The Tech Guru Commodity Report

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A TECHNICAL GUIDE FOR DAY TRADING THE S & P

S & P - For Thursday 06-24-04: NOTE: After each support and resistance listed will designate a value - (very major) holds the highest importance, then (major), (very significant), and (significant) is of the least value. Very aggressive trades - are trades that are against the trend or a high dollar risk when wide stops are used. "The Golden Rule" - Do not use a buy stop inside a sell area or a sell stop inside a buy area. The word NEAR can be 1/2 to 1 point from a price listed in any trade to enter or complete a trade.

Special instructions for using stops - All stops listed are for the day session only. Where stops ARE NOT mentioned, they should be placed below the second support area listed or above the second resistance area listed, or 22 points from the (trade entry point), whichever is the lesser amount. NOTE: The first support area becomes the resistance after the market trades through the second support area listed. The first resistance area becomes the support after the market trades through the second resistance area listed.

Resistance: For the September contract -

1145 newly developed day channel and 1145.50 monthly channels also 1146.20 weekly top (very major area) / 1148.10 Sept. contract's weekly top and 1149.80 monthly channel (very major area) / 1155.70 Sept. contract's weekly closing price and 1158.80 GBX weekly top also 1157.80 weekly chart's closing price (major area) / 1160 weekly chart's top and 1161.40 minor weekly channel also 1161.80 minor monthly channel (very major area) / 1162.20 Sept. contract's weekly top and 1163.50 weekly chart's top (very major area) / 1167.80 weekly upper channel (major) / 1176.30 and 1177.30 minor monthly upper channels also 1177 and 1178.50 monthly double top (very major area) / 1189 and 1189.50 weekly double top (major area).

Support: For the September contract -

1140.50 base (major) / 1138.50 day channel and 1136.20 intra-day channel (very major area) / 1134.80 and 1133.60 congestion base area (major area) / 1131 day bottom (major) / 1127 and 1126.90 day channels also 1126.50 base (very major area) / 1124.70 minor day channel and 1123.50 day bottom (major area) / 1122.70 weekly closing price and 1122 weekly chart's bottom also 1121.80 weekly bottom (major area) / 1120.50 day bottom and 1119.80 monthly closing price (major area) / 1114.30 day gap and 1112.50 weekly chart's bottom also 1112 day bottom (major area) / 1109 day bottom (major) / 1104.50 rev. peak and 1104.40 long-term major day channel (very major area) / 1101.60 long-term major weekly channel and 1100.80 minor day channel (very major area) / 1095.80 long-term major monthly channel (very major area).

Comments:

The follow through rally on Wednesday brought prices up to the very major resistance area that can prove to be significant enough to put a lid on any further rallies for a while. A trade above the 1145.50 major channel is bullish and above the 1149.80 channel will be considered a breakout and will bring the major uptrend back into play for prices to challenge the 1163.50 and 1177 major top areas. A trade today below 1136.20 is slightly bearish but only a trade below the 1126.90 channel can bring any solid bearishness back to the chart. Remain defensive inside the first trading range between 1145.50 and 1138.50 area, and also between the major trading range from 1149.80 to 1126.90 area.

Day trades: For The September contract -

Aggressive traders can sell rallies near 1145.50 - 1146.20 area for obj. near 1141.70 - 1140.50 area. (Use a protective buy stop at 1147. Do not rev. long). (Very aggressive traders can use a buy stop and rev. long at 1152.80).

Aggressive traders can sell rallies near 1148 - 1149.80 area for obj. near 1143 - 1141.70 area and possibly near 1138. (Use a buy stop and rev. long at 1152.80).

Aggressive traders can buy dips near 1138.50 - 1136.20 area for obj. near 1140 - 1141.70 area. (Use a sell stop and rev. short at 1135.80).

Sell stop at 1135.80 for obj. near 1134.80 - 1133.60 area.

Sell stop at 1133 for obj. near 1131 bottom area.

Sell stop at 1129.90 for obj. near 1127.90 - 1126.20 area.

Buy stop at 1152.80 for obj. near 1154.80 - 1156.80 area.

NOTE: All prices from 1157.80 to 1163.50 will be considered resistance but short positions will not be taken until a significant top formation can develop.

* 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 06/24/04 (9:48 am est)

The rally up to 1144.30 is near enough to the 1145.50 sell area putting traders into short positions. (Continue to use a protective buy stop at 1147). The obj. remains near 1141.70 - 1140.50.

Bulletin - Originally sent 06/24/04 (2:04 pm est)

Short positions were taken at 1144.30 and at the double top at 1146.20. The sell off down to 1142.10 is near enough to the 1141.70 obj. and completes the trade.

Results: 06/24/04

Sold @ 1144.30	Bought @ 1142.30	= + $ 500.00
Sold @ 1146.20	Bought @ 1142.30	= + $ 975.00
TOTAL (P & L)		+ $1,475.00

Actual letters from subscribers:

Trading involves substantial risk of loss and this risk can result in the loss of the entire amount invested and more.

These results may not be typical.

Oh Great Guru,

Forgive me for ever having doubts!

Thanks for a nice profit. Short from 1352 out at 1338.

DG (1/17/01)

Dear Tech Guru,

I am a new subscriber to your S&P daily trading signals and I want you to know how fantastic it is working. Yesterday you said to 'sell' the Dec. S&P at 1377-1378, the high of the day was 1379!! You said to take profits at 1365 and 'sell short' again at 1359.40 on a stop and take profits at 1353.50, which I did. Altogether I made $4,300 with the two S&P trades!! And this is the third winning day in a row. I have never seen such an accurate system. So far this week I have made $8,850. The system is so easy to use. All I have to do is place the orders and forget about it. I love it. Keep up the good work.

Sincerely,

DT (12/7/00)

Nice call to sell the top. You are a genius.

TC (12/11/01)

HELLO - I WAS JUST READING THE WEEKLY REVIEW (2/4-2/8) AND YOUR COMMENTARIES SEEMED RIGHT ON THE MARK!

KEEP UP YOUR GOOD WORK.

Gary (2/08/02)

Roger,
Tremendous call yesterday. Your numbers were right on the mark.

Thanks,
Henry

(4/25/02)

Another good call, Roger. You da man!!!

WV (4/25/02)

E-mailed daily before the market opening Monday through Friday

To view past history, e-mail us at daytrading@thetechguru.com

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Please note: The Tech Guru S & P trading guide is based on trading a single contract.

Trades vary between 4 - 11 point profits.

Profit to Loss ratio: 2.5 to 1

Average Commission: Varies between $25.00 - $45.00

Slippage: -0- (All trade recommendations have specific price orders and objective.)

Margin requirements are approximately $2500.00 to day trade the S & P E-mini. $4500.00 to hold a position overnight*

Margin requirements are approximately $5000.00 to day trade the S & P Index. $22,000.00 to hold a position overnight*

*Consult with your broker to determine margin requirements for your account before entering any trade. Futures Commission Merchants can increase margins without notice. Limits are subject to change and to variable limit rules of the respective exchange.

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S & P day trade recommendations

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