -
981 area or buy dips near 976 - 974.50 area, whichever side
comes first, to complete the trade. (Use a buy stop and
rev. long at 994.70). (Conservative trades can use a
protective buy stop at 985.70. Do not rev. long).
(Use a sell stop and rev. short at 972.80).
Aggressive traders can sell rallies near 989.50
- 992.50 area for obj. near 985 and possibly near 983 - 981
area. (Use a buy stop and rev. long at 994.70).
Buy stop at 994.70 for obj. near 997 - 999 area
and possibly near 1000.
Buy stop at 1009 for obj. near 1013 area.
Buy stop at 1016 for obj. near 1020 and
possibly near 1022 - 1024 area.
Sell stop at 972.80 for obj. near 968 - 966
area.
Sell stop at 961 for obj. near 957 - 955 area
and possibly near 953.20 gap area.
Long-term short positions can continue to hold
short positions and use a protective buy stop at 1086.
Bulletin - Originally sent 7/09/02 (9:39 am est) The rally up to the 978 area is considered near enough to complete the first trade which was a buy at 975. Bulletin - Originally sent 7/09/02 (11:05 am est) The sell stop was hit at 973 where short positions were taken. Rallies from this area can be considered an additional selling opportunity. The protective sell stop still remains at 981.50. The short position taken at 973 is still open for the obj. of 968 - 966 area. Bulletin - For New Subscribers - Originally sent 7/09/02 (11:21 am est) When the sell stop was hit at 972.80, short positions were taken. In order to evaluate where a protective buy stop belongs for this particular trade is as follows: Moving back two forward slash areas in the support and resistance columns, you will find; when the market failed to hold the 974.50 and 973 support area, the system went short. You will notice the first forward slash area listed before the 973 support was at 976.50 and 976.20 area which is now considered the first resistance. The second forward slash area listed was at 980.30 - 981.30 area, which is now considered the second resistance. Therefore, the protective buy stop must be placed above the 981.30 resistance area, which is the second resistance at this time. And so it was decided to use 981.50 as a protective buy stop at this time. Anyone wishing to revue this further may call Roger at (540) 843-4878. Bulletin - Originally sent 7/09/02 (11:37 am est) The rally up to the 980.50 area was taken as a selling opportunity. Short positions were entered at 979. The two short positions, one at 972.80 and 979 gives an average for both trades at 975.90. At this time it is recommended for traders to take profits as soon as the market trades below the 975.90 area to complete these trades. Bulletin - Originally sent 7/09/02 (11:43 am est) The sell off down to 974.50 now completes the trade for both short positions at a profit. Bulletin - Originally sent 7/09/02 (2:55 pm est) The sell-off brought the market down to hit the 961 sell stop, putting traders into the short position. Because the sell-off was so steep from the 964 area, there is a possibility for the market to create support with the oversold condition. The condition of the chart formation is not worthy to attempt holding the short position at this time. It is recommended for all short
positions to exit and scratch the trade. There
is a possibility for the market to work into lower
prices but the trade seems to risky to hold at this
time.
Results:
7/09/02
A TECHNICAL
GUIDE FOR DAY TRADING THE S & P
S
& P - For Wednesday 07-10-02 :
NOTE: After
each support and resistance listed will
designate a value - (very major) holds the
highest importance, then (major), (very
significant), and (significant) is the least of
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.
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:
955.50 peak and 956 intra-day channel also
957.50 peak (major area) / 964
intra-day channel and 965.50 peak
(very major area) / 967
GBX channel and 968 day channel (very
major area) / 972.50 intra-day
channel and 974.50, 974.80 and 975.20 congestion
peaks (major area) / 980.50 day
top and 981.70 GBX top (major area)
/ 986 day channel and 989
GBX channel (very
major area) / 990.50
and 991 minor channels also 991 weekly close
(very major area)
/ 996 major day channel
also 996 and 996.50 GBX tops and 1000 weekly
channel (very
major area).
Support:
950.10 GBX bottom (major) /
947.60 day session close (major)
/ 941.20, 939.20 and 938.20 intra-day base area (major
area) / 936.10
base and 935 bottom (very
major area) / 925 minor weekly
down channel (major) / 917.70
monthly bottom and 917 long-term weekly down
channel (very
major area) / 910 down channel (major)
/ 903 monthly bottom and
902 down channel (very
major area).
