Daily trading advisory

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 14-January-2008

The markets resumed their slide on Friday as various reports consider that Merrill could take another $15 billion in loses, AMEX forecast increased costumer defaults and the CRB index came out weaker than expected.

WEEKLY PIVOTS FOR WEEK ENDING 18 –JANUARY-2008

R3 1462.75
R2 1435.75
R1 1422.50
PP 1410.50
S1 1398.00
S2 1393.00
S3 1382.50

1. ECONOMIC DATA

None

2. WEEKLY RECAP

On Monday a shaky and volatile session ended the day with a mixed market seeing the DOW and S&P ending slightly higher while the NASDAQ closed lower as a result of new concerns about future demand. Tuesday’s heavy sell off triggered by another sharp drop in Countrywide shares, increasing weakness in the housing markets and ATT declaring that its consumer business has been hurt, pushed the indexes sharply lower driving the Dow to a test of the 12500 psychological level before rebounding into the close. Wednesday traders pushed all the indexes to new lows for the year but rallied back strong into the close after being down for eight consecutive days finishing the session up by more than 1%. An early pullback on Thursday’s early session was reversed strongly to the upside after the release of a statement from Fed’s Bernanke hinting further rate cuts in order to prevent housing and credit problems to drive the economy into recession and the news about Bank of America buying Countrywide. On Friday, the markets opened lower as a consequence of more bad news in the banking and financial sector, specifically additional loses at Merrill Lynch, a pessimistic outlook for the coming months by American Express and the CRB index, which measures consumer confidence coming out bellow expectations. All the indexes closed lower the last day of trading on the past week.

3. FRIDAY’S MARKETS

The EMINI SP futures opened lower for the day and successfully tested our first support area at 1411.25-1409.00.
Yesterday I wrote: “There is support at 1411.25-1409.00 on the EMINI SP futures, 1948.00-1946.00 on the EMINI NASDAQ futures and 714.70-712.90 on the EMINI RUSSELL futures. Those areas held nicely for yesterday’s last run to the highs. If those are reached early in the morning, and hold they could offer another good long entry.”
The EMINI SP futures held our support, and after breaking above the 1415.00 intraday resistance area rallied back and closed the gap at Thursday’s settlement. After pulling back to the 1414.00 area, the index rallied to new daily highs at 1423.75, while the EMINI NASDAQ futures reached 1956.00 and the EMINI RUSSELL futures the 721.00 area. Once more the indexes pulled back and after printing lower highs just bellow our updated resistance levels, pushed down testing the Globex lows at 1406.50 on the EMINI SP futures. Another feeble bounce to the 1414.00 area was met with strong selling driving all the indexes to new daily lows during the last hour of trading just bellow our support area at 1403.00-1401.00 on the EMINI SP futures at 1400.25 before bouncing back into the close. All the indexes ended the session lower.

3. Market Commentary and Outlook

Yesterday I wrote:” This week has been one of the must problematic ones in the markets during the last years as the financials and the tech were strongly beaten and none of the rallies could be sustainable if those don’t show signs of recovery. I wouldn’t be surprise to see some profit taking during today’s session before continuing with this counter trend rally early next week as we have option expiration next Friday, keep in mind that the markets usually moves higher in front of the expiration, so if we have a down day it will be a good long entry for short term position traders.”
Friday’s session we saw the “low day” that we were expecting in all the indexes, but we also saw some of the financials with a positive close, so I still think that the possibility for a 1-4 days counter trend rally in all of the indexes is still there. The fact that the EMINI SP futures, along with the other indexes printed a higher low on the daily charts with a strong volume suggests a short term bottom.
This week is full with economic data, so we can expect the volatility and huge swings to continue as the markets absorb all the numbers and prepare for next Friday option expiration. I favor the long side for Monday’s session but a scenario with early gains that get reversed is also possible. Beware of increasing selling pressure if the DOW cash breaks bellow the 12500 and the NASDAQ is not able to hold the recent lows.

4. Today’s Session

There is initial resistance just above our pivot levels at 1412.50-1414.25 on the EMINI SP futures, 1934.00-1936.00 on the EMINI NASDAQ futures (that’s the double top seen on Friday’s last hour of trading) and 711.30-712.50 on the EMINI RUSSELL futures. If the indexes cut through above those levels and hold, the EMINI SP futures could get to 1420.50-1422.25, while the EMINI NASDAQ futures trades at 1944.00-1946.00 and the EMINI RUSSELL futures at 717.80-719.50. Those level should be sold at least the first time that they get tested, so be ready for a 6-8 points drop, but if the markets breaks above them we should see a run to 1428.00-1430.00 on the EMINI SP futures, 1958.00-1960.00 on the EMINI NASDAQ futures and 723.60-725.00 on the EMINI RUSSELLL futures. Trading above these levels will open the door for the 1440.00s on the EMINI SP futures once the next resistance at 1434.00-1435.25 is broken.

We have initial support at 1403.00-1401.50 on the EMINI SP futures, 1918.00-1916.75 on the EMINI NASDAQ futures and 704.90-703.30 on the EMINI RUSSELL futures. If those are tested early in the morning they should offer a great long entry with the chances of an up trend day. If those don’t hold, there is additional support at 1398.00-1397.00 on the EMINI SP futures, 1912.00-1910.00 on the EMINI NASDAQ futures and 701.00-699.50 on the EMINI RUSSELL futures, those could be a false break bellow initial support and also has the chances to result in a strong move up. If those can not hold the selling pressure, we could see a drop to 1393.00-1392.00 on the EMINI SP futures 1899.00-1897.50 on the EMINI NASDAQ futures and 695.00-694.20 on the EMINI RUSSELL futures. If those levels are broken, then last Thursday rally was only a 1 day counter trend in a fast down trend market and a test of the lows at 1385.00 on the EMINI SP futures will be the only stop above the 1370.00-1360.00 area. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1428.00-1430.00 1958.00-1960.00 723.60-725.00
Resistance 2 1420.50-1422.25 1944.00-1946.00 717.80-719.50
Resistance 1 1412.50-1414.25 1934.00-1936.00 711.30-712.50
PIVOT 1410.50 1933.00 709.80
Support 1 1403.00-1401.50 1918.00-1916.75 704.90-703.30
Support 2 1398.00-1397.00 1912.00-1910.00 701.00-699.50
Support 3 1393.00-1392.00 1899.00-1897.50 695.00-694.20



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1461.77 2045.11 750.15
1456.23 2033.14 746.05
1447.25 2013.75 739.40
1438.27 1994.36 732.75
1432.73 1982.39 728.65
1423.75 1963.00 722.00
1414.77 1943.61 715.35
1412.00 1937.63 713.30
1409.23 1931.64 711.25
1400.25 1912.25 704.60
1391.27 1892.86 697.95
1385.73 1880.89 693.85
1376.75 1861.50 687.20
1367.77 1842.11 680.55
1362.23 1830.14 676.45





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1422.75 1962.00 723.60
AS DAILY LOW 1392.25 1893.50 697.70​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 15-January-2008

All the equity indexes ended higher on surprisingly good numbers from IBM and expectations about a .50% rate cut before or during the next FOMC meeting.

1. ECONOMIC DATA

8:30 AM Retail Sales
8:30 AM Retail Sales exc-auto
8:30 AM PPI
8:30 AM Core PPI
8:30 AM NY Empire State Index
10:00 AM Business Inventories

2. YESTERDAY’S MARKETS

A stronger than expected earnings report by IBM resulted in all the indexes opening with a big gap. The EMINI SP futures started the session at 1417.50 and reached 1420.75 during the first minutes of trading just bellow our 1420.50-1422.25 resistance area while the EMINI NASDAQ futures rallied to 1957.00. Taking advantage of the rally sellers pushed the market down reaching 1411.50 on the EMINI SP futures where the market bounced back to the 1414.00 area. The index traded back down making its daily lows at 1411.00 just half point above our daily pivot point. The double bottom held and the EMINI SP futures rallied to the 1418.00 area while the EMINI NASDAQ futures got to 1960.00. Another 4 points pullback was bought and the index rally to its early highs at 1420.25 where a steadily sell off took the index once more to test the lows. Buyers came in and the indexes enter in an uptrend move which drove prices up to new highs printing 1424.50 on the EMINI SP futures, 1964.75 on the EMINI NASDAQ futures and 717.40 on the EMINI RUSSELL futures before pulling back into the close. The DOW CASH ended with a solid 170 points advance.

3. MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “The fact that the EMINI SP futures, along with the other indexes printed a higher low on the daily charts with a strong volume suggests a short term bottom. I favor the long side for Monday’s session but a scenario with early gains that get reversed is also possible”. We got the pullback that we were expecting from a higher opening and we got the opportunity to enter the indexes long above our pivot point area.

The question now is if yesterday’s move is only a second inside day after last Thursday rally counter trend move from the 1385 low. If that is the case and the indexes are still in the fast trend down that started two weeks ago, yesterday’s highs would be difficult to break. In many occasions I have describe this kind of move where a one day move against the trend or a consolidation bellow the last high results in the continuation of the main trend, in this case to the downside, and if this is the case we should see new lows in the short term. Another possibility is that the indexes continue to consolidate before a decisive move is seen, right now the EMINI SP futures has not broke any of the last supports area but its holding bellow the 1424.00 resistance area which is also last Friday’s high and it will take two consecutive closes above that level to confirm a move to the 1443.00 area or higher.. Yesterday’s narrow range on the EMINI SP futures and the low volumes does mot confirm yet that we already got a reversal from the downtrend. This indecision which we can see on the triangles formed on the daily charts, will result in a break either way that could spark a strong directional move or a steadily trend day.

4. Today’s Session

The day could be very volatile as important economic reports and CITIGROUP earnings will be released before and during the session. There is initial resistance at 1422.50-1423.75 on the EMINI SP futures, 1960.00-1962.00 on the EMINI NASDAQ futures and 714.10-715.50 on the EMINI RUSSELL futures. Nothing good happens until the EMINI SP futures breaks above those levels, and if it does probably it will come from an early pullback and not as a result of another gap to the upside. If the indexes cut through those levels and hold, the next resistance area is at 1428.50-1430.50 on the EMINI SP futures, 1971.00-1973.25 on the EMINI NASDAQ futures and 719.30-720.50 on the EMINI RUSSELL futures. Those areas should be difficult to break and if they get rejected, an 8-10 points pullback could be seen on the EMINI SP futures. If the markets manage to break above them, last Thursday’s highs at 1434.75-1435.75 on the EMINI SP futures, 1987.50-1989.00 on the EMINI NASDAQ futures and 725.60-726.50 on the EMINI RUSSELLL futures will be seen bringing the markets to a neutral position and calling that a short term bottom is in place.

We have initial support at 1412.50-1410.25 on the EMINI SP futures, 1949.00-1947.00 on the EMINI NASDAQ futures and 709.90-708.500 on the EMINI RUSSELL futures. Yesterday, the EMINI SP futures held three consecutive times above those levels, so only if the markets are weak they should get broken. If those are tested early in the morning or the indexes trade bellow them but then get back above them, it should be a very good long entry with the chances of an up trend day. If those don’t hold, there is additional support at 1405.50-1404.00 on the EMINI SP futures, 1938.00-1936.75 on the EMINI NASDAQ futures and 704.40-703.80 on the EMINI RUSSELL futures. If those can not hold the selling pressure, the odds favor a test of 1400.00-1398.00 on the EMINI SP futures 1922.00-1919.00 on the EMINI NASDAQ futures and 696.700-695.20 on the EMINI RUSSELL futures. If those levels are broken, then the reaction from the 1385.00 low on the EMINI SP futures was only a short covering rally in an oversold market. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1434.75-1435.75 1987.50-1989.00 725.90-726.50
Resistance 2 1428.50-1430.50 1971.00-1973.25 719.30-720.50
Resistance 1 1422.50-1423.75 1960.00-1962.00 714.10-715.50
PIVOT 1414.75 1950.25 710.80
Support 1 1412.50-1410.25 1949.00-1947.00 709.90-708.50
Support 2 1405.50-1404.00 1938.00-1936.75 704.40-703.80
Support 3 1400.00-1398.00 1922.00-1919.00 696.70-695.20




S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1446.34 701.61 733.09
1443.16 812.89 730.81
1438.00 993.00 727.10
1432.84 1173.11 723.39
1429.66 1284.39 721.11
1424.50 1464.50 717.40
1419.34 1644.61 713.69
1417.75 1700.25 712.55
1416.16 1755.89 711.41
1411.00 1936.00 707.70
1405.84 2116.11 703.99
1402.66 2227.39 701.71
1397.50 2407.50 698.00
1392.34 2587.61 694.29
1389.16 2698.89 692.01


DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1435.25 1989.75 723.50
AS DAILY LOW 1409.00 1929.25 708.20​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE][/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 16-January-2008

Citigroup loses, lower than expected retail sales and Intel earnings and outlook after the close, pushed during and after the session all the equity indexes sharply lower.
ECONOMIC DATA

8:30 AM CPI
8:30 AM Core CPI
9:00 AM Net Foreign Purchases
9:15 AM industrial Production
9:15 AM Capacity Utilization
2:00 PM Fed’s Beige Book

YESTERDAY’S MARKETS

Citigroup earnings report and the lower than expected Retail Sales numbers resulted in a gap down on all the equity indexes. The E-mini S&P futures opened at 1408.00 well bellow its previous close, after holding between 1408.00 and 1404.00 during the first 30 minutes of trading, drove the index down bellow the 1400.00-1398.00 key support area reaching 1390.50 while the E-mini Nasdaq tested the 1918.00 level. A feeble bounce to 1497.00 on the E-mini S&P was met with selling and the index pushed down to a new marginal low at 1389.00. Another bounce to the intraday resistance failed once more at the1397.00-1398.00 area and the index printed new lows at 1386.00. An intraday reversal on the VIX.X resulted in a strong short covering rally that took the index 12 points up to the 1398.00 resistance area where sellers took advantage of the spike and in an avalanche of selling orders drove prices down to new lows at 1385.25 on the E-mini S&P, 1895.75 on the E-mini Nasdaq and 695.50 on the E-mini Russell during the last minutes of trading. The Dow cash closed at 12501 with a huge 277 point loss.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “The question now is if yesterday’s move is only a second inside day after last Thursday rally counter trend move from the 1385 low. If that is the case and the indexes are still in the fast trend down that started two weeks ago, yesterday’s highs would be difficult to break. In many occasions I have describe this kind of move where a one day move against the trend or a consolidation bellow the last high results in the continuation of the main trend, in this case to the downside, and if this is the case we should see new lows in the short term.”

