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The week in review - 8/12/02 - 8/16/02

The Tech Guru's S & P Day Trading Recommendations

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Monday 08-12-02 : 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:

908.50 intra-day channel and 909 peak (significant) / 910 weekly channel also 910 peak and 911.50 day channel (very major area) / 912.50 intra-day channel also 913 intra-day gap and 913.50 peak and minor channel also 914.50 day top (very major area) / 917.30 weekly closing price (major) / 920.60 monthly channel and 922.50 major weekly channel (very major area) / 929.50 weekly top (very major area) / 934.30 peak and 936 day top (major) / 940.90 GBX top and 944.30 intra-day peak (major area) / 953.50 peak also 953.50 minor day channel and 954 day session close (very major area).

Support:

907.50 intra-day channel and 906 base (significant) / 904.50 minor day channel and 904 base (major area) / 898.50 base also 897 rev. peak and 896 base (major area) / 891.50 base and 890 day bottom also 888 minor day channel (very major area) / 885.50 intra-day channel also 884.60 and 883 base area (major area) / 875 base and 873.80 day bottom also 873.50 minor day channel (major area) / 868.50 major day channel without GBX prices (very major) / 854.50 base and 853.80 day bottom also 853.50 major day channel with GBX prices (very major area).

Comments

The whiplashing action on Friday proves the significance of both the support and resistance at this very critical area. The market closed at its highest settling price for the week, which is bullish but continues to face the 920.60 and 922.50 major resistance. This leaves the chart neutral to bullish but the significance of the resistance can hold back rallies and stimulate some retracements down to the support areas again. A trade above the 920.60 and 922.50 area will be considered a breakout for higher prices. A trade above 929.50 and 936 can bring the possibility of a new major uptrend in play. A trade below 888 and 883 will be slightly bearish but a trade below 873.50 and 868.50 area can bring prices down to challenge the 853.80 bottom and 853.50 channel. A trade below 853.50 will put the chart in bearish condition but a trade below 836.50 - 839.50 area will fail the very major support area that could possible bring prices down to challenge the contract low again. Remain very defensive in this critical resistance area. It is still possible for prices to swing either way.

Day trades: For the September contract -

Aggressive traders can sell rallies near 917 - 920.60 area, and if possible near 922.50 for obj. near 911 - 909 area and possibly near 905. (Use a protective buy stop at 925.50. Do not rev. long).

Aggressive traders can buy dips near 892 - 890 area and if possible near 888 for obj. near 898 and possibly near 904. (Use a sell stop and rev. short at 880). (Conservative traders can use a protective sell stop at 886.50. Do not rev. short).

Buy stop at 914.80 for obj. near 917 - 920.60 area.

Buy stop at 937 for obj. near 940 and possibly near 944.

Sell stop at 880 for obj. near 876 - 875.50 area and possibly near 873.50.

Aggressive traders can attempt long positions near 873.50 and if possibly near 868.50 area for obj. near 880 - 885 area. (Use a sell stop and rev. short at 865).

Sell stop at 865 for obj. near 860 - 857 area and possibly near 855.

* 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.

Results:    8/12/02

Bought @ 892              Sold @ 898     = + $1,500.00

TOTAL (P & L)                                     + $1,500.00

thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Tuesday 08-13-02 : 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:

903 newly developed minor channel (major) / 907.50 intra-day channel and 908 day channel also 908.50 day top and 910 weekly channel (very major area) / 913 minor day channel also 914.50 weekly top and 915.90 GBX top (very major area) / 917.30 weekly closing price (major) / 920 major day channel and 920.60 monthly channel also 922.50 major weekly channel (very major area) / 929.50 weekly top (very major area) / 934.30 peak and 936 day top (major) / 940.90 GBX top and 944.30 intra-day peak (major area) / 951.50 minor day channel also 953.50 peak and 954 day session close (very major area).

Support:

901.50 intra-day channel and 901 base (major area) / 899 base and 896 intra-day channel (major) / 895, 894.50 and 894 base areas also 893.50 minor day channel (very major area) / 891.50 and 890 bottoms (major area) / 880 minor day channel (major) / 876 major day channel also 873.80 bottom and day session close (very major area) / 865 weekly closing price also 863 intra-day channel and 859.50 major day channel with GBX prices and 860 weekly channel (very major area) / 853.80 day bottom (major).