Comments:
The sell-off on Tuesday
brought prices down to a very critical support
area filling the daily gap at 953.20 and
managed to close above the 953.20 closing price.
A trade below the 950.10 GBX bottom and the
947.60 lowest settling price from July 2 will
put the chart in totally bearish territory for
lower prices to follow. If the market can
hold above the 950.10 - 947.60 area today, then
rallies can develop but is expected to be short
lived. Because of the overall bearish condition,
rallies should be considered a selling
opportunity. A trade above 964 - 965.50
area and again above 967 - 968 area will take
the chart out of bearish condition but only a
trade above 986 - 989 area can bring solid
bullishness back to the chart. A trade
above 996 - 1000 area will confirm a breakout
and a change of momentum trend to the upside.
Remain overall bearish until the market can
prove to trade above 968 and again above
996 - 1000 area.
Day
trades: For the September contract -
Aggressive traders can sell
rallies near 957 for obj. near 953 to complete
the trade. NOTE:
If rallies
continue before this trade is complete, then
follow the next aggressive trade and exit both
short positions at the obj. or stop listed in
that trade.
Aggressive traders can sell
rallies near 964 - 965.50 area and if possible
near 967 - 968 area for obj. near 958 and
possibly near 955 area. (Use a buy stop
and rev. long at 976.70). (Conservative
traders can use a protective buy stop at 969.20.
Do not rev. long).
Buy stop at 976.70 for obj.
near 979 - 980 area.
Buy stop at 982 for obj. near
985.50 and possibly near 988 area.
Sell stop at 949.80 for obj.
near 947 - 946 area and possibly near 943
area.
Sell stop at 932 for obj. near
927 - 925 area.
Sell stop at 922 for obj. near
918 - 917 area and possibly near 915.50.
Long-term short positions can
continue to hold short positions and use a
protective buy stop at 1086.
Bulletin - Originally sent 7/10/02 (9:42: am est) The market reached the sell area at 957 where short positions were taken. The sell off down to the 953.50 area is considered close enough to complete the trade where traders should have considered taking profits. The trade is now considered complete. Anyone missing the buy area at 953.50 should exit the short position even if it is a scratch for this trade. Bulletin - Originally sent 7/10/02 (2:46 pm est) The technical condition still
remains bearish but the 922 sell stop is now in
a position to be a technical double bottom to
the 923 low if it gets there. It is
recommended to cancel the 922 sell stop, which
was recommended from today's report.
Results:
7/10/02
A
TECHNICAL GUIDE FOR DAY TRADING THE S
& P
S
& P - For Thursday 07-11-02 :
NOTE: After
each support and resistance listed will
designate a value - (very major) holds the
highest importance, then (major), (very
significant), and (significant) is the
least of 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.
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:
922.50 and 924 intra-day channels (major
area) / 928.20 peak and 928.50
intra-day channel (major area)
/ 932.50 peak (major) / 937
day channel and 942 GBX channel
(very major area)
/ 952 GBX channel
and 954 day channel also 954 day session
close (very
major area) / 958 day top
and 961.10 GBX top (major area).
Support:
917.70 day bottom
and 917.70 monthly bottom (very
major double bottom area)
/ 915 weekly down
channel also 914.50 and 914 daily down
channel (very
major area) / 909 and 907
daily down channel (major area)
/ 903 monthly bottom
and 899 daily down channel (very
major area) / 876
and 974 daily down channels
(very major) / 844
monthly bottom (very
major area) / 818
which is the 50% retracement area on the
long-term monthly chart (very
major area).
Comments:
The sell-off on
Wednesday brought prices down to the
917.70 monthly bottom, which is a very
major area. A trade below the 917.70
and 914 area will put additional
bearishness to the chart for prices to
challenge the 903 monthly bottom. A
trade below 903 - 899 area can bring
prices down to challenge the 876 and 844
monthly bottom area and possibly down near
the 818 area, which is the 50% retracement
area on the monthly chart and the main
obj. for long-term short positions to exit
as mentioned. A trade above 928.50 -
932.50 area can bring prices up to
challenge the 942 and possibly 952 area
but only a trade above 954 can bring any
bullishness back to the chart.