The index rallied one day and printed new lows on the daily charts, and with Intel report after yesterday’s close which has the futures sharply down during the night session, a test of the August lows is just around the corner. Breaking bellow those lows without an immediately reverse will put all the indexes in a capitulation mode with increasing panic, in particular this week where we have option expiration and those who are short puts are forced to cover by selling the futures adding fuel to the fire. There is also a probability of a false break bellow the lows that can result in a consolidation of yesterday’s huge sell off or a counter trend rally. Once more the day is full of economic and earning reports and if they come out as those that were already released the markets should continue to be under pressure. All the indexes will open the session with loses and it will be very difficult to try to pick a low as fast short covering rallies could be immediately reversed by weak longs. I wouldn’t be surprise if the indexes try to rally from their opening lows or from a false break bellow the obvious 1370.00 support area, but huge resistance should be seen during the session. I have been also writing about the risk of two consecutive closes bellow the 1400.00 area on the E-mini S&P, this fact, if happens and does not initiate a multi-day rally it’s a confirmation of a bear campaign, so getting back above that level after a successful test of the August lows is crucial for the coming months


TODAY’S SESSION

We get the CPI numbers before the opening which I expect to be friendly, but we also get JP Morgan earnings release and I don’t think their numbers are better than the ones released by all of the financial institutions, so expect the market to open weak. As the markets have already move strong during the night my numbers have been adjusted to that move

There is initial resistance at 1382.50-1434.25 on the E-mini S&P futures, 1885.00-1886.25 on the E-mini Nasdaq and 699.60-700.90 on the Emini Russell and the indexes should remain vulnerable bellow those levels, this area is just bellow yesterday’s settlement on the E-mini S&P, so if the market gets there or trades slightly on positive territory but turns negative, it could offer a good shorting opportunity to test the Globex lows, but if the recovery rally continues, the E-mini S&P could get to the 1390.50-1391.50 while the E-mini Nasdaq test the 1898.00-1900.00 level an the E-mini Russell 704.00-704.80. This area on the E-mini Russell was sold strongly many times during yesterday’s session and a bunch of buy stops should be building above it, so if it gets penetrated expect some short covering rally or fast spike in this index. The last resistance areas for today’s session are yesterday’s late highs from where the last wave of selling started, at 1398.00-1399.00 on the E-mini S&P futures, 1915.75-1918.00 on the E-mini Nasdaq and 711.30-711.80 on the E-mini Russell.

There is initial support just around the nightly lows at 1374.50-1373.00 on the E-mini S&P futures, 1872.00-1870 on the E-mini Nasdaq and 693.30-691.80 on the E-mini Russell. If those areas broken expect at least a marginal break bellow the OBVIOUS support that could print a low around 1468.00-1467.00 on the E-mini S&P,1864.00-1862 on the E-mini Nasdaq and 689.30-688.10 on the E-mini Russell. Those areas could be a false break from the August lows, but if they are not bough, especially on the E-mini S&P, this fast down trend could see panic selling driving prices down to 1362.00-1360.50 on the E-mini S&P futures,1846.00-1844.00 on the E-mini Nasdaq and 683.50-682.00 on the E-mini Russell. Breaking bellow those levels could bring the E-mini SP to the 1320’s during the next sessions. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1498.00-1499.00 1915.75-1918.00 711.30-711.80
Resistance 2 1390.50-1391.50 1898.00-1900.00 704.00-704.80
Resistance 1 1382.50-1384.25 1885.00-1886.25 699.60-700.90
PIVOT 1392.75 1904.50 701.50
Support 1 1374.50-1373.00 1872.00-1870.00 693.30-691.80
Support 2 1368.00-1367.00 1864.00-1862.00 689.30-688.10
Support 3 1362.00-1360.50 1922.00-1919.00 696.70-695.20




S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1445.21 2037.37 725.61
1439.79 2024.63 722.89
1431.00 2004.00 718.50
1422.21 1983.37 714.11
1416.79 1970.63 711.39
1408.00 1950.00 707.00
1399.21 1929.37 702.61
1396.50 1923.00 701.25
1393.79 1916.63 699.89
1385.00 1896.00 695.50
1376.21 1875.37 691.11
1370.79 1862.63 688.39
1362.00 1842.00 684.00
1353.21 1821.37 679.61
1347.79 1808.63 676.89


DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1405.00 1935.00 707.80
AS DAILY LOW 1368.00 1872.00 697.20​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

D

DAILY TRADING ADVISORY 17-January-2008
Intel earnings report and outlook, and higher inflation readings ride the indexes in a roller coaster covering a lot of ground and reaching extremes during yesterday’s session

ECONOMIC DATA
8:30 AM Housing Starts
8:30 AM Building Permits
8:30 AM Initial Claims
12:00 PM Philadelphia Fed
YESTERDAY’S MARKETS
The equity indexes opened lower but well above their worst levels of the Globex session. The E-mini S&P futures opened at 1379.00 and rallied to the 1390.00’s area, just bellow our resistance levels at 1390.50-1391.50where the sell off started. The E-mini SP reached our intraday support area around 1375.00 but once it broke bellow that level was pushed down to 1368.50, the daily low and just half point above our support levels. That area was bought and once the index crossed above the 1375.00 level it rallied to the 1380.00’s. Another pullback 1375.00 was joined by buyers and in a quick move up reached 1388.00. Another drop that held above the intraday support resulted in a strong rally that reached our 1398.00-1399.00 resistance area printing the daily high and pulled back trading between 1394.00-1388.00 before breaking down and reaching almost the 1375.00 level before the close. The E-mini Nasdaq and Russell joined as well this volatile session with the technology index getting particularly hit. The E-mini SP closed down 12 points, while the E-mini Nasdaq lost 31 points and the E-mini Russell ended almost unchanged. The Dow cash closed bellow the 12500 area after failing at the 12600 level.

MARKET COMMENTARY AND OUTLOOK
Yesterday I wrote: “a test of the August lows is just around the corner, a false break bellow the lows that can result in a consolidation of yesterday’s huge sell off or a counter trend rally, I wouldn’t be surprise if the indexes try to rally from their opening lows or from a false break bellow the obvious 1370.00 support area” ;but more important I quoted:” There is initial support just around the nightly lows at 1374.50-1373.00 on the E-mini S&P futures, 1872.00-1870 on the E-mini Nasdaq and 693.30-691.80 on the E-mini Russell. If those areas broken expect at least a marginal break bellow the OBVIOUS support that could print a low around 1468.00-1467.00 on the E-mini S&P,1864.00-1862 on the E-mini Nasdaq and 689.30-688.10 on the E-mini Russell. Those areas could be a false break from the August lows.”
The E-mini SP did get the false break bellow the August lows just to rally strong and with high buying volume, I have seen this many times in my trading career, an index, in this case the E-mini SP that reaches OBVIOUS and CRITICAL areas, breaks bellow or above them, taking the stops and reverses strong to the opposite side. Yesterday’s lows are very important short term bottoms, and in the E-mini SP futures will have to hold or this fast downtrend could continue to the 1330.00-1320.00 area during the next days or weeks. On the other side, yesterday’s highs at 1398.00-1399.00 that coincide with last Tuesday’s rejected intraday’ top, must be exceeded to get the E-mini SP futures out of trouble. That would bring the Dow cash back above the 12500 area, all the time that the indexes do not close twice above these levels, the downtrend is intact. There is a probability of a 1-3 days rally but I consider it only a consolidation of the move down, but we could also see another wide range down day that test yesterday’s lows just to place a short term double bottom.
Day traders have to understand the difficulty of picking a bottom or a top in this highly volatile market, so waiting for the moves to get overextended and then enter against those extreme moves, with tight stops, is my best advice.

TODAY’S SESSION
We get more housing data before the opening and also the initial claims numbers, which will set up the tone for the opening, I consider that if the indexes open above yesterday’s settlements, the opening gaps will be filled during the session, so coming from a higher opening they could create some selling pressure if the market starts to trade in negative territory. There is resistance around 1384.75-1386.50 on the E-mini SP futures, 1892.00-1894.00 on the E-mini Nasdaq and 704.50-706.30 on the E-mini Russell. If the market is strong those areas should be exceeded pushing the E-mini SP to 1390.00-1392.00, the E-mini Nasdaq to 1906.00-1908.00 and the E-mini Russell to 711.90-713.00. If those don’t hold then an obvious test of yesterday’s highs at 1398.00-1400.00 on the E-mini SP futures, 1917.00-1918.75 on the E-mini Nasdaq and 716.70-718.00 on the E-mini Russell could be in the cards before the markets change direction. Breaking above those levels and holding could result in some short covering as those who sold 1400 January calls would have to buy in order to cover.
There is initial support around yesterday’s close, at 1375.00-1373.50 on the E-mini SP futures, 1880.00-1878.00 on the E-mini Nasdaq and 699.00-697.50 on the E-mini Russell. If the markets test those areas during the first hour of trading and hold, they could set up a good long entry, but if those are penetrated expect a test of yesterday’s lows at 1370.00-1368.00 on the E-mini SP, 1869.00-1868.00 on the E-mini Nasdaq and 695.30-694.70 on the E-mini Russell. If the indexes rally from there I will go long once the E-mini SP gets back above the 1475.00 level, but if those levels are not bought a quick drop to 1363.50-1362.00 on the E-mini S&P futures,1848.00-1846.00 on the E-mini Nasdaq and 689.50-688.20 on the E-mini Russell could be printed on the charts before the session is over. GOOD LUCK
TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1398.00-1400.00 1917.00-1918.75 716.70-718.00
Resistance 2 1390.00-1392.00 1906.00-1908.00 711.90-713.00
Resistance 1 1384.75-1386.50 1892.00-1894.00 704.50-706.30
PIVOT 1380.50 1886.50 701.80
Support 1 1375.00-1373.50 1880.00-1878.00 699.00-697.50
Support 2 1370.00-1368.00 1869.00-1868.00 695.30-694.70
Support 3 1363.50-1362.00 1848.00-1846.00 689.50-688.20




S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1445.73 2016.08 744.36
1438.77 2001.92 739.64
1427.50 1979.00 732.00
1416.23 1956.08 724.36
1409.27 1941.92 719.64
1398.00 1919.00 712.00
1386.73 1896.08 704.36
1383.25 1889.00 702.00
1379.77 1881.92 699.64
1368.50 1859.00 692.00
1357.23 1836.08 684.36
1350.27 1821.92 679.64
1339.00 1799.00 672.00
1327.73 1776.08 664.36
1320.77 1761.92 659.64


DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1403.75 1930.00 716.50
AS DAILY LOW 1370.00 1866.50 696.40





Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 24-January-2008

The equity indexes rebound after spending most of the day under huge pressure on concerns that the FOMC move will not be enough to save the economy from recession.

ECONOMIC DATA

8:30 Initial Claims
8:30 Existing Home Sales
10:30 Crude Inventories

YESTERDAY’S MARKETS

Another dramatic day for all the indexes as the markets started the session under huge pressure. On the Globex session the E-mini SP futures traded as low as the 1360.50 area, that is almost 50 points down from the previous day settlement, while the E-mini Nasdaq traded before the regular session as low as 1724.50, well bellow Tuesday’s lows. The E-mini SP futures opened the session with a huge gap and rallied all the way to 1310.50, while the E-mini Nasdaq futures reached 1772.00 and the E-mini Russell the 677.00 area. The notorious weakness on the E-mini Nasdaq triggered a sell off on all the indexes. The E-mini SP futures fell from the 1310.50 to the 1292.00 area just bellow our 1393.00.00 support, a short covering bounce took the index back to 1302.00 where sellers joined the party and in a steadily sell off pushed the index down to the 1270.50 level, while the E-mini Nasdaq collapsed to 1698.25.

Our lucky subscribers to the real time service knew that the “low “ on the E-mini Nasdaq was the objective for this move down, “The 1698.25 low on the E-mini Nasdaq looks like a good objective for this move. The E-mini SP futures should be able to start to build upside momentum above the 1287.00 area with the real buying above my 1291.00”, and what a momentum. After making the lows at 1270.50 on the E-mini SP futures never looked back as every pullback was a buying opportunity. The first wave of buying took the index back to the 1310.00 area and the index pulled back to 1294.00. A strong bid, an institutional buying program and a huge short covering rally resulted in a move to 1344.50, just above our 1342.00 upside objective for a countertrend rally, an showing a strong rebound from a successful test of the lows. The Dow futures rallied from 11658 to a daily high at 12300.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: The Dow has broken bellow the 12000 area and the E-mini SP futures have traded bellow my 1272.00 and despite yesterday’s positive move from the lows the upside looks limited and the markets are still vulnerable. The possibility of a 1-4 days countertrend move, that takes prices higher, or a consolidation of this huge move down in order for the markets to settle, looks the must probable scenario for the coming days, but that will be only possible if the E-mini SP breaks above the 1325.25 area. If that happens, on a pre-FED meeting upside move, the index could get as higher as 1342.00 or even 1363.00 before another round of strong selling is seen and yesterday’s lows are tested. On the other side of the coin, if the index is not capable to hold above the 1300.00-1298.00 area, a test of yesterday’s lows seems probable before the markets make another attempt to recover.”

The fact that the E-mini SP made an intraday low just bellow my 1272.00 area and held, the dramatic turn on the E-mini Nasdaq after trading well bellow the 1755.50 and rallying more than 110 points from bellows Monday’s “limit down” and the almost 700 point move on the Dow from yesterday’s lows with a close above the 12100 it makes yesterday’s action, printed already on the daily charts the test of the lows. The extreme negative sentiment reflected on the VIX.X and the huge volume of short positions will probably result on more short covering during the next coming days in front of the next FOMC committee meeting, or a consolidation that could reduce the volatility until the next strong move is seen. Meanwhile I don’t expect another wave of strong selling all the time that the lows hold, So we have a short term bottom.

TODAY’S SESSION

The indexes should consolidate yesterday’s move so both sides of the market should offer opportunities despite the fact that my inclination is for some upside bias and not the kind of wild moves that we have seen during the last days. The futures indexes should find resistance at 1348.25-1351.00 on the E-mini SP futures, 1818.00-1820.00 on the E-mini NASDAQ and 698.00-699.00 on the E-mini Russell futures. Trading above them will confirm my next objective for this countertrend rally. There is additional resistance at 1355.00-1356.50 on the E-mini SP futures 1826.50-1828.00 on the E-mini Nasdaq and 703.30-704.40 on the E-mini Russell. If those are broken, strong resistance will be seen at 1363.00-1364.50 on the E-mini SP 1838.00-1839.50 on the E-mini Nasdaq and 710.50-712.00 on the E-mini Russell.