Comments

Monday's trading session remained inside a narrow trading range proving again the significance of the support and resistance at this very critical area. A trade above the 908, 910 and 913 areas can challenge the 920 - 920.60 major resistance. A trade above 920.60 - 922.50 area will be considered a breakout for higher prices. A trade above the 929.50 weekly top can possibly reverse the major trend to the upside. A trade below 893.50 - 890 area today is slightly bearish but a trade below 880 - 876 area can bring prices down to challenge the 863 - 859.50 major support area. A trade below the 859.50 and 853.80 area will fail the major supports and can bring prices down to challenge the 812 - 804.50 area and possibly near the 773 bottom area again. Remain very defensive inside this critically neutral area between 910 and 890 area.

Day trades: For the September contract -

Aggressive traders can buy dips near 896 - 893.50 area for obj. near 899 - 901 area. (Use a sell stop and rev. short at 887).

Aggressive traders can sell rallies near 908 - 910 area and if possible near 913 for obj. near 903.50 - 901 area. (Use a buy stop and rev. long at 925.50). (Conservative traders can use a protective buy stop at 915.50. Do not rev. long).

Aggressive traders can sell rallies near 917 - 920 area and if possible near 922 for obj. near 911.50 and possibly near 910. (Use a buy stop and rev. long at 925.50).

Sell stop at 887 for obj. near 882.50 - 880 area and possibly near 877.

Sell stop at 872 for obj. near 865.50 - 863 area and possibly near 859.50.

Buy stop at 925.50 for obj. near 927.50 - 929.50 area.

Buy stop at 937.50 for obj. near 940 and possibly near 944.

Bulletin - For New Subscribers - Originally sent 8/13/02 (9:58 am est)

The sell-off down to the 896.70 and back up to 899 on the opening of the day session came close to completing the first trade. When the market sold off again to the 896.50 area, this proved to be a double bottom support for the buy on the first trade. The rally up to the 900 level completed the trade. It is now considered a high risk to repeat this trade again. Conservative traders should look to the other trade recommendations listed for possible profitable trades.

Bulletin - Originally sent 8/13/02 (1:26 pm est)

The market reached the sell area between 908 and 910 and if possible near 913, where short positions were taken. The market has been struggling to reach the obj. at 903.50. It is recommended for traders to exit at 907 - 906.50 and take profits. The market is too neutral at this time to point any solid direction.

Bulletin - Originally sent 8/13/02 (3:52 pm est)

The market sold-off to the 887 sell stop putting traders into short positions. Since this is another very critical support area, it is recommended to take profits as soon as possible. The market is trading at 885.25 at this time, which can be considered a good time to exit for profits.

Results: 8/13/02

Bought @ 896.80        Sold @ 900              = + $   875.00

Sold @ 909                Bought @ 906.70      = + $   575.00     (bought as per bulletin)

Sold @ 887                Bought @ 885           = + $ 500.00

TOTAL (P & L)                                               + $1,950.00

    thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Wednesday 08-14-02 : 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:

888 and 888.50 peaks also 889.50 intra-day channel (major area) / 893.50 peak (major) / 902 and 903 peaks (major area) / 909.50 newly developed major day channel (very major) / 912 day top and 912 minor day channel and 912.50 weekly channel (very major area) / 914.50 day top and 915.90 GBX top (major area) / 917.30 weekly close (major) / 920.60 monthly channel and 922.50 major weekly channel (very major area) / 929.50 weekly top (very major area).

Support:

882.50 major day channel without GBX prices also 882 day bottom and 880 rev. peak (very major area) / 876 day session closing price and 873.80 day bottom (major area) / 865.50 major day channel including GBX prices also 865 weekly closing price (very major area) / 861 day session closing price and 860 weekly channel without GBX prices (very major area) / 853.80 day bottom also 852 weekly channel including GBX prices (very major area) / 847 day bottom (major) / 841 minor channel (major).

Comments

The sell-off on Tuesday from the major resistance proves the significance of the area. The sell-off brought prices down to the critical support areas that could stimulate some buying. A trade above 889.50 and 893.50 is slightly bullish but only a trade above 909 - 912.50 area can be bullish enough to challenge the 922.50 area and 929.50 area, which can possibly change the major trend to the upside. A trade below 880 is slightly bearish but a trade below 865 can challenge the 852 channel support, which can possibly prove to be a good buying area. A trade below 852 - 847 area will fail the major support and can bring prices down to challenge the 812 - 804.50 area and possibly near the 773 bottom area again. Remain neutral until a breakout is seen to either side of the wide 912 - 852 trading range.