Remain bearish until the market can prove
otherwise.
Day
trades: For the September
contract -
Aggressive traders can sell
rallies near 922 - 924 area and if
possible near 928 for obj. near 918 - 915
area. (Use a protective buy stop at
936. Do not rev. long)
Very aggressive traders can
attempt long positions near 915 -
914 area for obj. near 918 - 919 area.
(Use a sell stop and rev. short at
910.80).
Very aggressive traders can
attempt long positions near 903 -
899 area for obj. near 910 - 912 area.
(Use a sell stop and rev. short at 894).
Sell stop at 910.80 for
obj. near 907 and possibly near 903.
Sell stop at 894 for obj.
near 884 - 876 area.
Sell stop at 870 for obj.
near 860 and possibly near 850 - 844 area.
Sell stop at 838 for obj.
near 825 - 818 area.
Buy stop at 945 for obj.
near 950 - 954 area.
Long-term short positions
can continue to remain short for obj. near
818. (Use a protective buy stop at
1086).
Bulletin - Originally sent 7/11/02 (9:45 am est) The market sold off hitting the sell stop at 910.80 putting traders in short positions. The market seems to be holding near the 909 support area that could stimulate rallies. It is recommended for all short positions to exit and scratch the trade. Attempt to buy as near to the 909 as possible. Bulletin - Originally sent 7/11/02 (12:45 pm est) The buy area at 903 was hit where
very aggressive traders attempted the long
position. Since this is a very
aggressive trade, it would be wise to exit
at this first rally seen at 908 to complete
the trade.
Results:
7/11/02
A
TECHNICAL GUIDE FOR DAY TRADING
THE S & P
S
& P - For Friday 07-12-02 :
NOTE: After
each support and resistance listed
will designate a value - (very major)
holds the highest importance, then
(major), (very significant), and
(significant) is the least of 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.
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:
927.50 GBX channel (major)
/ 932.50 peak (major)
/ 936 GBX channel (major)
/ 939 peak and
941 day channel (very
major) / 944.30 peak (major)
/ 951.50
intra-day channel also 953.50 peak and
954 day session close (very
major area) / 958 day
top and 961.10 GBX top (major
area) / 967.80 and 970.50
peaks (major area) / 974.80
and 975.20 peaks
(very major area)
/ 978.50 day
channel and 981.50 GBX channels
(very
major area).
Support:
921 intra-day channel (major)
/ 914.50 base
and 914.20 rev. peak (very
major area) / 907 and
906.50 base area (major area)
/ 901.50 base
and 900.50 bottom (very
major area) / 895
daily down channel (major
area) / 967.50
daily down channel (very
major).
Comments:
The recovery rally
on Thursday from the major support
area was significant, removing the
chart out of totally bearish condition
and bringing it neutral to slightly
bearish. The market can
stimulate rallies but faces resistance
at the 941 and 951.50 area that can
possibly hold back any further
rallies. A trade above 951.50 -
954 area will put the chart in neutral
condition for prices to challenge the
981 area again. Only a trade
above 981.50 and 990 can reverse the
momentum to the upside. A trade
today below the 914.20 area is bearish
and a trade below 906.50 will keep the
downtrend intact for lower prices to
follow. Remain defensively
bearish until the market can prove to
trade above the 941 and 951.50 areas.
Day
trades: For the September
contract -
Very aggressive traders can attempt
to buy near 927.50
and sell near 932,
whichever side comes first to complete
the trade. (Use a
protective sell stop at 925.50.
Do not rev. short). (Use a
protective buy stop at 934. Do
not rev. long).
Aggressive trader can sell
rallies near 936 - 939 area and if
possible near 941 for obj. near 931 -
930 area. (Use a buy stop and
rev. long at 945.20).
Aggressive traders can attempt
long positions near 916
- 914.50 area for obj. near 921 and
possibly near 923.
Buy stop at 945.20
for obj. near 949.50 - 951.50 area.
Buy stop at 954.50
for obj. near 957.50 - 960 area.
Sell stop at 919.80
for obj. near 916.50 and possibly near
914.50 area.