On a lower opening I will expect strong support at 1333.00-1332.00 on the E-mini SP futures, 1799.00-1797.00 on the E-mini Nasdaq futures and 688.00-686.80 on the E-mini Russell. An early test of those levels should offer a good buying opportunity. If those areas don’t and early profit taking, the next support is at 1326.50.-1324.75 on the E-mini SP, 1786.00-1784.00 on the E-mini Nasdaq and 681.50-680.40 on the E-mini Russell. The markets should remain in a good shape above those areas, but if they can not rally from there the way is open for a fall to the 1318.00.00-1316.0.00 level on the E-mini SP, 1772.00-1770.00 on the E-mini Nasdaq and 676.00-674.00 on the E-mini Russell. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1363.00-1364.50 1838.00-1839.50 710.50-712.00
Resistance 2 1355.00-1356.50 1826.50-1828.00 703.30-704.40
Resistance 1 1348.25-1351.00 1818.00-1820.00 698.00-699.00
PIVOT 1325.75 1802.00 684.80
Support 1 1333.00-1332.00 1799.00-1797.00 688.00-686.80
Support 2 1326.50-1324.75 1786.00-1784.00 681.50-680.40
Support 3 1318.00-1316.00 1772.00-1770.00 676.00-674.00






S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1464.23 1996.45 773.66
1446.77 1969.55 762.34
1418.50 1926.00 744.00
1390.23 1882.45 725.66
1372.77 1855.55 714.34
1344.50 1812.00 696.00
1316.23 1768.45 677.66
1307.50 1755.00 672.00
1298.77 1741.55 666.34
1270.50 1698.00 648.00
1242.23 1654.45 629.66
1224.77 1627.55 618.34
1196.50 1584.00 600.00
1168.23 1540.45 581.66
1150.77 1513.55 570.34



DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1374.00 1837.00 719.00
AS DAILY LOW 1301.25 1696.00 667.80​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com
Index Futures Information Services - Emini Trading Advisory and Trading Alerts | TheMiniTrade.com

 

[arturo1]

Daily Trading Advisory

[DAILY TRADING ADVISORY 25-January-2008

Equity indexes extend their rebound after the weekly labor report shows that the labor market situation is not getting worse and the Congress approves an economic plan to help consumers.

ECONOMIC DATA
None

YESTERDAY’S MARKETS

The E-mini SP opened modestly higher as traders were looking for some follow through after Wednesday impressive rally from the lows. The index rallied to 1355.00 where sellers stepped in, and after the release of the Existing Home Sales data, pushed the index down to its daily lows at 1335.50, while the E-mini Nasdaq fell from 1834.00 to 1800.00 and the E-mini Russell from its daily high at 706.00 to levels bellow the 700.00 area. The E-mini SP kept trading most of the session between the 1352.00 level and 1339.00 in a quite session were selling against the intraday resistance and buying the pullbacks down to support resulted in many trading opportunities. After printing a series of higher lows on the intraday chart, the E-mini SP futures finally broke to the upside making a new high at 1357.25. A quick move took the index down to 1342.75 where buying showed once more and the index rallied to 1354.50 guided by a strong E-mini Nasdaq that kept its bullish bias making its high of the session at 1838.00 before the close and on expectations of a good Microsoft report. The E-mini SP and Nasdaq closed a positive session while the E-mini Russell settled with a small loss.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “The extreme negative sentiment reflected on the VIX.X and the huge volume of short positions will probably result on more short covering during the next coming days in front of the next FOMC committee meeting, or a consolidation that could reduce the volatility until the next strong move is seen. The indexes should consolidate yesterday’s move so both sides of the market should offer opportunities despite the fact that my inclination is for some upside bias and not the kind of wild moves that we have seen during the last days.”

The indexes has been trading higher since the Globex opening after the Microsoft earnings report, give the bulls another reason to sustain this bear market rally. After Wednesday action when the indexes started this move, I have been calling for at least a 1-4 days countertrend rally, and it looks like this move up will continue as shorts starts to cover in front of the next FOMC interest rate decision. The high volume reflects not a buying interest, but the long holders taking this opportunity to get out of their positions and the shorts running to the exit. My yesterday’s resistance area on the E-mini SP futures at 1363.00-1364.50 is just above the level from where the melt down started, so breaking and closing above it, will indicate higher prices for the coming sessions that at least should take the index back up to the 38.2 Fibonacci retracement between the 1255.50 low printed last week and all time highs, this level is on the 1382.00-1384.00 area where I expect strong resistance. If the index manages to take out that level then this rally could extend its length and get back to the 1400.00 resistance area. For this to happen the E-mini Russell will have also to participate or the divergence will be an indicator of a new move down and not a long consolidating period.

TODAY’S SESSION

For today, I will expect another quite session with a bullish bias, and if the market pulls back to close a possible opening gap, we could see a trend day as the short covering that I describe continue to push prices higher. If that happens, I will recommend not fighting the trend.

There is resistance at 1357.00-1358.50 on the E-mini SP futures, 1850.00-1852.50 on the E-mini Nasdaq and 698.50-699.60 on the E-mini Russell. At the moment that I am writing my report the indexes are trading above those levels, so breaking bellow them should result in a quick move down in order to try to close the gaps, and if the indexes do that move and trade back above this resistance I surely want to go long. If those levels can be broken after a pullback, I will expect additional resistance at 1363.00-1365.00 on the E-mini SP, 1860.00-1862.00 on the E-mini Nasdaq where a gap from last week will have to get closed, and 703.90-705.50 on the E-mini Russell. If those levels can not hold a “Friday” rally (sometimes Friday’s moves tend to be exaggerate) getting to 1371.50-1373.00 on the E-mini SP futures, 1872.00-1873.00 on the E-mini Nasdaq futures and 712.00-714.00 on the E-mini Russell will be possible.

I expect support at the 1347.00-1345.50 levels on the E-mini SP futures, 1835.00-1833.00 on the E-mini Nasdaq and 693.00-692.10 on the E-mini Russell. These levels on the E-mini SP are just bellow mi pivot points, so getting close to them should offer a great long trade. If that areas can not hold a pullback, there is additional support at 1342.00-1339.75 on the E-mini SP, 1822.00-1820.00 on the E-mini Nasdaq and 689.50-688.60 on the E-mini Russell. If the markets trades bellow those areas expect a test of yesterday’s lows at 1334.0-0-1333.00 on the E-mini SP, 1815.25-1814.00 on the E-mini Nasdaq and 684.40-682.60 on the E-mini Russell. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1371.50-1373.00 1872.00-1873.00 712.00-714.00
Resistance 2 1363.00-1365.00 1860.00-1862.00 703.90-705.50
Resistance 1 1357.00-1358.50 1850.00-1852.50 698.50-699.60
PIVOT 1348.25 1824.50 695.60
Support 1 1347.00-1345.50 1835.00-1833.00 693.00-692.10
Support 2 1342.00-1339.75 1822.00-1820.00 689.50-688.60
Support 3 1334.00-1333.00 1815.25-1814.00 684.40-682.60






S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1395.83 1902.72 738.36
1390.17 1893.28 733.64
1381.00 1878.00 726.00
1371.83 1862.72 718.36
1366.17 1853.28 713.64
1357.00 1838.00 706.00
1347.83 1822.72 698.36
1345.00 1818.00 696.00
1342.17 1813.28 693.64
1333.00 1798.00 686.00
1323.83 1782.72 678.36
1318.17 1773.28 673.64
1309.00 1758.00 666.00
1299.83 1742.72 658.36
1294.17 1733.28 653.64



DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1374.00 1873.00 706.80
AS DAILY LOW 1342.50 1818.75 680.50​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 28-January-2008

Markets ended a rough week filled with sharp sell offs and reversals, FOMC emergency interest rate cuts and the perspective of a tax rebate plan in order to help consumers active in order to maintain the economy from falling into recession.


WEEKLY PIVOTS FOR WEEK ENDING 1st –FEBRUARY-2008

R3 1384.50
R2 1365.75
R1 1344.50
PP 1320.25
S1 1302.25
S2 1270.00
S3 1238.25

ECONOMIC DATA

10:00 AM New Home Sales


WEEKLY RECAP

On Monday, Martin’s Luther King Jr. holiday, while the equity markets were closed, the futures markets collapsed reaching 1255.50 on the E-mini SP futures, limit down, that is 70 points lower than the previous Friday close, triggered by a global sell off. Increasing fears that the US economy is already in a recession pushed the futures sharply down before Tuesday’s opening. An emergency move by the FED cutting the interest rates by .75 to help stabilize the economy rescued the markets after a wild session and close with moderate loses. Wednesday, another sharp fall where the E-mini Nasdaq printed a new low at 1698.25, the E-mini SP tested 1270.00 and the Dow cash was down by more than 300 points, the indexes managed to come back and closed with strong gains after a strong bid near the lows, institutional buying programs and a huge short covering rally resulted in a move to 1344.50, just above our 1342.00 upside objective for a countertrend rally, an showing a strong rebound from a successful test of the lows. The Dow futures rallied from 11658 to a daily high at 12300. Markets extended their gains during the Thursday’s session once the weekly labor report showed that the labor market situation is not getting worse and the Congress approved an economic plan to help consumers. Thursday’s night, after the closing bell, Microsoft reported earnings meeting investor’s expectations leading the markets for a strong opening for Friday’s session but giving back all the gains and closing lower taking a breath after one of the most volatile weeks in the recent market history. The indexes closed the session with losing around 1.5% and ending the week almost unchanged from the previous week settlements.


FRIDAY’S MARKETS

All the indexes opened the day higher with a big gap as result of Microsoft earnings report. The E-mini SP topped at 1370.75 and continued with a steady decline to 1346.75, just at our third support level on the 1347.00-1345.50 area. We were looking for a pullback to test this support and then enter on a long position once the index turned back above the 1348.25.Those who follow this set up were able to pocket a nice profit as the index traded back to the 1356.25 area. A triple top and the strong downside pressure from the E-mini Nasdaq which had a trend down session, pressed all the other indexes to the downside. The E-mini SP pushed lower and reached the 1338.00 level. A short covering rally took the index back above the important 1340.00 area just to be sold again reaching 1328.25. A higher low was bought and the index rallied back to 1342.00 where another wave of selling pushed down to test the daily lows managing to close at 1334.00 above the daily lows. The downside pressure on the E-mini Nasdaq was evident all the day leading the index to a 43.50 loss for the day, closing at 1793.50, 80 points bellow its intraday high. The E-mini Russell closed moderately lower with a 4.60 points loss for the day and the Dow cash lost 171 points closing just above the 12200 level.

MARKET COMMENTARY AND OUTLOOK

I was expecting the current short covering rally on the E-mini SP to hold its gains and to move slightly upward during last Friday’s session and maybe until the next FOMC rate announcement on January 30 resulting in a 1-4 days countertrend rally in this downtrend market as it consolidate itself from the big move down bellow the 1400’s.Despite the fact that last Friday, the market offered a few good trades on the long side, that scenario was totally wrong as short traders founded their selves in a very good position as the markets moved down most of the session.

Friday’s weak close could be the first sign that this short covering rally is already fading, and the SP should be consider in a bear market all the time that it keeps trading bellow 1400.00 area on the cash, but two consecutive closes above the 1363.00-1364.00 on the E-mini SP could result in a multi month consolidation pattern and not in the start of a new wave of selling that bellow 1300.00 should gain strong downside momentum and drive the index to new lows.

This week is full of economic data, the FOMC policy announcement to be released next Wednesday and the unemployment numbers next Friday. So volatility should be present during all the week. They are opinions that the Fed will lower once more the interest rates, so that will be enough to see short traders lighting positions before Wednesday, but a weak unemployment data could result in a new downside move as it shows that the economy could be already in recession.

On Friday I mentioned the importance of all the indexes to continue to move higher in order to get back to neutral territory and start a consolidation move that reduces the volatility in the markets, that move will have to be seen in ALL the indexes as divergences between them will signal vulnerable conditions.

It could be that Friday’s sell off was logic as traders did not wanted to hold long positions into the weekend, but for the E-mini SP to continue with this short covering rally from last week lows, it will have first to hold Friday’s lows and second to trade and close back above the 1342.50 area. The E-mini Nasdaq will have to post a strong reversal after Friday’s sell off and show strength since the beginning of the session, new lows will indicate extreme fragility on the markets.

So, assuming that we have a normal pattern for this end of month and FOMC announcement week, the indexes should move to the upside, not doing so, could result in another huge move down. The Dow cash will have to hold above the 12000 area as a close bellow that level will trigger heavy selling in all the markets. The other possibility is that we see a consolidation on the lows around 1317.00-1320.00 on the E-mini SP futures before the next move.

.
TODAY’S SESSION

For today, my first resistance level is at 1342.50-1344.00 on the E-mini SP futures, 1816.25-1819.00 on the E-mini Nasdaq and 692.00-693.20 on the E-mini Russell. These areas coincide or are below my pivot points for today’s session, so the indexes not only will have to break above them, but also will have to trade above the pivots in order to establish an uptrend. If those levels are exceeded 1356.00-1358.00 on the E-mini SP, 1838.00-1841.00 on the E-mini Nasdaq and 700.50-701.70 on the E-mini Russell could be seen. If sellers don’t’ appear at those levels, expect a test above my KEY area at 1364.00-1365.00on the E-mini SP, 1856.00-1858.00 on the E-mini Nasdaq and 712.60-713.20 on the E-mini Russell. Breaking above those levels should result in a short squeeze move before the FOMC meeting.

There is very strong support at 1330.00-1328.00 on the E-mini SP, 1785.00-1783.00 on the E-mini Nasdaq and 682.90-680.40 on the E-mini Russell. Those areas will have to hold if the markets have any chances to move higher. If those levels are broken, there is additional support at 1322.00-1320.00 on the E-mini SP, 1768.00-1766.00 on the E-mini Nasdaq and 677.00-676.20 on the E-mini Russell. If the markets get bellow them and don’t hold a marginal break posting a reversal, the E-mini SP could get to the 1312.00-1310.50 while the E-mini Nasdaq will be reaching 1748.00-1746.50 and the E-mini Russell 672.00-669.90. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1364.00-1365.00 1856.00-1858.00 712.60-713.20
Resistance 2 1356.00-1358.00 1838.00-1841.00 700.50-701.70
Resistance 1 1342.50-1344.00 1816.25-1819.00 692.00-693.20
PIVOT 1344.50 1820.00 692.80
Support 1 1330.00-1328.00 1785.00-1783.00 682.90-680.40
Support 2 1322.00-1320.00 1768.00-1766.00 677.00-676.20
Support 3 1312.00-1310.50 1748.00-1746.50 672.00-669.90



S&P NASDAQ RUSSELL
FIBONACCI
1439.52 2002.44 740.14
1429.49 1983.56 735.16
1413.25 1953.00 727.10
1397.02 1922.44 719.04
1386.99 1903.56 714.06
1370.75 1873.00 706.00
1354.52 1842.44 697.94
1349.50 1833.00 695.45
1344.49 1823.56 692.96
1328.25 1793.00 684.90
1312.02 1762.44 676.84
1301.99 1743.56 671.86
1285.75 1713.00 663.80
1269.52 1682.44 655.74
1259.49 1663.56 650.76





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1373.00 1868.00 714.10
AS DAILY LOW 1302.50 1742.00 663.90​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 29-January-2008

Despite the global sell off, US markets recovered from nightly sharp loses as a 17 year low on New Home Sales are interpreted as a sign that the Fed will lower interest rates by the middle of the week.