Day trades: For the September contract -

Aggressive traders can sell rallies near 887.50 - 889.50 area for obj. near 883.50 - 882 area and possibly near 880. (Use a protective buy stop at 893.70. Do not rev. long).

Aggressive traders can buy dips near 883.50 - 882 area and if possible near 880 for obj. near 886.50 - 888 area. (Use a sell stop and rev. short at 878.50).

Aggressive traders can sell rallies near 905 - 909 area and if possible near 912 for obj. near 897 - 895 area and possibly near 893. (Use a buy stop and rev. long at 915).

Aggressive traders can buy dips near 868 - 865 area for obj. near 872 - 874 area and possibly near 876. (Use a protective sell stop at 862. Do not rev. short).

Buy stop at 915 for obj. near 917 - 920 area and possibly near 922.

Buy stop at 925 for obj. near 927.50 - 929.50 area.

Sell stop at 878.50 for obj. near 876 - 874 area.

Sell stop at 871.80 for obj. near 868 - 865 area.

Sell stop at 858 for obj. near 854 - 852 area.

Aggressive traders can attempt long positions near 854 - 852 area for obj. near 863 - 865 and possibly near 870. (Use a protective sell stop at 845. Do not rev. short).

Bulletin - Originally sent 8/14/02 (9:49 am est)

The double top at 886 completes the second trade where long positions were taken at 883.50.

Bulletin - Originally sent 8/14/02 (3:28 pm est)

The rally up to 916.50 completes the long position trade with the buy stop at 915.

Very aggressive traders can attempt short positions at this high end of the major resistance area and use a buy stop and rev. long at 925 as listed in today's report. The market is trading at 915 at this time where short positions to be considered.

Bulletin - Originally sent 8/14/02 (3:53 pm est)

The rally up to the 920.50 area is the major resistance on the monthly chart and is considered a sell area for position traders to consider short positions. Position traders can use a protective buy stop at 934 in both the overnight session and day session. The objective is for retracements down to the 880 - 865 area and possibly near the 852 area.

Results:    8/14/02

Sold @ 887.50            Bought @ 883.50      = + $1,000.00

Bought @ 883.50        Sold @ 886               = + $  625.00

Sold @ 878.50            Bought @ 876           = + $ 625.00

Sold @ 909                Bought @ 915           = - $1,500.00

Bought @ 915            Sold @ 916.50           = + $ 375.00

Sold @ 915                Bought @ 918           = -   $ 750.00     (as per bulletin)

TOTAL (P & L)                                                + $ 375.00

As per bulletin - long-term position traders sold @ 920.50 today (8/14/02)

    thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Thursday 08-15-02 : 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:

923 day channel (major) / 924.50 minor upper channel (major ) / 926.90 day session close from 7/11/02 also 929.50 weekly top (very major area) / 934.30 peak and 936 day top (major area) / 940.90 GBX top and 944.30 peak (major area) / 948.50 minor day channel and 953.50 peak also 954 day session close (very major area) / 958 day top and 961.10 GBX top also 961.50 minor day channel (very major area).

Support:

913.50 base and 912 rev. peak (major area) / 907.80 weekly closing price (major area) / 902.50 day session close and intra-day base also 899.50 intra-day gap (major area) / 895.60 base (major area) / 890 intra-day gap and 889 base (major area) / 883.50 newly developed day channel (very major area) / 875.50 bottom and 872 major day channel including GBX prices (very major area) / 865 weekly closing price (major) / 860 weekly channel (very major area).

Comments

    The rally on Wednesday from the support area brought prices up to the very major resistance on the monthly chart. Even with the strength shown on Wednesday's rally, the monthly channel resistance and the 929.50 weekly top can prove to be solid enough to stimulate selling pressure for retracements back down to the 883.50 and 872 major support areas again. A trade above 929.50 will be considered a breakout and can possibly prove to be the first signal for the new major uptrend. A trade today below 902.50 is slightly bearish but a trade below 895.60 can prove to bring prices down near the 883.50 - 872 support areas again. A trade below 860 will fail the major support for prices to challenge the 812 - 804.50 area and possibly near the 773 bottom. Remain very defensive at this critical resistance area. It can prove to be a major signal either way.