Sell stop at 911.50
for obj. near 908 - 907 area.
Sell stop at 892 for
obj. near 880 - 875 area and possibly
near 868.
Long-term short positions
can continue to remain short for obj.
near 818. (Use a protective buy
stop at 1086).
Bulletin - Originally sent 7/12/02 (9:53 am est) The sell stop was hit at 919.80 where short positions were taken. The market seems to be holding support at the 917.50 area and should be considered a buy to exit and take profits. Results: 7/12/02
The
week in review - 7/15/02
- 7/19/02
The Tech Guru's S & P Day
Trading Recommendations
A TECHNICAL GUIDE FOR
DAY TRADING THE S & P
S
& P - For Monday 07-15-02 : NOTE: After
each support and resistance listed will designate a value -
(very major) holds the highest importance, then (major), (very
significant), and (significant) is the least of 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.
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:
921 day channel and 922.50 intra-day channel (major
area) / 924 peak and intra-day gap (major)
/ 927 day channel and 927.50 intra-day
channel (very major area)
/ 931 intra-day channel also 931.70 - 931.80 double peaks (major
area) / 934.30 peak and 936 day
top (very major area)
/ 940.90 GBX top (major) / 944.30
intra-day peak (major) / 953.50 peak and 954
day session close (major area) / 958
day top and 961.10 GBX top (very
major area) / 975 day
channel and 978 GBX channel (very
major area) / 980 weekly
channel (very major
area).
Support:
916.50 intra-day channel also 915, 914.70 and 914.50 base
areas (major area) / 913.30
and 913.10 double bottom area (very
major) / 906.50 intra-day base (major)
/ 901.50 base and 900.50 bottom (very
major area) / 895 newly developed daily down
channel (major) / 891 and 890 daily down
channel (major area) / 885
weekly down channel (very
major) / 862 daily down channel (major)
/ 844 weekly bottom (very
major).
Comments:
Friday's sell-off and close leaves the
chart in bearish territory. Rallies up near the 921 and
927 areas should be considered a selling opportunity. A
trade above 927.50 and 931.80 area can possibly bring prices
up to challenge the 936 and 940.90 top areas but only a trade
above 954 can bring any bullishness back to the chart. A
trade below 906.50 is bearish and a trade below 895 - 890 will
keep the downtrend intact. A trade below 885 will
confirm lower prices and can challenge the 818 bottom and 848
retracements area. Remain bearish until the market can
prove otherwise.
Day trades:
For the September contract -
Aggressive traders can sell rallies near 919
- 921 area for obj. near 916.50 - 914.50 area. (Use a
buy stop and rev. long at 937). (Conservative traders
can use a protective buy stop at 923.70. Do not rev.
long).
Aggressive traders can sell rallies
near 926 - 927.50 area for obj. near 921.50 and possibly near
919. (Use a buy stop and rev. long at 937).
Buy stop at 937 for obj. near 940 - 941 area.
Buy stop at 946.20 for obj. near 949.50 -
950.50 area.
Sell stop at 911.50 for obj. near 908
and possibly near 906.50.
Sell stop at 905 for obj. near 902 and
possibly near 901.50.
Sell stop at 899.50 for obj. near 895.50 and
possibly near 891 - 890 area.
Sell stop at 882 for obj. near 872 - 865 area
and possibly near 861.
Long-term short positions can continue to
remain short. (Use a protective buy stop at 1050).
Bulletin - Originally sent 7/15/02 (9:45 am est) The sell stop at 905 was hit putting traders into the short position. The market did not reach the obj. at 902 but is showing support at 903 - 903.50 double bottom and can possibly stimulate rallies. It is recommended to exit short positions and scratch the trade. Bulletin - Originally sent 7/15/02 (10:25 am est) The sell stop at 899.50 was hit putting traders in a short position. Apparently the 898.50 is showing support and putting the trade into a losing position. It was found that 898.50 was a newly developed down channel line on the daily chart that was overlooked and should be considered support. It is recommended for traders to exit the short position and cut losses as soon as possible. Bulletin - Originally sent 7/15/02 (3:07 pm est) The market sold off hitting the sell stop at 882, putting traders into short positions. The obj. was never met at 872 and began to reverse to the upside. After doing research on the technicals in the Dow, it was found that the 8244 level was the very major support on the monthly chart. If the Dow holds this support it could reverse the market to the upside. It is recommended for all short positions to exit and cut losses. Bulletin - Originally sent 7/15/02 (3:18 pm est) All long-term position traders holding short positions from the 1173 - 1177 area recommended on March 8, should now consider taking profits. The possibility of a temporary bottom could be in works. It is not recommended to hold short positions for the extra points of the main obj. which was 818. There is still a possibility for the market to reach the 818 area, but only if the Dow can trade below the 8244 major support, which was made today. Anyone
wishing to speak with Roger for a closer review of
position trades can call (540) 843-4878.