ECONOMIC DATA

8:30 AM Durable orders
10:00 AM Consumer Confidence

YESTERDAY’S MARKETS

After a rough Globex session where the E-mini SP printed a low at 1310.50, the indexes came back before the opening to unchanged levels. The E-mini SP were sold on the 1333.00 area and pushed lower during the first half hour of trading, to the 1323.50 level, while the E-mini Nasdaq printed a double bottom on the 1780’s and the E-mini Russell held a triple bottom at 681.50.After the release of the New Home sales data, all the indexes pressed higher. The E-mini SP reached its previous 1333.00-1334.00 area and without sellers on the horizon rallied to our 1342.00-1344.00 resistance area. A 6 point pullback to 1338.00 was bought and the index pushed to new highs to the 1346.00 level. Another pullback to the 1338.00 level without any selling resulted in a run to new highs as the index got to our updated resistance area 1348.25-1350.00 printing its high at 1349.00. Once more the E-mini SP pulled back 6 points and rallied to new highs as selling was almost inexistent. One hour before the close, the index started a profit taking move in the largest pullback seen on the session and tested the 1340.00 where buyers came in strong and pushed up the index to new highs to my updated upside objective at 1358.00. The E-mini Nasdaq reached 1814.75 and the E-mini Russell 704.80 and managed to close above the 701.70 level. The Dow cash closed with a solid 177 point gain for the day.
.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “They are opinions that the Fed will lower once more the interest rates, so that will be enough to see short traders lighting positions before Wednesday, so, assuming that we have a normal pattern for this end of month and FOMC announcement week, the indexes should move to the upside.”

The indexes came back strongly after a nightly sell off and reversed nicely from early lows sustaining a slowly but consistently advance for most of the session. The pattern calls for a continuation move to the upside or a consolidation that is forming a triangle that will be resolved in a strong move. I have been calling for a 1-4 days countertrend rally, but if the Fed delivers and next Friday unemployment numbers come out better than expected, the indexes could continue with this upside move for another 5-6 days completing a second degree countertrend before resuming its down move. It will be important that the E-mini Nasdaq starts to outperform the E-mini SP or this divergence could result in a failure of the upside move. Despite the natural tendency to see higher prices before a Fed meeting and a short covering move in front of another rate decision, in the medium term it is a dangerous situation to move higher motivated by rate cuts and no by economy fundamentals. The fact that the indexes are trading against last Friday highs is also a concerning issue and even I am partially convince that we have a short term low, further advance is limited. The best that can happen to the market is to start a multi month consolidation period. Yesterday, after the early lows were made, all the indexes trended higher, with the notorious participation of the financial stocks, but the banking, insurers and mortgage institutions problems, have not ended yet. So in a short term period all the multi day rallies should be seen as a shorting opportunity in a move where short players cover just to sell in to the rallies at higher prices.

For today’s session I will maintain a slightly upside bias but I don’t consider that another trend day could be seen, so both sides of the market could offer good trading opportunities once the upside moves and the pullbacks exhaust, “BUT” if the market wants to continue higher, the E-mini Nasdaq will have to join the rally and “higher lows” patterns or the possibility of printing double tops on the E-mini SP and the E-mini Russell with a weak Nasdaq could result in downside move. So keep a close eye on the E-mini Nasdaq, the opening price and yesterday’s highs; if the market will continue to move up, those are the three conditions that will make it possible.

TODAY’S SESSION

If the indexes manage to trade above yesterdays highs, there is resistance at 1361.50-1363.00 on the E-mini SP futures, 1820.75-1822.00 on the E-mini Nasdaq and 706.70-707.50 on the E-mini Russell. If those levels are reached early in the morning, they should offer a 10-12 point shorting opportunity on the E-mini SP, but I will be very careful if the indexes does not get there and yesterday high becomes a double top and the selling starts there. If those areas get penetrated, a marginal new high could be seen 1367.00-1368.00 on the E-mini SP, 1830.00-1831.50 on the E-mini Nasdaq and 711.70-713.80 on the E-mini Russell. Trading above those areas will bring the E-mini SP to the last Friday highs at the 1371.50-1373.00 area while the E-mini Nasdaq could be testing the 1848.50-1850.00 and the E-mini Russell 717.50-719.70.

There is support at 1350.00-1348.50 on the E-mini SP futures, 1800.00-1798.00 on the E-mini Nasdaq and 701.20-699.50 on the E-mini Russell. Breaking bellow those levels could trigger a test of yesterday’s late lows at 1340.00-1338.75 on the E-mini SP, 1785.00-1783.00 on the E-mini Nasdaq and 695.20-693.50 on the E-mini Russell. If those are reached be ready for a strong reversal to the upside, but if the markets are weak, lower prices could reach 1328.00-1327.00 on the E-mini SP, 1761.50-1760.00 on the E-mini Nasdaq and 686.00-684.90 on the E-mini Russell. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1371.50-1373.00 1848.50-1850.00 719.70-719.50
Resistance 2 1367.00-1368.00 1830.00-1831.50 711.70-713.80
Resistance 1 1361.50-1363.00 1820.75-1822.00 706.70-707.50
PIVOT 1341.00 1795.50 696.80
Support 1 1350.00-1348.50 1800.00-1798.00 701.20-699.50
Support 2 1340.00-1338.75 1785.00-1783.00 695.20-693.50
Support 3 1328.00-1327.00 1761.50-1760.00 686.00-684.90



S&P NASDAQ RUSSELL
FIBONACCI
1439.52 2002.44 740.14
1429.49 1983.56 735.16
1413.25 1953.00 727.10
1397.02 1922.44 719.04
1386.99 1903.56 714.06
1370.75 1873.00 706.00
1354.52 1842.44 697.94
1349.50 1833.00 695.45
1344.49 1823.56 692.96
1328.25 1793.00 684.90
1312.02 1762.44 676.84
1301.99 1743.56 671.86
1285.75 1713.00 663.80
1269.52 1682.44 655.74
1259.49 1663.56 650.76





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1378.00 1840.00 718.80
AS DAILY LOW 1333.00 1786.00 689.50​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 30-January-2008

Equity indexes advance on as investors await Fed decision and Durable Goods orders jump 5.2%. Markets expect a 50 basis point rate cut.

ECONOMIC DATA

8:15 AM ADP Employment
8:30 AM GDP-Advance
8:30 AM Chain Deflator- Advance
2:15 PM FOMC Policy Statement

YESTERDAY’S MARKETS

A strong opening for all the indexes was met with selling during the early part of the session. The E-mini SP futures opened at 1363.50 just above our 1361.50-1363.00 resistance area. The E-min I Nasdaq printed a double top at 1823.50 and the E-mini Russell made its daily high at 707.80, bellow their highs from the Globex session. At the opening, the E-mini SP rallied to 1365.25 where sellers stepped in and pushed the index down and quick to 1350.25, the daily low, while the E-mini Nasdaq reached 1797.50 and the E-mini Russell 695.40. A “V” bottom was printed at the lows as the E-mini SP rallied as fast as the sell off occurred and reached our resistance at 1362.00. A 4-5 point pullback was bought and the index rallied to 1364.75. after spending one hour above the 1360.00 area, sellers pushed the index down to 1356.00 where bidding came in consistently and unable to break bellow that area, the E-mini SP rallied to marginal new highs at 1367.00 and pulled back before the close. The E-mini SP closed at 1362.00, the E-mini Nasdaq at 1812.00 and the E-mini Russell at 706.70. The Dow cash settle at 12480 rallying quietly during the session.


MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “They are opinions that the Fed will lower once more the interest rates, so that will be enough to see short traders lighting positions before Wednesday, so, assuming that we have a normal pattern for this end of month and FOMC announcement week, the indexes should move to the upside. For today’s session I will maintain a slightly upside bias but I don’t consider that another trend day could be seen, so both sides of the market could offer good trading opportunities once the upside moves and the pullbacks exhaust.”“If the indexes manage to trade above yesterdays highs, there is resistance at 1361.50-1363.00 on the E-mini SP futures, 1820.75-1822.00 on the E-mini Nasdaq and 706.70-707.50 on the E-mini Russell. If those levels are reached early in the morning, they should offer a 10-12 point shorting opportunity on the E-mini SP, but I will be very careful if the indexes does not get there and yesterday high becomes a double top and the selling starts there. If those areas get penetrated, a marginal new high could be seen 1367.00-1368.00 on the E-mini SP.”
Yesterday’s session gave us exactly what we were looking for, a selling opportunity from an opening gap, and the moderate buying activity to maintain our slightly upside bias.

It may be that the indexes has the potential to move modestly higher, but the divergences are obvious as the E-mini Nasdaq is trading well bellow last Friday’s high around 1870.00. The rally from last Monday’s lows during the Globex session at 1310.50 on the E-mini SP, which has not been tested yet is a normal behavior prior to the Fed’s decision and not “real buying”. This struggling upside move shows short traders lightening their positions in front of an expected additional rate cut. The indexes keep trading against recent highs and acting normally, but the way volatility is evaporating makes me think that the upside move is limited.

Yesterday’s highs are just bellow the 1370.50 Monday’s highs and it seem that it could be a short term top for this counter trend rally. I have been writing that only two consecutive closes above the 1363.00-1364.00 level on the E-mini SP will trigger higher prices in a rally that can last for another few days. But if those highs are broken, we could see the E-mini SP in a struggling move to the 1383.00-1384.00 area with the Dow cash reaching its next resistance around 12700 before this leg up is completed. On the following weeks a test of the 1260.00 lows on the E-mini SP or a higher low is the worst that I see.

Today, we get the GDP data before the market opens, and a weak number could induce more of this short covering rally. Then, the FOMC policy announcement, it is impossible to know how the market will react to the Fed’s decision, but is possible to reduce risk. Usually after the first two hours of trading, volume disappear as traders wait for the decision. Later, 15 to 20 minutes before the announcement, late trapped traders run to cover, and after the news goes out, we normally get a strong initial move followed by a counter trend move, and then back to the initial direction. All this takes between 40 to 60 minutes. Waiting that hour is highly recommended and staying with the trend that result from the third move is the way to go. But remember, when I said ‘usually” I mean that is not a rule, and with my trading strategy, which always force me to trade with reasonable tight stops, sometimes I stay on the side lines. It can be boring but I prefer to protect my funds. A fact is that normally I wait for those 40-60 minutes before I take any decision.



TODAY’S SESSION

Yesterday’s highs seems to be strong resistance at 1365.75-1367.00 on the E-mini SP futures, 1819.00-1820.00 on the E-mini Nasdaq and 708.00-709.40 on the E-mini Russell. Breaking above those levels could result is a quick move to last Monday high at 1371.00-1372.00 on the E-mini SP, 1825.50-1827.00 on the E-mini Nasdaq and 714.70-715.60 on the E-mini Russell futures. I don’t think the market will break above them before the Fed announcement, but if the indexes react positive to the news, a strong short covering rally could result in a move to my weekly resistance area published last Monday around 1383.50-1384.75 on the E-mini SP, 1839.00-1842.00 on the E-mini Nasdaq and 726.60-727.10 on the E-mini Russell. If those areas are reached, probably the highs for this countertrend move are done. This should take the Dow cash around 12700 where strong resistance may be seen.

Support levels are obvious as yesterday, the E-mini SP held strongly on the 1356.00-1354.50 area, the E-mini Nasdaq on the 1798.00-1796.00 band and the E-mini Russell on 701.10-698.70. Breaking bellow those areas should result in a test of yesterday’s lows at 1350.00-1348.50 on the E-mini SP futures, 1786.00-1784.00 on the E-mini Nasdaq and 694.00-692.50 on the E-mini Russell. That 1350.00 level on the E-mini SP was strongly bought on yesterday’s session so it MUST hold if the markets are OK. If the indexes break bellow them, then the only support before the E-mini SP futures breaks bellow the important 1340.00 area from where the huge sell off was triggered two weeks ago will be at 1343.00-1342.00 on the E-mini SP futures,1770.50-1768.00 on the E-mini Nasdaq and 683.50-682.00 on the E-mini Russell.

You have to remember that many times the real reaction from the markets is only seen one day after the announcement, so those of you holding a nightly position beware of a reversal from today’s move that could happen during tomorrow’s session. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1383.50-1384.75 1839.00-1842.00 726.60-727.10
Resistance 2 1371.00-1372.00 1825.50-1827.00 714.70-715.60
Resistance 1 1365.75-1367.00 1819.00-1820.00 708.00-709.40
PIVOT 1359.75 1811.50 704.00
Support 1 1356.00-1354.50 1798.00-1796.00 701.10-698.70
Support 2 1350.00-1348.50 1786.00-1784.00 694.00-692.50
Support 3 1343.00-1342.00 1770.50-1768.00 683.50-682.00



S&P NASDAQ RUSSELL
FIBONACCI
1394.51 1870.30 733.36
1390.49 1863.70 729.94
1384.00 1853.00 724.40
1377.51 1842.30 718.86
1373.49 1835.70 715.44
1367.00 1825.00 709.90
1360.51 1814.30 704.36
1358.50 1811.00 702.65
1356.49 1807.70 700.94
1350.00 1797.00 695.40
1343.51 1786.30 689.86
1339.49 1779.70 686.44
1333.00 1769.00 680.90
1326.51 1758.30 675.36
1322.49 1751.70 671.94





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1372.00 1832.25 715.60
AS DAILY LOW 1356.00 1792.75 698.70​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 31-January-2008

FED cut rates by .50 basis point and cites “Credit has tightened further for some businesses and households," "Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.". GDP .6 %

ECONOMIC DATA

8:30 AM Employment Cost Index
8:30 AM Personal Income
8:30 AM Personal Spending
8:30 AM Core PCE inflation
8:30 AM Initial Claims
9:45 AM Chicago PMI

YESTERDAY’S MARKETS

A small opening gap started the trading session with relatively calm conditions. The E-mini SP futures opened at 1358.00 and after testing our initial support levels at 1356.00-1354.50 rallied to fill the gap, just bellow our resistance area. The index traded in a tight range between 1363.00 and 1356.00 until the FOMC policy announcement came out. The initial reaction pushed up the E-mini SP to 1379.75 while the E-mini Nasdaq traded as high as 1842.25. A selling wave took the index back to test the 1366.00 level just at our first resistance area and now support, where buyers stepped in and drove the E-mini SP to new highs at 1387.50, the E-mini Nasdaq to 1850.00 and the E-mini Russell at 718.00. Once those highs were printed on the charts, heavy selling drove all the indexes down, and once the E-mini SP broke bellow the 1366.00 area, everybody turned into sellers pushing the indexes down to new intraday lows at 1347.25 on the E-mini SP,1796.25 on the E-mini Nasdaq and 691.60 on the E-mini Russell. The E-mini SP lost 11.50 points for the day closing at 1350.50, just above our second support area. The Dow cash closed 37 points lower after reaching and intraday high at 12681.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote: “I have been writing that only two consecutive closes above the 1363.00-1364.00 level on the E-mini SP will trigger higher prices in a rally that can last for another few days. But if those highs are broken, we could see the E-mini SP in a struggling move to the 1383.00-1384.00 area with the Dow cash reaching its next resistance around 12700 before this leg up is completed.”