Day trades: For the September contract -

Aggressive traders can sell rallies near 923 - 924.50 area and if possible near 926.90 for obj. near 914 and possibly 912.50. (Use a buy stop and rev. long at 932.50).

Aggressive traders can attempt long positions near 885 - 883.50 area, if it gets there, for obj. near 891 - 894 area. (Use a protective sell stop at 879. Do not rev. short).

Aggressive traders can attempt long positions near 874 - 872 area for obj. near 882 - 885 area and possibly near 888. (Use a sell stop and rev. short at 869).

Buy stop at 932.50 for obj. near 934 and possibly near 936.

Buy stop at 945.50 for obj. near 950 - 953 area and possibly near 956.

Sell stop at 911 for obj. near 908.

Sell stop at 906.50 for obj. near 903.50 - 902.50 area and possibly near 899.50 gap.

Sell stop at 892.50 for obj. near 890 - 889 area.

Sell stop at 887 for obj. near 885 - 883.50 area.

Long-term position traders can hold short positions taken for obj. near 885 - 883.50 area and possibly near 872. Continue to use a protective buy stop at 832.50.

* 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 8/15/02 (11:06 am est)

The 932.50 buy stop was completed with the trade at 933.50. Traders still remaining with a long position should exit at the market. At this time only a trade above 936 can bring higher prices.

Bulletin - Originally sent 8/15/02 (12:39 pm est)

The market is showing signs of resistance after the sell-off from the 934.50 area. The technical chart formation is also forming a top pattern that could stimulate selling pressure.
It is recommended for traders to sell near 927 for obj. near 915 - 913.50 area and possibly near 912. (use a protective buy stop at 937. Do not rev. long).

Bulletin - Originally sent 8/15/02 (2:57 pm est)

After the short position was taken at 927 the market proceeded to go down but did not meet the obj. at 915 and held a double bottom at 919.50. The rally thereafter reached a high of 931. The market is now trading in neutral condition. A trade above 931 will put the chart in slightly bullish condition. Conservative traders can exit with a protective buy stop at 931.50. Aggressive traders continue to use the protective buy stop at 937. A sell-off at this time can still bring prices into new lows for the day where short positions should consider taking profits.

Bulletin - Originally sent 8/15/02 (3:34 pm est)

Conservative traders took profits on the sell-off down to 921. The market is trading in neutral territory at 926 - 927 area again. Conservative traders still holding short positions can exit near 927 and scratch the trade.
Results:    8/15/02

Sold @ 923               Bought @ 932.50       = - $2,375.00

Bought @ 932.50       Sold @ 933.50          = + $   250.00

Sold @ 927               Bought @ 921.50       = + $1,375.00     (as per bulletin)

TOTAL (P & L)                                               - $   750.00

    thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Friday 08-16-02 : 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:

932.50 newly developed day channel (major) / 935 top and 936 day top from 7/12/02 (very major area) / 940.90 GBX top (major) / 944.30 peak and 946.50 minor day channel (major area) / 953.50 peak and 954 day session close (very major area) / 958 day top and 959.50 minor day channel also 961.10 GBX top (major area) / 967 minor weekly channel (very major area) / 978.30 day session close and 980.50 day top also 981.70 GBX top (major area) / 990.10 monthly close and 991 weekly close (very major area) / 993.80 day top also 995.80 monthly top and 996 GBX monthly top (very major area).

Support:

928.50 base and 928 intra-day channel (major) / 922 and 921 base area also 921 rev. peak (very major area) / 919.50 base and 917.50 bottom (major area) / 915.90 rev. GBX peak and 915.60 GBX bottom also 914.50 and 912 rev. peak (very major area) / 907.80 weekly closing price (major) / 902.50 day session closing price and 902.50 base (major area) / 891 day channel and 889 base (very major) / 885 day session close and 884.50 minor day channel (major area) / 877.50 major day channel and 875.50 bottom (very major area).