Results:
7/15/02 *
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 7/16/02 (11:25 am est)
The rally seen from the low-end of
the neutral area at 896 meeting the obj. at 906
completed the first trade. The continuation
of the rally to 919.50 and then creating a double
top at 919 was considered the sell area meeting
the obj. at 909 to complete the trade. It
must be noted that even thought the sell area
originally was 922, when the market created the
double top condition at 919, traders should
consider this as a sell.
If the market continues to rally
from the 909 area into new highs, a sell can be
attempted at 928, which is the high end of the
selling area from the first trade.
Results:
7/16/02 *
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 7/17/02 (9:44 am est)
The
929 buy stop was hit and the market immediately
sold off, which shows resistance. It is
recommended for traders to exit long positions
immediately and cut losses. The market is
trading at 925.50 at this time.
Aggressive
traders can attempt short positions
again. (Use a buy stop and rev. long at
930.20).
Bulletin
- Originally
sent 7/17/02 (10:00 am est)
The
market sold-off from the 929 level keeping
short positions intact. The obj. still
remains for short positions to exit at
916.50 - 915.50 and possibly near 912 as
mentioned in the first trade.
Bulletin
- Originally
sent 7/17/02 (10:36 am est)
The
sell-off down to the 917.50 and again to
917.10 is considered a double bottom and
support for short positions to exit and
not wait for 916.50 obj. The short
position is now completed with a profit.
Bulletin
- Originally
sent 7/17/02 (12:33 pm est)
The
market sold-off down to 901, which is
near enough to the 899 - 896 area and
where long positions can be
considered. Continue to use a
sell stop and rev. short at 888.80.
The obj. for this trade is near 910 -
912.
Bulletin
- Originally
sent 7/17/02 (12:37 pm est)
Now that long positions were
taken at 901.50, it is still possible for the
market to continue into lower prices to 896
area where additional long positions can be
considered using the sell stop and rev. short
at 888.80. If this area of 896 is hit
the obj. still remains at 910 - 912.
Bulletin
- Originally
sent 7/17/02 (2:04 pm est)
Long positions were taken
at 901.50 and 896. The market
rallied to 909 where all long positions
are now meeting the obj. to complete the
trade.
Results:
7/17/02 *
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 7/18/02 (10:22 am est)
Long positions were taken between 900 and 896.
The obj. can be changed to 907, which will be just shy of the 907.75
high made this morning. There is still a possibility for this
market to rally near the 918 - 920 area where short positions can be
attempted.
Bulletin
- Originally
sent 7/18/02 (11:29 am est)
The
rally up to the 905.50 is showing some
resistance. It is recommended to
exit the long positions and take
profits instead of waiting for the 907
objective.
Bulletin
- Originally
sent 7/18/02 (3:29 pm est)
Short
positions were taken at 886.80 and
is now meeting the obj. We are
exiting this short position at 884.
Results:
7/18/02 *
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 7/19/02 (11:29
am est)
The sell stop at
858.50 was just hit, putting
traders into short positions.
The market seems to be holding
support at this area, and does
not look worthy of meeting the
obj. at this time. It is
recommended for traders to exit
the short position and scratch
the trade.
Bulletin - Originally sent 7/19/02
(4:11 pm est)
The market
hit the sell stop at 840 and
stopped dead with a reversal
to the upside. It is
recommended to exit the
short position at the best
price possible or at the 844
area to cut losses.
Use a protective buy stop at
851.50 to protect the
position in case it rallies
before the liquidation.