Well, it looks that the upside objectives for this move have been completed and the indexes should start a consolidation period. Yesterday’s highs on the E-mini SP and the Dow cash shows that the indexes rallied almost 50% measured by its December highs to the January lows, and that is a normal retracement and maintain the downtrend intact in a move that should result in a test of the recent lows. The reversal from yesterday’s highs shows a spike in volume meaning that it could lead to weakness in the very short term. Yesterday’s rate cut, the second in a little more than one week, shows a desperate move by the Fed to avoid what others consider that is already a condition of the US economy, recession. The question remains on how long will take for this moves to reflect in the market behavior, before the economic data starts to show improvement on the economy fundamentals. Monday’s lows at 1323.00 on the E-mini SP could be a good downside objective during the coming sessions, and that coincide with 12040 on the Dow cash, breaking bellow this lows will trigger a test of 1270.00 on the E-mini SP and 11500 on the Dow cash.

Today we get before the opening the Consumer Spending data for December, and probably will show the impact of the collapsing housing market on what consumers were able to spend during the last holidays. Tomorrow the unemployment figures will capture the attention as a weak number, which I don’t expect (actually I expect an up revision from last month data) could trigger additional selling.

The indexes has been trading lower during the night, as the pressure continues, and those who are trapped at higher levels, should continue to press to the downside as they take any opportunity to get out of their long positions. The resistance and support areas continue to be obvious and almost identical to yesterday’s levels as yesterday’s move triggered by the Fed news reacted very well to those areas. The fact that the downtrend is still intact and fear is dominating the markets should favor the downside at least for today’s session, but I still see this move as a consolidation before a test of the January lows where very strong support should be seen.





TODAY’S SESSION

The 1356.00-1357.00 area has been a pivotal point for the upside moves during this week on the E-mini SP, and now that the index is trading bellow it, so it should offer good resistance, the same is true at 1816.00-1818.00 on the E-mini Nasdaq and 694.40-696.00 on the E-mini Russell. Trading above those areas and holding will trigger a test of Wednesday’s high at 1365.00-1367.00 on the E-mini SP, 1830.75-1833.50 on the E-mini Nasdaq and 700.50-701.40 on the E-mini Russell. If the markets get as higher as this, it will set up a great shorting opportunity as they continue to form a triangle in front of the next directional move. If the indexes break above those, then the 1372.50-1373.50 on the E-mini SP, 1841.00-1842.25 on the E-mini Nasdaq and 707.70-709.50 could be seen before another strong wave of selling come into the markets. You have to remember that only two consecutive closes above the 1363.00-1364.00 area on the E-mini SP will trigger a move that once it breaks the triangle formation could result in a test of the 1400’s.

There is support at yesterday’s lows at 1347.00-1346.00 on the E-mini SP futures, 1796.75-1794.50 on the E-mini Nasdaq futures and 689.60-687.80 on the E-mini Russell. Trading bellow those areas should bring the indexes lower to 1341.25-1339.50 on the E-mini SP futures, 1788.50-1786.00 on the E-mini Nasdaq and 683.10-682.50 on the E-mini Russell. If the markets can not react from these lows the last support area before a test of the 1323.00 level is seen will be at 1336.00-1334.00 on the E-mini SP, 1777.00-1775.00 on the E-mini Nasdaq and 677.50-676.20 on the E-mini Russell. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1372.50-1373.50 1841.00-1842.25 707.70-709.50
Resistance 2 1365.00-1367.00 1830.75-1833.50 700.50-701.40
Resistance 1 1356.00-1357.00 1816.00-1818.00 694.40-696.00
PIVOT 1360.25 1813.50 700.50
Support 1 1347.00-1346.00 1796.75-1794.50 689.60-687.80
Support 2 1341.25-1339.00 1788.50-1786.00 683.10-682.50
Support 3 1336.00-1334.00 1777.00-1775.00 677.50-676.20



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1452.22 1935.75 760.72
1442.78 1923.25 754.48
1427.50 1903.00 744.40
1412.22 1882.75 734.32
1402.78 1870.25 728.08
1387.50 1850.00 718.00
1372.22 1829.75 707.92
1367.50 1823.50 704.80
1362.78 1817.25 701.68
1347.50 1797.00 691.60
1332.22 1776.75 681.52
1322.78 1764.25 675.28
1307.50 1744.00 665.20
1292.22 1723.75 655.12
1282.78 1711.25 648.88





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1369.00 1830.75 705.00
AS DAILY LOW 1329.00 1777.00 678.60​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 1st-February-2008

Personal Spending up .2%, Initial claims higher than expected and Chicago PMI above 50.0, joined by end of month “windows dressing” resulted in a strong rally on all the equity indexes.

ECONOMIC DATA

8:30 AM Nonfarm Payrolls
8:30 AM Unemployment Rate
8:30 AM Hourly Earnings
8:30 AM Average Workweek
10:00 AM Construction Spending
12:00 AM Auto Sales
12:00 AM Truck Sales

YESTERDAY’S MARKETS

Markets opened sharply lower for the session but buyers came in with strong bids just bellow our 1336.00-1334.00 support area. The E-mini SP futures opened at 1332.00 and get reversed immediately starting a trend day which did not stop moving higher until the end of the session when institutions took profits. After breaking above our 1356.00 pivotal area, the move gained strong upside momentum reaching 1364.00 on the E-mini SP. A small pullback to the 1358.00 level was bought and the index started a directional move above all our moving average getting as high as 1376.00. A pullback to the 1360.00 level invited longs once more and those who did not buy early on the day stepped in and drove the indexes to new highs reaching 1387.25 on the E-mini SP, 1860.50 on the E-mini Nasdaq and 719.50 on the E-mini Russell on a strong short covering rally. A profit taking move pushed down the indexes during the last minutes of the session bringing the E-mini SP down to the 1361.00 area, the E-mini Nasdaq to 1814.00 and the E-mini Russell to 705.00. All the indexes rallied back before the close and settle with strong gains for the day.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:”we could see the E-mini SP in a struggling move to the 1383.00-1384.00 area with the Dow cash reaching its next resistance around 12700 before this leg up is completed.”The indexes came back strongly and our upside objectives has been met, the E-mini SP has reached 1387.25 a few pints above our forecasted high and the Dow cash made a high at 12702.00.

I have mentioned in previous commentaries, that sometimes after a Fed decision, the indexes shows its real direction one day after the move, and this together with the classical end of month upside bias, gave longs what they were looking for. The big reversal day which printed and outside candle on the charts should bring on today’s session two-side action trading behavior, but the release of the unemployment figures could result in early strength that leads for a consolidation move of yesterday’s strong short covering rally. We had a few sessions when a strong gap down at the opening has resulted in buying opportunities, but complacency is coming back to the markets and it will happen that another low opening or a reversal from early higher prices won’t find buyers and the indexes could go down on a fast move to test the January lows. Today’s unemployment numbers will set up the sentiment for the early going of the session, and it could be that a revision from last month figures will create the conditions for a test of yesterday’s highs, but I suspect we are very close to the highs on this recovering week that started with a Globex low at 1310.50 on last Monday session.

TODAY’S SESSION

Yesterday’s highs which can be seen as a double top on the E-mini SP, the 12700 level on the Dow cash and the highs on both, the E-mini Nasdaq and Russell should be seen as strong resistance, and getting there early, after the unemployment numbers are release should be seen as a shorting opportunity with small stops. Breaking higher and then pulling back bellow this highs could also signal some profit taking in a day that may be an inside day with higher lows on the daily chart.

There is strong resistance bellow yesterday’s high at 1383.50-1384.50 on the E-mini SP, 1854.00-1856.00 on the E-mini Nasdaq and 717.00-718.40 on the E-mini Russell futures. Only a better than expected unemployment data that result in a continuation of this short squeeze move should bring the indexes slightly higher to their next resistance levels at 1387.25-1389.25 on the E-mini SP,1868.00-1870.00 on the E-mini Nasdaq and 721.80-723.00 on the E-mini Russell. Trading above those levels could result in a continuation of this rally that could reach 1400.00-1402.00 on the E-mini SP, 1890.00-1892.00 on the E-mini Nasdaq and 731.90-733.00 on the E-mini Russell.

There is support at 1371.50-1369.00 on the E-mini SP, 1826.00-1824.00 on the E-mini Nasdaq and 708.20-706.50 on the E-mini Russell. Trading bellow those levels should bring the indexes to a test of yesterday’s late lows at 1360.50-1358.00 on the E-mini SP, 1815.00-1814.00 on the E-mini Nasdaq and 700.70-699.80 on the E-mini Russell. If those levels does not hold, then the way is open for a test of 1349.00-1347.50 on the E-mini SP 1800.00-1798.00 on the E-mini Nasdaq and 694.00-692.50 on the E-mini Russell. Getting as low as those areas could open the way for lower prices on next week. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1400.00-1402.00 1890.00-1892.00 731.90-733.00
Resistance 2 1387.25-1389.25 1868.00-1870.00 721.80-723.00
Resistance 1 1383.50-1384.50 1854.00-1856.00 717.00-718.40
PIVOT 1366.00 1830.00 705.80
Support 1 1371.50-1369.00 1826.00-1824.00 708.20-706.50
Support 2 1360.50-1358.00 1815.00-1814.00 700.70-699.80
Support 3 1349.00-1347.50 1800.00-1798.00 694.00-692.50



S&P NASDAQ RUSSELL
FIBONACCI
1478.11 1985.09 779.37
1464.89 1966.91 770.63
1443.50 1937.50 756.50
1422.11 1908.09 742.37
1408.89 1889.91 733.63
1387.50 1860.50 719.50
1366.11 1831.09 705.37
1359.50 1822.00 701.00
1352.89 1812.91 696.63
1331.50 1783.50 682.50
1310.11 1754.09 668.37
1296.89 1735.91 659.63
1275.50 1706.50 645.50
1254.11 1677.09 631.37
1240.89 1658.91 622.63


DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1411.00 1892.75 735.00
AS DAILY LOW 1355.00 1815.00 698.80​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 04-February-2008


U.S. stocks post biggest weekly gain in five years as the FED cut interest rates by an additional .50 basis point. MBIA dismisses rumors about insolvency. Microsoft offers $44 billion for Yahoo. Nonfarm payrolls minus 17000.


WEEKLY PIVOTS FOR WEEK ENDING 8 –FEBRUARY-2008

R3 1456.00
R2 1426.50
R1 1405.00
PP 1368.25
S1 1338.00
S2 1280.50
S3 1251.00


ECONOMIC DATA

10:00 AM Factory Orders


WEEKLY RECAP

On Monday, the indexes came back strongly after a nightly sell off and reversed nicely from early lows sustaining a slowly but consistently advance for most of the session. The pattern called for a continuation move to the upside during the rest of the month. A weaker than expected New Home Sales data was interpreted as a sign that the Fed should lower interest rates by the middle of the week. Tuesday, the markets saw a huge increase of 5.2 % on Durable Orders for the month of December resulting in moderate buying activity and closing higher for the session. Wednesday, started the day with the GDP numbers showing a .6 growth on the economy during the fourth quarter of the year, but later on the session the FOMC cut the fed funds rate another 50 basis points to 3.00%. In a related move, the discount rate was also cut 50 basis points to 3.50%. This move resulted in a sharp rally that was reversed later on the session as speculation that one of the major bond insurers was on risk of being downgraded. A sharply lower opening for Thursday’s session resulted in an uptrend day for all the indexes as MBIA declared that its capital will exceed triple-A rating requirements and made impossible a situation where it would become insolvent. Despite the increase on the Initial claims figures all the indexes reached new highs for this rally. Friday, before the market opened, Microsoft announced its intentions to buy Yahoo for more than $44 billion. The news drove all the indexes futures higher before the opening, later, the release of the monthly unemployment figures, which showed a loss of 17000 jobs during the month of December, were interpreted as a reason for future rate cuts by the FED. All the indexes ended the session on their higher levels of the day posting the biggest weekly gain in five years.


FRIDAY’S MARKETS

Before the opening, a huge excitement about Microsoft bidding $44 billion for Yahoo pushed all the indexes sharply higher during the Globex session, reaching 1398.00 on the E-mini SP ,1879.00 on the NQ's and 731.20 on the E-mini Russell, but a report of a loss of 17000 thousand jobs during the month of December cooled the emotions. The E-mini SP futures opened at 1380.50 and rallied to test the Globex highs just bellow our third resistance level. The E-mini SP pulled back strongly to 1376.75 while the E-mini Nasdaq got as low as 1831.00. all the indexes founded support above the Globex lows, and the E-mini Sp rallied back to the 1388.00-1389.00 area. Another pullback to 1382.00 did not build the downside momentum and the indexes started an upside move that once it broke above the 1389.00 area continued to match the daily highs. All the indexes closed sharply higher, with the Dow cash at 12743 very near to its 12800 resistance area,

MARKET COMMENTARY AND OUTLOOK

We came into last week with an upside bias as the week was full of economic data, a FOMC rate cut and an end of the month windows dressing by the institutions. We also wrote about the importance of the E-mini SP closing to days in a row above the 1363.00-1364.00 area to be back in neutral territory. This strong rally should be seen as a countertrend move in a bear market. The risk for the economy and for the equity markets is still huge, and at the moment that the crisis will affect the bond insurers, the markets will get knock once more.