Comments

    The follow-through rally and close on Thursday broke through the major resistances on both the monthly and weekly charts putting it in bullish territory. The overbought conditions can stimulate some retracements into lower prices but can be considered a buying opportunity. A trade today below 991 - 989 area is bearish but only a trade below 877.50 - 875.50 area will fail the major support and can stimulate enough selling pressure to bring prices down near 828.50 - 812 area and possibly lower. A trade today above 932.50 - 936 area is bullish and a trade above 940.90 GBX top will confirm higher prices to follow. Remain defensive inside this narrow neutral area between 932.50 and 921 area.



Day trades: For the September contract -

Aggressive traders can buy dips near 923.50 - 921 for obj. near 927 - 928.50 area and possibly near 932. (Use a sell stop and rev. short at 919).

Very aggressive traders can attempt short positions near 932 area for obj. near 928 and possibly near 926. (Use a buy stop and rev. long at 937).

Sell stop at 919 for obj. near 917 - 916 area and possibly near 914.50.

Sell stop at 911 for obj. near 908.50 - 907.50 area.

Sell stop at 905.50 for obj. near 902.50 and possibly near 900.

Aggressive traders can buy dips near 902.50 - 900 area if it gets there for obj. near 908 - 912 area. (Use a protective sell stop at 897. Do not rev. short).

Buy stop at 937 for obj. near 940 and possibly near 943.

Buy stop at 945.50 for obj. near 950 - 953 area and possibly near 954 - 956 area.

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

Bulletin - Originally sent 8/16/02 (11:43 am est)

The market reached the very aggressive trade sell at 932 where short positions were taken. The market managed to reach a high of 935.90. At this time the support is now at 931.50 so it is recommended for all short positions to exit near 932 and scratch the trade.
Results:    8/16/02

Bought @ 922            Sold @ 919       = - $   750.00

Sold @ 919                Bought @ 916     = + $   750.00

Sold @ 932                Bought @ 932     = $      -0-

TOTAL (P & L)                                            $      -0-

The week in review - 8/19/02 - 8/23/02

The Tech Guru's S & P Day Trading Recommendations

   thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Monday 08-19-02 : 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:

933.50 newly developed day channel and 934 minor channel (very major area) / 936 double top (very major area) / 940.90 GBX top (major) / 944.30 peak and 945 minor day channel (major area) / 953.50 peak and 954 day session close (very major area) / 956.50 long-term minor day channel and 958 day top also 959 minor day channel (major area) / 961.10 GBX top and 962.50 minor weekly channel (very major area) / 978.30 day session close and 980.50 day top also 981.70 GBX top (major area).

Support:

926.50 and 926 base area (major area) / 921.50 rev. peak and 921.30 base also 920.50 weekly channel (very major area) / 915.50 day bottom and 915.60 GBX bottom (major double bottom area) / 912 rev. peak and 911.50 monthly close (major area) / 907.80 weekly close (major) / 902.50 day session close also 899 day channel with GBX prices (very major area) / 894 day channel (very major area) / 889 minor day channel (major) / 883.50 major day channel (very major area) / 875.50 weekly bottom (very major area).

Comments

    The market managed to close up for the fourth week in a row and also above the weekly channel leaving the chart in bullish territory. The trading range on Monday remains neutral between 933.50 and 920.50. A trade above 933.50 and 936 will be considered a breakout for higher prices. A trade above 962.50 will confirm the uptrend intact for prices to challenge the 1000 area again. The 1000 area is the very major resistance at this time and can possibly stimulate some substantial retracements from that area. A trade below 920.50 and 915.50 areas is slightly bearish and can possibly bring prices down near the 899 and 894 area, which can be considered support and a good buying opportunity if it gets there. Only a trade below 883.50 and 875.50 areas can fail the major support for prices to drop down to challenge the 828.50 and 812 areas again and possibly near the 773 bottom. Remain overall bullish inside this narrow neutral range between 933.50 - 920.50 area, until the market can prove otherwise.



Day trades: For the September contract -

Aggressive traders can buy dips near 922.50 - 920.50 area for obj. near 928 and possibly near 931 - 933.50 area. (Use a sell stop and rev. short at 918.50).

Very aggressive traders can attempt short positions near 932.50 - 933.50 area for obj. near 924 - 922 and possibly near 920.50. (Use a buy stop and rev. long at 938).

Aggressive traders and positions traders can attempt long positions near 902.50 - 899 area, if it gets there. The obj. for day traders is to exit near 907 - 910 area and possibly near 911. (Use a protective sell stop at 896. Do not rev. short). Position traders can hold long positions for obj. near 962 and possibly 982 area. (Use a protective sell stop at 970).

