Archived S & P Reports

thetechguru.com

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.

* 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 6/24/02 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

Bought @ 986.50 Sold @ 992 = + $1,375.00

Sold @ 977 Bought @ 974 = + $ 750.00

Sold @ 999 Bought @ 1005.20 = - $1,550.00

As per bulletin

Sold @ 1002 Bought @ 995 = + $1,750.00

TOTAL (P & L) + $2,325.00

thetechguru.com

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.

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

Sold @ 1002 Bought @ 998 = + $1,000.00

As per bulletin

Bought @ 1006 Sold @1003 = - $ 750.00

Sold @ 986 Bought @ 983 = + $ 750.00

Sold @ 976 Bought @ 974 = + $ 500.00

TOTAL (P & L) + $1,500.00

thetechguru.com

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.

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

Sold @ 961 Bought @ 964.70 stop = - $ 925.00

Repeat first trade - 2nd attempt because of double top resistance

Sold @ 962 Bought @ 957 = + $1,250.00

As per bulletin

Sold @ 968 and 971 Bought 2 @ 965 = + $2,250.00

TOTAL (P & L) + $2,575.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Thursday 06-27-02 : 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.

Resistance:

980 rev. base and 982.50 intra-day peak (major area) / 989 day channel and 989.50 peak also 990 intra-day channel (major area) / 992 day channel and weekly closing price (very major area) / 996 minor day channel, 996.80 peak and 997.10 daily close (major area) / 1002 minor channel with GBX prices (major) / 1007.50 weekly top and 1007.80 day gap (major area) / 1013.70 GBX top (major) / 1020.30 day session close (major area) / 1024 major day channel also 1025 day top and 1025.50 GBX top (very major area).

Support:

969.50 intra-day channel and 969 base also 967.50 rev. peak (major area) / 964.80 rev. peak and 960 base (major area) / 954 and 952.50 base (major area) / 950.50 bottom to 945.80 GBX bottom also 945 weekly down channel (very major area) / 942.50 daily down channel (major) / 939 weekly bottom and 937.50 minor down channel (very major area) / 930 daily down channel (major) / 915 monthly bottom (very major).

Comments:

The recovery rally on Wednesday from the 945 support area proved the significance of the area and put the chart in neutral condition. The market faces resistance at the 989 - 992 area and also at 996 that could hold back further rallies. A trade above 996 can bring prices up to challenge the 1015 - 1030 major resistance area. Because the overall major trend remains bearish, rallies near the 989 - 992 area should be considered a selling opportunity. A trade below 960 is bearish and a trade below 952.50 can stimulate enough of selling that can bring prices below the 945 - 939 bottom areas. Remain defensively bearish until a breakout to either side of the 992 - 960 neutral area is seen.

Day trades: For the September contract -

Aggressive traders can sell rallies near 986 - 989 and if possible near 992 for obj. near 973 and possibly near 970. (Use a protective buy stop at 998.70. Do not rev. long). or (Use a buy stop and rev. long at 1003.20). NOTE: If rallies can reach as high as 996 it should be considered a sell.

Buy stop at 1003.20 for obj. near 1007.80 gap and possibly near 1010 - 1013 area.

Buy stop at 1016.20 for obj. near 1020 - 1024 area.

Sell stop at 966 for obj. near 963 - 961 area.

Sell stop at 959 for obj. near 956 - 954 area.

Sell stop at 951 for obj. near 945 - 943 area and possibly near 939.

Sell stop at 936 for obj. near 932 - 930 area.

Long-term short positions can continue to hold short positions and use a protective buy stop at 1120.

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

Sold @ 984 Bought @ 977 = + $1,750.00

Sold @ 966 Bought @ 964 = + $ 500.00

Sold @ 989 Bought @ 983 = + $1,500.00

TOTAL (P & L) + $3,750.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Friday 06-28-02 : 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.

Resistance:

998.50 minor channel (major) / 1007.50 weekly top and 1007.80 day gap (major area) / 1013.70 GBX top (major) / 1020.30 day session close and 1020.50 major day channel (very major area) / 1025 day top and 1025.50 GBX top (major area) / 1030 weekly channel (very major area) / 1039 day top and 1040 channel (very major area).

Support:

984 day channel with GBX prices and 983.50 intra-day channel (major area) / 980 day channel and 979.50 bottom (very major area) / 974.50 double closing price (major area) / 968.50 intra-day base area (major) / 964 bottom and 960 intra-day base (very major area) / 954 base and 950.50 bottom (very major area) / 945.80 GBX bottom and 945 weekly down channel (very major area).

Comments:

The follow-through rally on Thursday from the 945 major bottom support made on Wednesday brought prices up to last Friday's closing price at 992 putting the chart in neutral to slightly bullish condition. The market faces the 998.50 channel and 1007.50 weekly top, which is significant. A trade above these resistance areas can bring prices up to challenge the 1020.50 day channel and 1030 weekly channel, which technically is so significant, that it can put a lid on any further rallies for a while. A trade above 1030 will be considered a breakout for higher prices. A trade below 1079 is bearish but only a trade below 1060 will confirm the downtrend intact for lower prices to follow. Remain defensive inside the 998.50 to 980 neutral area.

Day trades: For the September contract -

Aggressive traders can sell rallies near 996 - 998 area or buy dips near 985 - 981 area, whichever side comes first, to complete the trade. (Use a buy stop and rev. long at 1001.50). (Use a sell stop and rev. short at 977.50).

Buy stop at 1001.50 for obj. near 1005 - 1007.80 gap area.

Buy stop at 1010.50 for obj. near 1014 - 1016 and possibly near 1020 area.

Aggressive traders can consider short positions near 1019 - 1020, if it gets there for obj. near 1013 and possibly near 1009. (Use a protective buy stop at 1026.70 or 1033, whichever seems fit at the time).

Sell stop at 977.50 for obj. near 974.50 - 973 area and possibly near 971.

Sell stop at 959 for obj. near 956 - 954 area and possibly near 950.50 bottom.

Long-term short positions can continue to hold short positions and use a protective buy stop at 1136.

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

Sold @ 996 Bought @ 1001.50 = - $1,375.00

Bought @ 1001.50 Sold @ 1001.50 = +$ -0-

TOTAL (P & L) - $1,375.00

The week in review - 7/01/02 - 7/05/02

The Tech Guru's S & P Day Trading Recommendations

thetechguru.com

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.

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

Bought @ 989.50 Sold @ 992 = + $ 750.00

Sold @ 995.50 Bought @ 990 = + $1,375.00

As per bulletin

Bought @ 981 Sold @ 982 = + $ 250.00

As per bulletin

Sold @ 978 Bought @ 977 = + $ 250.00

TOTAL (P & L) + $2,625.00

thetechguru.com

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.

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

Sold @ 969.50 Bought @ 964 = + $1,375.00

Sold @ 959.50 Bought @ 956.50 = + $ 750.00

As per bulletin

Sold @ 950 Bought @ 950 = $ -0-

As per bulletin

Sold @ 947 Bought @ 951 = - $1,000.00

As per bulletin

Sold @ 953 Bought @ 951 = + $ 500.00

TOTAL (P & L) + $1,625.00

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A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Wednesday 07-03-02 : NOTE: After