This furious rally from last Monday 1310.50 seen on the E-mini SP on the Globex session to Friday 1398.00 has already consume most of the fuel in the tank, and the fact that the VIX.X imploded more than 20% between Thursday and Friday, its signaling that complacency has returned into the markets and everybody is fearless. All of the indexes are approaching strong resistance levels and the fact the E-mini SP has come almost back a 50% of the range between the November high and the January lows is extremely important as bear campaigns normally don’t trade back above this Fibonacci retracement. But even if the indexes go a little bit higher to the 62.8% Fibonacci retracement, it will be normal to resume the downtrend for a test of the January lows or a higher low in the daily chart during the coming weeks.

Take in account that the E-mini Nasdaq is lagging at these levels, and this divergence is the first sign that the markets may be topping.

TODAY’S SESSION

For today, all the indexes ended in an uptrend and closed near their highs, so if the market opens higher going short when the move freeze should offer a good buying opportunity, but be ready to buy the first sizeable pullback as I expect this uptrend to continue at least for today, but beware on any long positions if the E-mini SP starts to trade bellow 1380.00 area, as it could be the first signal that this huge short covering rally has come to and end. I will keep a close eye on the E-mini Nasdaq and I personally will try to avoid any longs, or just get in with very tight stops, if the E=mini Nasdaq is trading in negative territory.

There is resistance at 1399.50-1401.00 on the E-mini SP, 1873.00-1874.00 on the E-mini Nasdaq and 734.00-736.20 on the E-mini Russell. Early upside activity that holds above those areas, could bring the indexes higher to 1405.00-1406.00 on the E-mini SP, 1885.00-1886.50 on the E-mini Nasdaq and 739.90-742.30 on the E-mini Russell. Beware of a downside move if the indexes test those levels and the E-mini SP trades back bellow the 1394.00 level, but if this short covering rally is due to continue the next resistance area is at 1411.50-1413.00 on the E-mini SP (there is a gap in this area), 1896.00-1898.00 on the E-mini Nasdaq and 747.80-748.60 on the E-mini Russell. Those areas should offer very strong resistance, so be ready for a reversal move. Breaking those highs should trigger a test of the 1433.50 on the E-mini SP during the coming sessions.

There is initial support at 1391.00-1389.50 on the E-mini SP, 1852.50-1850.00 on the E-mini Nasdaq and 727.70-726.60 on the E-mini Russell, those were very strong support during last Friday session. If the market trades bellow those areas, 1384.25-1382.50 on the E-mini SP, 1834.00-1833.00 on the E-mini Nasdaq and 722.00-720.50 on the E-mini Russell is all that a pullback could go to maintain the uptrend intact, if those are tested during the first hour of trading they could set up a good long entry. Be aware that a false break bellow that level on the E-mini SP that test the 1379.50 and reversed above the 1384.25 could result in a rally to the highs. But, if those levels can not hold the selling pressure, there should be additional support at 1375.00-1373.50 on the E-mini SP, 1813.00-1812.00 on the E-mini Nasdaq and 714.00-712.50 on the E-mini Russell. Breakings bellow those areas should bring the SP’s back to the critical 1364.00-1363.00 area. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1411.50-1413.00 1896.00-1898.00 747.80-748.60
Resistance 2 1405.00-1406.00 1885.00-1886.50 739.90-742.30
Resistance 1 1399.50-1401.00 1873.00-1874.00 734.00-736.20
PIVOT 1388.75 1856.00 724.60
Support 1 1391.00-1389.50 1852.50-1850.00 727.70-726.60
Support 2 1384.25-1382.50 1834.00-1833.00 722.00-720.50
Support 3 1375.00-1373.50 1813.00-1812.00 714.00-712.50



S&P NASDAQ RUSSELL
FIBONACCI
1440.88 1965.56 770.14
1434.62 1952.94 764.66
1424.50 1932.50 755.80
1414.38 1912.06 746.94
1408.12 1899.44 741.46
1398.00 1879.00 732.60
1387.88 1858.56 723.74
1384.75 1852.25 721.00
1381.62 1845.94 718.26
1371.50 1825.50 709.40
1361.38 1805.06 700.54
1355.12 1792.44 695.06
1345.00 1772.00 686.20
1334.88 1751.56 677.34
1328.62 1738.94 671.86





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1410.75 1898.00 743.70
AS DAILY LOW 1384.25 1844.50 720.60​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE][/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 05-February-2008

Equity markets trade lower in a quite session. Factory orders rose by 2.3 percent in December. Downgrades in consumer finance companies pulled the breaks on last week rally.

ECONOMIC DATA

10:00 AM ISM Services

YESTERDAY’S MARKETS

After testing the 1400.00 area during the Globex session, the E-mini SP futures gapped down at the open and never trade settlement. The index started the day with a sell off and reached 1383.50. a feeble bounce took the index back to 1388.50 where sellers stepped in and drove the E-mini SP to a marginal new low at 1382.75. Another rally attempt without any momentum got as high as 1391.25 resulting in a slow downtrend with extremely low volumes reaching 1381.75, all this downside test, just in our support areas. The index traded most of the session in a side ways pattern with a bearish bias and made its daily lows into the close reaching 1378.00 and closing lower for the session. The E-mini Nasdaq has a downtrend day losing 36.75 points for the session and showing extreme weakness despite the low volumes. The E-mini Russell followed the same pattern losing 10.30 points for the day while the Dow cash failed to trade above the 13800 giving up 108 points and closing at 12635.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:”This furious rally from last Monday 1310.50 seen on the E-mini SP on the Globex session to Friday 1398.00 has already consume most of the fuel in the tank, and the fact that the VIX.X imploded more than 20% between Thursday and Friday, its signaling that complacency has returned into the markets and everybody is fearless. All of the indexes are approaching strong resistance levels and the fact the E-mini SP has come almost back a 50% of the range between the November high and the January lows is extremely important as bear campaigns normally don’t trade back above this Fibonacci retracement. But even if the indexes go a little bit higher to the 62.8% Fibonacci retracement, it will be normal to resume the downtrend for a test of the January lows or a higher low in the daily chart during the coming weeks. Take in account that the E-mini Nasdaq is lagging at these levels, and this divergence is the first sign that the markets may be topping.”

The E-mini SP futures and the Dow cash rallied strongly and approached strong resistance levels, the fact that yesterday’s profit taking session was orderly and with extreme low volumes keeps the perspective of this rally alive. Yesterday’s weak close on the E-mini SP just above Friday’s low, does not call for a change in the trend right now as this low was made at the end of the session and with extreme low volumes. The probabilities for a consolidation pattern during the next 2-3 days make sense, all the time that the E-mini SP can hold above the 1372.00-1371.00 area. So, for today’s session, we can expect two side action with a slightly bullish bias all the time that the index holds, first, yesterday’s 1378.00 lows and the key support levels on the low 1370.00’s. On the upside, a rally above the 1393.00 area should trigger a test of 1400.00 with a projection to the 1406.00 and 1423.00 levels. The key for such a move will be the E-mini Nasdaq and the Dow cash above the 12800 area.


TODAY’S SESSION

For today, all the indexes ended in the lows of the session. If the market opens lower I will expect the initial support to hold, and once it rallies back above yesterday’s settlement I suggest to get long with stops 1.5 point bellow yesterday’s close, for a quick trade.

There is resistance at 1385.50.00-1387.00 on the E-mini SP, 1838.00-1840.00 on the E-mini Nasdaq and 724.00-725.40 on the E-mini Russell. Those areas were strong resistance during yesterday’s session. The indexes will have to break above them and hold a pullback in order to resume the uptrend. If those are surpassed, there is additional resistance at 1391.00-1393.00 on the E-mini SP, 1851.50-1853.00 on the E-mini Nasdaq and 728.90-730.10 on the E-mini Russell. If those get sliced attest of yesterday’s highs at 1398.00-1400.00 on the E-mini SP, 1866.00-1868.00 on the E-mini NASDAQ and 737.10-738.60 on the E-mini Russell could be in the cards before the end of the session.

There is support just bellow yesterday’s lows at 1377.00-1375.00 on the E-mini SP, 1822.00-1820.00 on the E-mini Nasdaq and 717.90-716.80 on the E-mini Russell, if those can not hold, strong support should be seen at 1372.00-1371.00 on the E-mini SP, 1812.00-1810.75 on the E-mini Nasdaq and 712.00- 710.50 on the E-mini Russell. Those areas should offer a good buying opportunity if they are tested early on the session. If those can not hold the selling pressure then the markets should test my KEY SUPPORT areas at 1364.00-1362.50 on the E-mini SP, 1802.00-1801.00 on the E-mini Nasdaq and 707.20-706.00 on the E-mini Russell. Breaking and closing bellow those levels would confirm that a short term top has been posted on the daily charts. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1398.00-1400.00 1866.00-1868.00 737.10-738.60
Resistance 2 1391.00-1393.00 1851.50-1853.00 728.90-730.10
Resistance 1 1385.50-1387.00 1838.00-1840.00 724.00-725.40
PIVOT 1385.00 1836.00 725.30
Support 1 1377.00-1375.00 1822.00-1820.00 717.90-716.80
Support 2 1372.00-1371.00 1812.00-1810.75 712.00-710.00
Support 3 1364.00-1362.50 1802.00-1801.00 707.20-706.00



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1435.60 1942.46 755.32
1430.40 1931.79 752.18
1422.00 1914.50 747.10
1413.60 1897.21 742.02
1408.40 1886.54 738.88
1400.00 1869.25 733.80
1391.60 1851.96 728.72
1389.00 1846.63 727.15
1386.40 1841.29 725.58
1378.00 1824.00 720.50
1369.60 1806.71 715.42
1364.40 1796.04 712.28
1356.00 1778.75 707.20
1347.60 1761.46 702.12
1342.40 1750.79 698.98





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1390.00 1848.00 727.70
AS DAILY LOW 1367.50 1802.75 714.40​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 06-February-2008

Equity markets fell sharply after the ISM Services Index reading came out at 44.6 showing an unexpected contraction in the economy and the probabilities that the US has enter into recession.

ECONOMIC DATA

8:30 AM Productivity-preliminary

YESTERDAY’S MARKETS

Markets opened sharply lower as the ISM Services index was released before the beginning of the session. The E-mini SP opened bellows our important 1363.00-1364.00 area and unable to break above it the selling pressure drove prices down. The index tested the 1350.00 area where a short covering rally took prices up to the 1358.00 level. After failing to trade higher a downtrend day guided the indexes during all the session and any bounce attempt was met with additional selling. The E-mini Russell which was showing early strength joined the other indexes and once it broke bellow 713.50 it couldn’t come back. By the end of the session the E-mini SP lost 35.50 points, the E-mini Nasdaq 41.75, the E-mini Russell 14.80 and the Dow cash closed at 12265 losing 370 points for the session.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote :’”This furious rally from last Monday 1310.50 seen on the E-mini SP on the Globex session to Friday 1398.00 has already consume most of the fuel in the tank, and the fact that the VIX.X imploded more than 20% between Thursday and Friday, its signaling that complacency has returned into the markets and everybody is fearless. Take in account that the E-mini Nasdaq is lagging at these levels, and this divergence is the first sign that the markets may be topping.”

I have mentioned on my daily newsletter the importance of the 1363.00-1364.00 area as a turning point in this market behavior, and I have also noted that the rally from the early January lows was a bear market rally, despite the fact that probably the lows for the first quarter are already printed on the charts, but the fact that the indexes found resistance at key levels call for a consolidation instead of a recovery. This week is very light on economic data, but traders most follow tomorrow’s initial Claims numbers for a clue on the next Unemployment rate and Nonfarm payrolls figures. Yesterday’s huge sell off has bring the markets to important support levels and those areas “MUST” hold, in particular the 12200 area on the Dow cash as trading bellow this area could result in a fast drop to the 11700 level during the coming sessions.

Yesterday volume was lighter than the buying volume seen on the last few days, which make me believe that a reversal from this huge sell off is very near. So I will concentrate in this probability once the market test yesterday’s lows or comes back from support that probably will hold. For this scenario to come true it has to happen during the first our of trading, but if the move does not get reversed from early lows resulting in a consolidation then the way for lower prices will be open. If we do get this consolidation move, tomorrow session will indicate us if yesterday’s low is a pullback after the huge recovery rally or the resumption of the downtrend.

TODAY’S SESSION

For today, resistance is at 1347.50-1349.75 on the E-mini SP futures, 1791.00-1793.00 on the E-mini Nasdaq and 708.40-710.00 on the E-mini Russell. Those will have to be exceeded in order to bring the indexes to a neutral position, if that happens, then the next levels, from where the downtrend started yesterday are at 1356.00-1358.00 on the E-mini SP, 1804.00-1806.00 on the E-mini Nasdaq and 712.50-713.50 on the E-mini Russell. If those levels are successfully broken, then the “turning point” at 1362.25-1363.50 on the E-mini SP,1818.00-1820.00 on the E-mini Nasdaq (yesterday’s highs) and 717.80-719.30 on the E-mini Russell could be seen in a move that retrace 50% from the last sell off.

Support is just bellow yesterday’s lows at 1336.50-1335.50 on the E-mini SP, 1778.00-1776.00 on the E-mini Nasdaq and 703.50-702.00 on the E-mini Russell. If these areas get successfully tested during the early part of the session, they should offer a good buying opportunity, but if those does not hold, a false break to the next support areas at 1331.00-1329.75 on the E-mini SP, 1770.00-1768.00 on the E-mini Nasdaq and 698.50-697.00 on the E-mini Russell should make the job and be bought if the markets are OK, but a break bellow those should result in a quick fall to 1320.00-1319.00 on the E-mini SP,1756.00-1755.00 on the E-mini Nasdaq and 689.70-688.00 on the E-mini Russell. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1362.25-1363.50 1818.00-1820.00 717.80-719.30
Resistance 2 1356.00-1358.00 1804.00-1806.00 712.50-713.50
Resistance 1 1347.50-1349.75 1791.00-1793.00 708.40-710.00
PIVOT 1349.50 1793.00 709.10
Support 1 1336.50-1335.00 1778.00-1776.00 703.50-702.00
Support 2 1331.00-1329.75 1770.00-1768.00 698.50-697.00
Support 3 1320.00-1319.00 1756.00-1755.00 689.70-688.00



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1450.57 1914.14 755.63
1440.43 1901.86 750.77
1424.00 1882.00 742.90
1407.57 1862.14 735.03
1397.43 1849.86 730.17
1381.00 1830.00 722.30
1364.57 1810.14 714.43
1359.50 1804.00 712.00
1354.43 1797.86 709.57
1338.00 1778.00 701.70
1321.57 1758.14 693.83
1311.43 1745.86 688.97
1295.00 1726.00 681.10
1278.57 1706.14 673.23
1268.43 1693.86 668.37





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1362.25 1808.00 714.60
AS DAILY LOW 1318.50 1756.00 694.00​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 07-February-2008

Equity markets gave away early earnings as a FED official suggested that inflation could complicate further cuts in the interest rates. Productivity slowed in the Q4. Cisco met earnings but lower expectations.