Buy stop at 938 for obj. near 940.50 - 944 area.

Buy stop at 945.50 for obj. near 950 - 953 area and possibly near 955.

Sell stop at 918.50 for obj. near 915.50 and possibly near 914.50 area.

Sell stop at 910.50 for obj. near 907.50 - 906.50 area and possibly near 905.

* 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 8/19/02 (12:23 pm est)

The rally hit the buy stop at 945 putting traders into long positions. The chart formation at this time seems top heavy and does not look like it has the potential to reach the objective of 950 - 953 area.

It is recommended for traders to exit the long position at the market and cut looses. The market is trading at 944 at this time.
Results:    8/19/02

Sold @ 933                Bought @ 938              = - $1,250.00     (very aggressive trade)

Bought @ 938            Sold @ 941                  = + $   750.00

Bought @ 945.50       Sold @ 943.50             = - $   750.00

TOTAL (P & L)                                                  - $1,250.00

    thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Tuesday 08-20-02 : 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:

950 newly developed day channel and 951 minor channel (major area) / 952.30 top and 953.50 intra-day peak also 954 minor day channel and 954 day session close (very major area) / 958 day top and minor channel also 961.10 GBX top (very major area) / 962.50 minor weekly channel (very major) / 978.30 day session close and 980.50 day top also 981.70 GBX top (major area) / 990.10 monthly close and 991 weekly close also 993.80 weekly top (very major area) / 995.80 monthly top and 996 GBX monthly top (very major area) / 1000 major channel also 1002 major day channel (very major area).

Support:

947 intra-day channel and gap (major) / 944.50 base and 944 day channel also 943.50 day gap and 943.10 base (major area) / 941.50 - 941 base (major area) / 940 day channel and 938.50 channel with GBX prices (very major area) / 936.50 base and 936 rev. peak (major area) / 927.20 bottom and 927 minor channel (very major area) / 921.50 GBX bottom and 921.50 rev. peak also 920.50 weekly channel (very major area) / 915.50 day bottom and 914.50 rev. peak (major area) / 907.80 weekly close and 907 day channel (very major area) / 900 day channel (very major area).

Comments

    The rally and close on Monday keeps the chart in bullish territory but faces major resistance at 962.50 on the weekly chart that could hold back rallies for a while. A trade above 962.50 can bring prices up near the 990 - 996 area and possibly 1000 area. The 990 - 1000 area is a very significant resistance that could stimulate a substantial retracement down if and when it gets there. A trade below 940 - 938.50 area today is slightly bearish but a trade below 920.50 can possibly bring prices down near the 907 - 900 area, which can still be considered a buying opportunity if it gets there. Remain defensive inside this 950 - 940 neutral range. The market is subject to swing to both sides before proving a direction.

Day trades: For the September contract -

Aggressive traders can buy dips near 941.50 - 940 area and if possible near 938.50 for obj. near 947 and possibly near 950. (Use a sell stop and rev. short at 934).

Very aggressive traders can sell rallies near 950 - 951 area for obj. near 945 - 943.50. (Use a buy stop and rev. long at 955).

Buy stop at 955 for obj. near 958 and possibly near 960 - 961 area.

Buy stop at 966 for obj. near 972 - 975 area and possibly near 978.

Buy stop at 984.50 for obj. near 988.50 - 990 area.

Sell stop at 934 for obj. near 930 - 927 area.

Sell stop at 924.50 for obj. near 921.50 - 920.50 area.

Very aggressive traders and positions traders can consider short positions near 995 - 1000 area, if it gets there. Day traders can exit near 987 - 984 area. (Use a protective buy stop at 1005. Do not rev. long). Positions traders can look for retracements back down near 940 - 925 area.