Results:
7/19/02 *
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 7/22/02 (9:58 am est)
The buy at 837.50 was completed with a trade at
844. Since the buy side came first, the sell at 846 and 852 will now be
completed with an obj. at 845 and possibly near 843. Do not wait for 838
on this trade. It will be too risky.
Bulletin
- Originally sent 7/22/02 (12:37 pm est) The sell stop at 815 was hit for an obj. near
810. The 811 low on the S & P is considered good enough to complete
the trade.
Results:
7/22/02 * 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 - For S
& P New Subscribers - Originally sent 7/23/02 (9:39 am est)
The market hit the buy stop at 822.50 putting
traders into long positions. The rally at 825.50 is considered near
enough to the 826 obj. which completes the first trade. For all the
new subscribers, this is a perfect example of what the word "near"
means and an example of how traders should take profits as soon as they can.
This is an example of yesterdays trade on the sell stop at 815. The
obj. was near 810, but as soon as the trader realizes he/she is in a profit,
the trade should be completed, even if it is before the obj. is met.
The key is look to take profits as soon as possible.
Bulletin -
Originally sent 7/23/02 (12:45 pm est)
The market sold-off down to 806 which is close
enough to the buy at 805 area for long positions to be taken.
Continue to use a sell stop and rev. short at 799.
Results:
7/23/02 *
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 7/24/02 (10:58 am est)
The market reached the obj. for the long
positions and exit and complete the trade. The rally brought
prices up where short positions were taken at 800. The sell
off down to 793.50 seems worthy enough to complete the trade and take
profits. The market is showing too much strength to meet the obj.
at 790 at this time.
Bulletin -
Originally sent 7/24/02 (11:40 am est)
The market hit the sell area at 816 and
is now selling off at 811.50. It is recommended for traders to
take profits near 812 or better.
Bulletin -
Originally sent 7/24/02 (12:39 pm est)
The market reached the high end of
the sell area at 822 where short positions were taken for the
second time and now the sell-off down to the 809 area completes
the trade again.
Rallies up to the high end of the
sell area should not be repeated again. The market
will then be showing too much strength for possible rallies
above the 829 top area.
Bulletin -
Originally sent 7/24/02 (3:35 pm est)
The 844 is considered a very major
resistance and should be considered a selling area.
Traders taking short positions should look to take 10 to 15
points profit on the trade. Use a protective buy stop at
847.
Bulletin -
Originally sent 7/24/02 (3:51 pm est)
The short position taken at 843
was completed with the sell off to 831.50.
If the market rallies, making
a double top at 843 area again, it can be considered
another selling opportunity. If short positions are
taken again it will be considered a higher risk but still a
good chance to materialize into a profitable trade.
The protective buy stop must be placed at 849.50 if the
trade is to be repeated.
Results:
7/24/02 *
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 - For S
& P New Subscribers - Originally sent 7/25/02 (10:00 am est)
The sell stop at 827.80 was hit where
short positions were taken. At this time rallies should be
considered a selling opportunity. The protective buy stop when
moving back two forward slashes in the support and resistance areas, should
be placed above 843, but because the 845 - 848 area is still
considered a selling area then all protective buy stops must be
placed above the 850.50 resistance. Therefore, use a
protective buy stop on all short positions at 851.50.
Bulletin -
Originally sent 7/25/02 (11:51 am est)
Unfortunately the neutral condition whiplashed
each and every buy and sell area that was listed in today's
report. At this time, the market remains in neutral
condition and the only trades that should be taken at this time
is the buy stop at 858.70 and a sell stop at 826.
Rallies to the 851.50 - 854.50
double top area can be considered a sell. Short positions
taken at this double top area should use a buy stop and rev.
long at 858.70
The sell stop at 826, if reached
will have an obj. to 823 and possibly 821 area.
Bulletin -
Originally sent 7/25/02 (11:56 am est)
The obj. for the short position
taken at 851.50 will be near 843 area, which is considered the
neutral area.
Bulletin -
Originally sent 7/25/02 (12:10 pm est)
The sell off down to 844.50 -
844 is good enough for the short position to take profits
and exit the trade.