ECONOMIC DATA

8:30 AM Initial Claims
10:00 AM Pending Home Sales

YESTERDAY’S MARKETS

A quite opening for the equity indexes was sold and reached our support area during the early morning at the 1335.00 area on the E-mini SP futures where buyers stepped in. The index bounced back placing a double top at 1346.25 and pulling back to test the 1340.00 level. After posting a higher low in the intraday charts the E-mini SP rallied all the way to 1353.00 levels where our update called for resistance. The weakness on the E-mini Nasdaq futures pulled the brakes on the rally and the E-mini SP stalled near the 1450’s, just at our resistance levels. Once the index traded bellow the 1344.50 area it never looked back as the downtrend resumed driving prices lower to 1331.00, just at out support levels, which coincided with the last Martin L. King E-mini Nasdaq “limit down” at 1755.50. The markets bounced a few points but the selling pressure combined with low volumes gave the bears another shorting opportunity and the indexes made new lows for the session. The E-mini SP reached 1324.75, the E-mini Nasdaq 1736.50 and the E-mini Russell 691.50. All the indexes bounced back into the close as shorts took profits into the close. The Dow cash lost 65 points closing just bellow the important 12200 level.


MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote :” Yesterday’s huge sell off has bring the markets to important support levels and those areas “MUST” hold, in particular the 12200 area on the Dow cash as trading bellow this area could result in a fast drop to the 11700 level during the coming sessions. Support is just bellow yesterday’s lows at 1336.50-1335.50 on the E-mini SP, 1778.00-1776.00 on the E-mini Nasdaq and 703.50-702.00 on the E-mini Russell. If these areas get successfully tested during the early part of the session, they should offer a good buying opportunity.”

The E-mini SP gave us the early opportunity for the long trade that we were looking for, but failed to consolidate last Tuesday huge sell off, and the pattern of a weak opening where buyers step in driving prices higher just to be sold heavily in the second part of the session repeated itself.

The indexes have enter once more in oversold territory, but the low volumes does not indicate any sign of real fear, and all this, after the E-mini SP has fallen from it’s Monday’s Globex high at the 1400.00 area. As an extra, the weakness in the E-mini Nasdaq and its failure to hold above the 1755.50 area are not positive signs. BUT the fact that the E-mini SP has retraced to the 50% Fibonacci level from the January lows to last Monday highs and the Dow holding just at the important 12200 level could result in another strong bounce in the markets that could carry the indexes back to the 1363.090-1364.00 area on the E-mini SP and 12500-12600 on the Dow cash, failure to do this may result in a test of the 1280.00-1275.00 area on the E-mini SP and 11700 on the Dow. Today, we get the weekly Initial Claims figures before the opening, and traders will follow it with as an increase in weekly applications for unemployment benefits could give a clue for the next unemployment report. Either way I want to keep and open mind and consider the possibility that another weak opening turns up as yesterday and maybe hold its gains as the indexes consolidate this last down move.


TODAY’S SESSION

For today, resistance is at 1335.50-1336.50 on the E-mini SP futures, 1763.500-1766.00 on the E-mini Nasdaq and 702.60-704.10 on the E-mini Russell. Those will have to be exceeded and hold on a pullback for the indexes to press short traders to cover, if that happens, then the next resistance levels, are at 1343.25-1344.50 on the E-mini SP, 1776.50-1778.00 on the E-mini Nasdaq and 708.40-709.00 on the E-mini Russell. If those levels are reached beware of a reversal as those were yesterday’s turning points , but, if the indexes are in a good shape reaching 1350.00-1351.00 on the E-mini SP,1788.75-1791.00 on the E-mini Nasdaq and 716.00-718.30 on the E-mini Russell could be seen. This area in particular on the E-mini Russell it’s a great shorting opportunity, with stops above the 721.00 level. If the indexes reach these highs during today’s session, it could be a great set up for another multi day drop.

Support is just bellow yesterday’s lows at 1324.50-1322.00 on the E-mini SP, 1742.00-1740.00 on the E-mini Nasdaq and 693.00-691.00 on the E-mini Russell. If these areas get successfully tested during the early part of the session, they should offer a good buying opportunity, but if those does not hold, a fast break to the next support areas at 1316.50-1315.00 on the E-mini SP, 1731.00-1730.00 on the E-mini Nasdaq and 685.30-683.70 on the E-mini Russell should be aggressively bough if the markets are OK, but a break bellow those should push down the indexes to 1309.50-1307.50 on the E-mini SP,1712.00-1710.00 on the E-mini Nasdaq and 679.30-678.00 on the E-mini Russell, failure to holds this lows could result on a panic selling driving prices to the 1280.00 area on the E-mini SP for tomorrow’s session. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1350.00-1351.00 1788.75-1791.00 716.00-718.30
Resistance 2 1343.25-1344.50 1776.50-1778.00 708.40-709.00
Resistance 1 1335.50-1336.50 1763.50-1766.00 702.60-704.10
PIVOT 1336.00 1762.00 700.80
Support 1 1324.50-1322.00 1742.00-1740.00 693.00-691.00
Support 2 1316.50-1315.00 1731.00-1730.00 685.30-683.70
Support 3 1309.50-1307.50 1712.00-1710.00 679.30-678.00



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1399.36 1906.02 746.48
1392.64 1890.73 741.52
1381.75 1866.00 733.50
1370.86 1841.27 725.48
1364.14 1825.98 720.52
1353.25 1801.25 712.50
1342.36 1776.52 704.48
1339.00 1768.88 702.00
1335.64 1761.23 699.52
1324.75 1736.50 691.50
1313.86 1711.77 683.48
1307.14 1696.48 678.52
1296.25 1671.75 670.50
1285.36 1647.02 662.48
1278.64 1631.73 657.52





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1341.50 1775.00 705.00
AS DAILY LOW 1313.00 1710.00 683.70​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE][/QUOTE]

 

[Silversea]

Arthur,

Looking at the "Today's Session" second paragraph,

E-Mini SP Support numbers for Thursday, Feb 7:

Given: "Support is just bellow yesterday’s lows at 1324.50-1322.00 on the E-mini SP"..." but if those does not hold, a fast break to the next support areas at 1316.50-1315.00 on the E-mini SP"

Actual Low : 1312.75 , off by 9.75 Points on the first Set of Support numbers ! and 2.75 Pts on the second set of Support numbers.

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 08-February-2008

Soft January Sales on the retail sector keeps equity markets under pressure. Initial Claims lower than last week but still above the monthly average. Pending Home Sales -1.5%.

ECONOMIC DATA

10:00 AM Wholesale Inventories

YESTERDAY’S MARKETS

Another weak opening in the equity markets just above our support levels and a strong short covering rally gave us a rollercoaster day in all the indexes. The E-mini SP futures opened at 1320.00.a 2 point pullback just above our support bring buyers in and the market rallied strong to the 1338.50 area where our update called for a short trade. The E-mini SP pulled back strongly to 1322.00 where it started an uptrend move coinciding with a reversal on the Dow cash from beneath the 12200 which acted as good support. The move exhausted with a spike to 1348.50 where sellers stepped in and drove the indexes back to the 1324.00 area. The E-mini SP reacted well to those lows and bulls took the lead once more taking the index back up to 1342.00. All the indexes settle with nice gains, the E-mini SP closed up 10.25 points, the E-mini Nasdaq 18.75 and the E-mini Russell 9.5 points. The Dow cash gained 46 points for the session and closed at 12247.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:” The Dow holding just at the important 12200 level could result in another strong bounce. I want to keep and open mind and consider the possibility that another weak opening turns up as yesterday and maybe hold its gains as the indexes consolidate this last down move. Support is just bellow yesterday’s lows at 1324.50-1322.00 on the E-mini SP, 1742.00-1740.00 on the E-mini Nasdaq and 693.00-691.00 on the E-mini Russell. If these areas get successfully tested during the early part of the session, they should offer a good buying opportunity”.

Yesterday’s market behavior was as expected, another weak opening that gave way to a strong rally, but yesterday, the rally held into the close. The E-mini SP rallied 9 days and was sold strongly for the next three, and now we have a one day rally, that if the trend is down, should be all for this countertrend move. If the index closes up during today session, then there is the possibility that a consolidation move that keeps this market in the wide range formed between 1310.00 and 1400.00 continue for a few days. Yesterday’s move completed a 38.2 Fibonacci retracement between these wide ranges, and if the market is still weak, then the possibility of a wide range day to the downside could be seen.

On the other side of the coin, if the market has printed a higher low and this fast move where the index gave back 90 points was a three day countertrend move in a volatile market that should trade higher, then yesterday’s lows seem important and the way up is open.

The fact that the Dow came back from bellow the 12200, obvious support is not so encouraging, as the first time that an index test a ‘KEY SUPPORT” area usually holds, but I consider that its close was weak despite the small gain.

So for today, we could see and inside day, that consolidates the wild moves seen during the last sessions, a continuation of yesterday’s rally, or the resumption of this fast down trend. I personally call for a consolidation where both sides of the market should be tradable.


TODAY’S SESSION

For today, market should remain in good shape all the time that our first support areas can hold on a pullback, so those should offer a good long entry if they are tested during the first hour of trading. There is initial resistance at 1343.00-1345.00 on the E-mini SP, 1773.00-1775.00 on the E-mini Nasdaq and 708.40-709.00 on the E-mini Russell. If the market will be range bounded, those should not be exceeded by much, and maybe fail bellow our next levels at 1350.00-1351.25 on the E-mini SP, 1786.00-1788.00 on the E-mini Nasdaq and 714.60-715.60 on the E-mini Russell. If the rally freezes there, it could be a good shorting opportunity with a 2-3 point stop loss, but if those does not offer a problem the E-mini SP will try to reach our important turning levels 1363.00-1364.00 which are just above our resistance at 1359.00 -1360.50 on the E-mini SP, 1797.00-1799.00 on the E-mini Nasdaq and 721.20-722.00 on the E-mini Russell. A close above those areas will indicate higher prices for the next week and a possible continuation move to the 1400.00 area.

Support is at 1330.00-1328.50 on the E-mini SP, 1753.00-1751.00 on the E-mini Nasdaq and 696.00-694.50 on the E-mini Russell. If these areas get successfully tested during the early part of the session, they should offer a good buying opportunity, but if those does not hold, a fast break to the next support areas at 1324.00-1322.00 on the E-mini SP, 1737.00-1736.00 on the E-mini Nasdaq and 690.00-689.00 on the E-mini Russell should be bought, these areas were pivotal during yesterday’s session and they are extremely important if the indexes want to maintain a neutral position during the session , but a break bellow those should push down the indexes to 1320.00-1318.00 on the E-mini SP,1727.00-1725.50 on the E-mini Nasdaq and 684.00-683.00 on the E-mini Russell, failure to holds this should point for a test of the 1280.00-1270.00 area on the E-mini SP early next week. GOOD LUCK.

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1359.00-1360.50 1797.00-1799.00 721.20-722.00
Resistance 2 1350.00-1351.25 1786.00-1788.00 714.60-715.60
Resistance 1 1343.00-1345.00 1773.00-1775.00 708.40-709.00
PIVOT 1334.00 1755.00 700.20
Support 1 1330.00-1328.50 1753.00-1751.00 696.00-694.50
Support 2 1324.00-1323.00 1737.00-1736.00 690.00-689.00
Support 3 1320.00-1318.00 1727.00-1725.50 684.00-683.00



S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1406.34 1902.15 745.13
1397.91 1885.10 739.77
1384.25 1857.50 731.10
1370.59 1829.90 722.43
1362.16 1812.85 717.07
1348.50 1785.25 708.40
1334.84 1757.65 699.73
1330.63 1749.13 697.05
1326.41 1740.60 694.37
1312.75 1713.00 685.70
1299.09 1685.40 677.03
1290.66 1668.35 671.67
1277.00 1640.75 663.00
1263.34 1613.15 654.33
1254.91 1596.10 648.97





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1362.00 1812.00 718.70
AS DAILY LOW 1326.50 1740.00 696.00​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 12-February-2008

Markets trade quite closing higher for the day.

ECONOMIC DATA
2:00 PM Treasury Budget

YESTERDAY’S MARKETS

The equity indexes opened neutral and began to decline. The E-mini SP futures started to trade down in its way to test the Globex lows at 1321.00. The index sold steadily and reached 1320.25, just one point above our support areas. The successful test of the Globex lows and what has been a very strong support area during the last sessions, took the index back up to 1333.00 where a 5 points pullback coincided with the 1790.00-1792.00 resistance area on the E-mini Nasdaq. Those levels were sold and the E-mini SP pulled to 1328.00 where buyers stepped in and drove prices higher to the 1340.00’s while the E-mini Nasdaq got to our next resistance levels at 1800.00-1802.00. The indexes traded sideways for the next two hours printing marginal new highs before pulling back to the 1335.00 area on the E-mini SP just to rally back to a new high at 1342.50 on the E-mini SP where it was sold a few points into the close.
The E-mini SP futures closed at 1338.25, the E-mini Nasdaq at 1797.25 and the E-mini Russell at 699.30. The Dow cash made a nice reversal from early lows and settle at 12240 with a 57 point gain.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:” The E-mini SP has rallied continually from the 1320.00-1310.00 area, and only a break bellow this level will signal the next quick move to the downside, the E-mini Nasdaq came back nicely from Wednesday’s lows could be critical for a rally attempt early this week. So, previous highs and lows will be very important for today session. On early weakness I will expect markets to hold close to the first support, and rally as it has happen during all the previous sessions, and once it trades back above the pivot, a nice 12 points rally that take prices up to Friday’s highs could be seen, so be ready to enter long near support or on a break above the pivot point.”
The E-mini Sp gave us exactly what we were looking for, and early test of support that resulted in a very good long trade, or the break above the pivot point which drove prices up by the 12 points that we were expecting.

The indexes has been trading sideways during the last sessions and consolidating their previous moves printing inside days on the daily chart, while the volatility gets shrink. This kind of behavior should result in a strong move either way or by breaking up above resistance and rally back to key levels before getting once more into troubles, or, moving lower to a test of the lows. Meanwhile it appears that the indexes are trying to build a basis for a move higher, but more consolidation can be seen during today’s session. If the market keeps trading in the recent ranges and gives back today part of yesterday’s gains, tomorrow when we get the Retail Sales numbers, a strong move down which complete during the following sessions a test of the January lows, or take the indexes to print a higher low on the daily charts, could result in a huge buying opportunity for those traders holding medium and long term positions.