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

Bulletin - Originally sent 8/20/02 (1:47 pm est)

The sell stop was hit at 934 putting traders into the short position. The market made a double bottom support at 931.50 were profits were taken to end the trade. Any trader holding short positions should consider exiting and scratching the trade. The market is trading at 934.50 at this time.
Results:    8/20/02

Bought @ 941.50        Sold @ 934               = - $1,875.00

Sold @ 934                 Bought @ 932            = + $   500.00     (as per bulletin)

TOTAL (P & L)                                                 - $1,375.00

    thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Wednesday 08-21-02 : 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:

940 newly developed day channel (significant) / 942.50 intra-day channel and 943.50 double peak also 944 peak (major area) / 945.50 day top and 947.50 day channel (major area) / 949 day gap and 949.50 GBX top also 950 minor channel and 951 long-term day channel (very major area) / 952.30 day top and 954 day session close from 6/09/02 (very major area) / 956.50 minor channel also 958 day top and 961.10 GBX top (very major area) / 962.50 minor weekly channel (very major) / 978.30 day session close and 980.50 day top also 981.70 GBX top (major area) / 990.10 monthly close and 991 weekly close also 993.80 weekly top (very major area) / 995.80 monthly top and 996 GBX monthly top (very major area) / 1000 major weekly channel and major day channel (very major area).

Support:

936.50 intra-day channel and 936 minor day channel also 935.50, 935 and 934.80 base (very major area) / 931.50 bottom (major) / 928 day session close also 927.20 day bottom and 926.80 - 926.50 base area (very major area) / 921.50 GBX bottom and 920.50 weekly channel (very major area) / 915.50 bottom and 914.50 rev. peak also 914 major day channel (very major area) / 907.80 weekly close and 906.50 day channel (major area) / 902.50 day session close (major) / 896 major day channel with GBX prices (very major area).

Comments

    The sell-off on Tuesday removed the bullishness from the market leaving the chart in neutral condition between the 950 and 935 area. A trade above 962.50 will be considered a breakout for prices to challenge the 990 - 1000 area. A trade below 914 is bearish but only a trade below 896 will fail the major support and can challenge the 878 - 875.50 bottom area and possibly lower. Remain defensive. Tuesday's sell-off action can possibly prove to be a first sign of selling pressure for a substantial retracement. NOTE: The 907 and 896 area will still be considered a good buying area if it gets there.



Day trades: For the September contract -

Aggressive traders can sell rallies near 946 - 949 area or buy dips near 938 - 934 area, whichever side comes first, to complete the trade. (Use a buy stop and rev. long at 953.80). (Use a sell stop and rev. short at 931).

Buy stop at 953.80 for obj. near 956 - 958 area and possibly near 962.50.

Buy stop at 966 for obj. near 972 - 975 area and possibly near 978.

Buy stop at 984 for obj. near 988 - 990 area.

Sell stop at 931 for obj. near 928 - 927.20 area.

Sell stop at 925 for obj. near 922.50 - 920.50 area.

Sell stop at 918.50 for obj. near 915.50 - 914.50 area.

Sell stop at 911 for obj. near 908 - 907 area.

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

Bulletin - Originally sent 8/21/02 (10:07 am est)

The rally hit the sell area between 946 and 950 putting traders into short positions. The sell-off down to the 940.50 area is considered the first support and should be used to exit short positions and take profits.

Bulletin - Originally sent 8/21/02 (11:18 am est)

The sell stop at 931 was hit putting traders into short positions. The recovery from the 931 area brought prices up to the 934.50, which is resistance at this time. If the market can trade above 936.50 then it would bring bullishness back to the intra-day chart. Traders should look to exit short positions near 933 to cut losses or use a protective buy stop at 938, whichever comes first.

Bulletin - Originally sent 8/21/02 (11:36 am est)

The market rallied up to 938 hitting the buy stop for short positions. At this time, the chart formation seems like it can have further retracements back down to the 933 - 930 area. It is recommended for traders to sell near 936 - 937 for obj. near 933 - 930 area. (Use a protective buy stop at 942).
Results:    8/21/02

Sold @ 947.50             Bought @ 940.50       = + $1,750.00

Sold @ 931                  Bought @ 938           = - $1,750.00

Sold @ 937                  Bought @ 942           = - $1,250.00       (as per bulletin)

TOTAL (P & L)                                                 - $1,250.00

        thetechguru.com

A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Thursday 08-22-02 : 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 minor channel (major) / 957 weekly upper channel and 958 day top (very major area) / 961.10 GBX top and 962.50 weekly channel (very major area) / 978.30 day session close (major) / 980.50 day top and 981.70 GBX top (major area) / 990.10 monthly close and 991 weekly close (very major area) / 993.80 weekly top and 995.80 monthly top also 996 GBX monthly top