Bulletin -
Originally sent 7/25/02 (3:30 pm est)
This bulletin is for
long-term position traders only. The long-term
position trade taken at 778 on Wednesday is now in a
position of too much neutral conditions in the chart
to hold the long position. It is recommended for
long-term position traders to exit the trade at the
market. At this time the market is trading
around 826 - 828 area.
It is recommended for
long-term positions to be re-entered only if the
market can trade above 872.50 or returns down near the
double bottom area and possibly as low as 720.
Wait for the next signal before re-entering long
positions.
Results:
7/25/02 *
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 7/26/02 (9:39 am est)
Short positions were
taken on the opening at 843. The sell off down to 836.50 is
sufficient enough to take profits and exit the trade.
Results:
7/26/02 *
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 7/29/02 (10:18am est)
The market rallied up to 880, which can actually
be considered a low risk trade for aggressive traders to enter
additional short positions in this area. Traders entering
short positions between 877 and 880 can continue to use a buy stop
and rev. long at 882.
Bulletin - Originally
sent 7/29/02 (10:38 am est)
The market hit the buy stop at 882 reversing the
short positions into long positions. The technical
formation is leading the stochastics into overbought conditions
and might cause prices to retrace lower from these areas.
It is too high of a risk to hold long positions at this time to
attempt meeting the obj. at 886 - 889 area.
It is recommended for traders to exit long
positions and wait for better signals.
Bulletin -
Originally sent 7/29/02 (10:43 am est)
The market reached a high today at 885 and
immediately sold off from this area proving it's significance.
Very aggressive traders can attempt short positions in this
area but must use a protective buy stop at 893. This is
considered a high risk trade because the momentum still
remains to the upside, but technically the overbought
condition can bring some retracements.
Short positions can be taken between 881 and
884 area.
Bulletin - Originally
sent 7/29/02 (1:45 pm est)
The market was in overbought conditions this
morning when it first reached 885. At this time, the market
is showing enough of support that could possibly stimulate further
rallies. It is recommended for traders to exit all short
positions and wait for the next signal. A trade below 877
will be considered bearish for prices to possibly reach 873 and
865 area.
Bulletin - Originally
sent 7/29/02 (2:10 pm est)
The 893.70 buy atop is still in effect where
long positions will be taken. Very aggressive traders
can attempt short positions at the 889 - 890 area for obj.
near 883 - 880. (Use a buy stop and rev. long at
893.70).
Bulletin - Originally
sent 7/29/02 (3:20 pm est)
The buy stop was hit at 893.70 putting traders
into long positions. The rally to the 896.50 is considered
the trade complete even though it did not meet exactly to the 897
obj.
Results:
7/29/02 * 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
7/30/02 (2:39 pm est)
The market rallied up to the 904 - 907 sell area where short
positions were taken. The sell-off down to the 897.50 is showing some
support and it would be wise to exit the short position and take profits at
the 897.50 area or better, canceling the 895 objective.
Results:
7/30/02 *
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 7/31/02 (9:43 am est)
The market sold off hitting the 897 sell stop
putting traders into short positions. The market held the 897
area and reversed to the upside. It is recommended to exit
short positions immediately to cut losses. The market is
trading at 899.50 at this time.
Bulletin -
Originally sent 7/31/02 (11:12 am est)
The sell-off hit the sell stop at 891 where
short positions were taken. The 888.70 - 889 area is
showing support which stimulated some rallies.
It is recommended for traders to exit the
short position near 892 and cut loses. The market has the
potential to trade and close at the 898 monthly neutral area.
Bulletin -
Originally sent 7/31/02 (3:55 pm est)
The rally brought prices up to 909.50 on the
big S & P and did not exercise the buy stop at 910.
Traders using the buy stop for the E-mini should not be
long at this time.
The 910 buy stop is now considered cancelled
because of the chart formation and the time of the day.
The 914 - 917 will remain the sell area until the end of the
day.
Results:
7/31/02 *
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 8/01/02 (10:56 am est)
The sell stop
at 892 was hit putting traders into a short position.
The double bottom chart formation that formed at 891.10 -
891.50 could be supportive enough to stimulate rallies,
but only a trade above 897 can bring further rallies.
Traders holding short positions can now use a protective
buy stop at 900.
Results:
8/01/02 |