TODAY’S SESSION

The indexes has been reacting good from early sell offs and this pattern seems to be valid also for today’s session, but if we get a strong opening or an early rally that freezes, then the trend will be vulnerable and what it looks like a basis for a rally or round bottoms on the indexes will result in another fiasco, another short covering rally that fails and result in lower prices. There is also the possibility of a quite day where the ranges shrink posting another inside day maybe with only marginal highs.
So, if the market opens higher, be ready to enter short once the rally lose its steam and look for support to hold at least on the early part of the session.

There is resistance at yesterday’s highs at 1342.50-1343.50 on the E-mini SP, 1800.00-1802.00 on the E-mini Nasdaq and 702.10-703.50 on the E-mini Russell. An upside move that stalls around these highs should result in a 12 point pullback. If the markets are strong, they could push higher to the next levels at 1348.50-1350.25 on the E-mini SP, 1812.00-1814.00 on the E-mini Nasdaq and 707.60-708.90 on the E-mini Russell. A break above those levels will bring shorts to cover driving prices higher 1355.50-1357.00 on the E-mini SP, 1820.00-1822.00 on the E-mini Nasdaq and 713.20-714.40. If those areas don’t hold the enthusiasm, then the 1363.00-1364.00 turning points on the E-mini SP could be seen before the session is over.

There is support at 1333.00-1331.50 on the E-mini SP, 1786.00-1784.00 on the E-mini Nasdaq and 696.50-695.00 on the E-mini Russell, those should hold if we are in an uptrend move, but if the market does not rally from those levels, the 1326.50-1325.00 on the E-mini SP, 1775.00-1773.00 on the E-mini Nasdaq and 691.00-690.10 on the E-mini Russell is all that a decent pullback could go to maintain the chance of moving higher and a neutral position, if those levels can not hold the selling pressure, there is KEY SUPPORT at 1322.00-1321.00 on the E-mini SP, 1762.00-1760.50 on the E-mini Nasdaq and 695.70-683.40 on the E-mini Russell. Breaking bellow those levels will signal that the consolidation move has ended and the E-mini SP is due for a test of the 1310.00-1308.00 level before any chance of bouncing back. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1355.50-1357.00 1820.00-1822.00 713.20-714.40
Resistance 2 1348.50-1350.25 1812.00-1814.00 707.60-708.90
Resistance 1 1342.50-1343.50 1800.00-1802.00 702.10-703.50
PIVOT 1333.50 1787.50 698.10
Support 1 1333.00-1331.50 1786.00-1784.00 696.50-695.00
Support 2 1326.50-1325.00 1775.00-1773.00 691.00-690.10
Support 3 1322.00-1321.00 1762.00-1760.50 695.70-683.40


S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1378.50 1865.20 729.53
1373.25 1856.05 725.97
1364.75 1841.25 720.20
1356.25 1826.45 714.43
1351.00 1817.30 710.87
1342.50 1802.50 705.10
1334.00 1787.70 699.33
1331.38 1783.13 697.55
1328.75 1778.55 695.77
1320.25 1763.75 690.00
1311.75 1748.95 684.23
1306.50 1739.80 680.67
1298.00 1725.00 674.90
1289.50 1710.20 669.13
1284.25 1701.05 665.57




DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1351.50 1819.25 709.80
AS DAILY LOW 1329.25 1780.50 694.70​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com
Index Futures Information Services - Emini Trading Advisory and Trading Alerts | TheMiniTrade.com
5850 Coral Ridge Dr. Suite 303
Coral Springs. Fl. 33076

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 13-February-2008

Buffett offer to back municipal bonds resulted in a strong early rally that gave back half of its gains into the close.

ECONOMIC DATA

8:30 AM Retail Sales
8:30 AM Retail Sales ex-auto
10:00 AM Business Inventories


YESTERDAY’S MARKETS

Despite being strongly for the most of the day, the indexes lost ground and sold off into the close. The indexes opened sharply higher and with huge up gaps. The E-mini SP started the session at 1348.00 and rallied during the first two hours of trading with strong momentum reaching our short term objective at 1363.50, while the E-mini Nasdaq reached 1816.75. The lagging E-mini Nasdaq triggered a profit taking move that once the E-mini SP futures broke bellow the 1358.00 area gain momentum and printed a mid session low at 1350.75. Another run to the highs took the E-mini SP back to the 1360.00, unable to get to the highs, the indexes pushed lower. The break bellow the 1350.00 area accelerated the selling pressure and the E-mini SP reached 1339.75 while the E-mini Nasdaq sold off to 1772.75 and the E-mini Russell to the 700.00 level. The indexes rallied during the last half hour of trading driving the E-mini SP to 1352.00 and closed at 1349.75, the E-mini Nasdaq settle at 1790.00 and the E-mini Russell at 707.30, all of them well bellow the intraday highs. The Dow cash broke to the upside and closed with a nice gain of 133 points at 12373.


MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:” The indexes has been trading sideways during the last sessions and consolidating their previous moves printing inside days on the daily chart, while the volatility gets shrink. This kind of behavior should result in a strong move either way or by breaking up above resistance and rally back to key levels before getting once more into troubles. If the markets are strong, they could push higher to the next levels at 1348.50-1350.25 on the E-mini SP, 1812.00-1814.00 on the E-mini Nasdaq and 707.60-708.90 on the E-mini Russell. A break above those levels will bring shorts to cover driving prices higher 1355.50-1357.00 on the E-mini SP, 1820.00-1822.00 on the E-mini Nasdaq and 713.20-714.40. If those areas don’t hold the enthusiasm, then the 1363.00-1364.00 turning points on the E-mini SP could be seen before the session is over.
Yesterday’s strong rally pushing up the E-mini SP index to our short term turning point, and the huge reversal from that area, was a logical move after the last consolidation, but showed how volatile and fragile the markets are at this moment. Yesterday tops will be short term resistance and all the rallies bellow those levels may be sold. The 1363.00-1364.00 area on the E-mini SP was reached also last week and now double tops will play a key role in this bear campaign. I can see a pattern where yesterday’s huge move is a one day move that get reversed the next day and make new lows on the daily charts. So my scenario is bearish and I consider the resume of the down trend as a strong possibility and a possible test of the 1310.00-1300.00 are during the coming sessions.
Today we get the Retail Sales numbers before the market opens, and a weak number could result in a gap down opening where selling the rallies should offer the best trading opportunities. Later on the session, Bernanke’s speech on the senate banking committee could also add volatility, and remember this week we have option expiration, so we should see strong moves. Yesterday’s rally has erased some of the bearish sentiment which leaves the door open for a downside move.



TODAY’S SESSION

The E-mini SP showed good support at yesterday’s lows, so an early move that comes from the 1339.00-1341.00 area could offer a good long entry, but don’t overstay with your position as I consider that if that occurs, the best the index can do is to close an opening gap, where I recommend to reverse your position an go short for the rest of the session, that can result in a 18 point sell off. On the other side of the coin there is strong support on the 1332.00-1330.00 area, so if the index hold above it, more consolidation could be seen during the coming sessions.

There is resistance at 1352.50-1353.50 on the E-mini SP, 1802.00-1803.00 on the E-mini Nasdaq and 710.20-711.00 on the E-mini Russell. An upside move that stays bellow those levels could be a very good short entry. If the markets push higher we could see the next levels at 1357.00-1358.75 on the E-mini SP, 1813.00-1814.00 on the E-mini Nasdaq and 714.60-715.90 on the E-mini Russell. A break above those levels will bring once more shorts to cover driving prices higher 1362.50-1364.25 on the E-mini SP, 1820.00-1821.00 on the E-mini Nasdaq and 721.20-722.00. If those areas are broken, the trend will be definitely changed to the upside.

There is support at 1345.50-1344.00 on the E-mini SP, 1786.00-1785.00 on the E-mini Nasdaq and 704.40-703.00 on the E-mini Russell, if those hold a move to yesterday’s settlement or first resistance levels should offer a good short entry. Bellow those levels, the 1338.50-1337.00on the E-mini SP, 1777.00-1775.00 on the E-mini Nasdaq and 699.00-698.50 on the E-mini Russell is all that a pullback could go to a neutral position, if those levels can not hold the selling pressure, there is additional support at 1333.50-1332.00 on the E-mini SP, 1766.00-1765.00 on the E-mini Nasdaq and 690.70-689.50 on the E-mini Russell. Breaking bellow those levels will signal that the consolidation move has ended and the E-mini SP is due for a test of the 1310.00-1308.00 level before any chance of bouncing back. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P NASDAQ RUSSELL
Resistance 3 1362.50-1364.25 1820.00-1821.00 721.20-722.00
Resistance 2 1357.00-1358.75 1813.00-1814.00 714.60-715.90
Resistance 1 1352.50-1353.50 1802.00-1803.00 710.20-711.00
PIVOT 1348.50 1793.00 706.30
Support 1 1345.50-1344.00 1786.00-1785.00 704.40-703.00
Support 2 1338.50-1337.00 1777.00-1775.00 699.00-698.50
Support 3 1333.50-1332.00 1766.00-1765.00 690.70-689.50


S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1413.25 1887.94 738.84
1406.00 1877.56 735.16
1394.25 1860.75 729.20
1382.50 1843.94 723.24
1375.25 1833.56 719.56
1363.50 1816.75 713.60
1351.75 1799.94 707.64
1348.13 1794.75 705.80
1344.50 1789.56 703.96
1332.75 1772.75 698.00
1321.00 1755.94 692.04
1313.75 1745.56 688.36
1302.00 1728.75 682.40
1290.25 1711.94 676.44
1283.00 1701.56 672.76





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1372.00 1803.00 718.30
AS DAILY LOW 1341.25 1759.00 702.70​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE]

 

[arturo1]

Daily Trading Advisory

DAILY TRADING ADVISORY 15-February-2008

Initial Claims on the lower range resulted in a moderate higher opening but Bernanke’s commentaries about the economy ended the three day rally.

ECONOMIC DATA

8:30 AM Export Prices
8:30 AM Import Prices
8:30 AM NY Empire State Index
9:00 AM Net Foreign Purchases
9:15 AM Capacity Utilization
9:15 AM industrial Production
10:00 AM Michigan Sentiment – prel.

HOLIDAY CALENDAR

Next Monday, February 18, President’s Day. Futures markets will be partially closed. Or next update will be for Tuesday, February 19.


YESTERDAY’S MARKETS

A positive opening for all the indexes failed to reach the Globex highs. The E-mini SP futures started the session at 1366.50 and pulled back to the 1361.50 where a double bottom drove prices back up to 1368.50. Just with the release of Bernanke’s speech, the indexes started a downward move which reached our 1354.00-1353.00 support area on the E-mini SP and 1798.00 on the E-mini Nasdaq. The E-mini SP bounced back to our updated resistance area on the 1361.00-1362.00 zones where our readers took advantage and entered short. The downside pressure took the index down to the 1352.00-1350.00 support level. After trying hard to push lower, buyers stepped in and manage to get as high as 1357.75 where another wave of selling pushed prices to new intraday lows exactly to our third support band on the 1348.50-1347.00 levels. The lows were bought with enthusiasm but failed once more above the 1358.00 where a double top resulted in a late sell off moving the indexes lower and after placing higher lows the markets closed a few points above the daily lows. The E-mini SP lost 12.75 points for the day, the e-mini Nasdaq gave back 26 points and the E-mini Russell settle with a loss of 15.2 points. The Dow cash lost 175 points closing at 12376.

MARKET COMMENTARY AND OUTLOOK

Yesterday I wrote:” Yesterday tops will be short term resistance and all the rallies bellow those levels may be sold. So for today’s session if the pattern seen during the last two days repeats once more, a positive opening should be seen as a shorting opportunity, which means that an early rally could give us a 10-12 point pullback”.

The market gave us the early sell off that we were looking for but the expected rally was only short covering and all the bounces were shorting opportunities. Yesterday I wrote about the importance of the 1363.00-1364.00 area and about the rally that took place from the base at the 1330.001332.00 area on the E-mini SP. The three day countertrend rally from those lows, the extreme low volumes on that rally and the lack of commitment to sustain to closes above my key levels, has placed the indexes on a fragile position of in its best case on a neutral one, where selling the rallies should offer the best opportunities all the time that the E-mini SP is trading bellow the 1363.00-1364.00 area. The fact that the index moved higher from obvious support but failed to sustain a 7-10 days rally opens once more the possibility of an important move lower, and, the chart should tell us, if that move will take prices first bellow the 1342.00-1340.00 area and then a test of this early week base pattern, if the 1332.00-1330.00 area is broken and not reversed during the next trading session, the way to the January lows will be open. However, if that area holds, then a strong rally could be the most logic scenario.

Today, we have the February option expiration, and I personally don’t favor the expiration dates for trading as the markets can be tricky, but selling early strength should offer the best chances. In the opposite a lower opening should offer a good long shot as during the past days, all the initial moves has been reversed, but don’t hold too much a long position as traders should be cautions for this long weekend.


TODAY’S SESSION

.
There is resistance just above the pivot points at 1356.00-1357.50 on the E-mini SP, 1802.00-1804.00 on the E-mini Nasdaq and 708.50-709.80 on the E-mini Russell. If the markets push higher we could see the next levels at 1361.00-1362.50 on the E-mini SP, 1812.00-1814.00 on the E-mini Nasdaq and 711.90-712.10 on the E-mini Russell. If the market gets there be ready to sell as those are HUGE resistance. A break above those levels will bring the markets back to an uptrend and should reach the 1366.00-1368.00 on the E-mini SP, 1821.00-1823.00 on the E-mini Nasdaq and 718.10-719.80.

There is strong support at 1348.00-1346.50 on the E-mini SP, 1792.00-1790.00 on the E-mini Nasdaq and 703.60-701.60 on the E-mini Russell, if those hold, a good long entry could be trigger. Bellow those levels, the 1342.00-1340.00 on the E-mini SP, 1782.00-1781.00 on the E-mini Nasdaq and 698.50-697.20 on the E-mini Russell. Those levels are extremely important to maintain the markets out of trouble, if those levels can not hold then the 1332.00-1330.00 on the E-mini SP, 1770.00-1768.00 on the E-mini Nasdaq and 692.20-690.10 on the E-mini Russell will have to be immediately reversed or we will be in the way to the 1310.00-1300.00 area.. GOOD LUCK

TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS

S&P NASDAQ RUSSELL
Resistance 3 1366.00-1368.00 1821.00-1823.00 718.10-719.80
Resistance 2 1361.00-1362.50 1812.00-1814.00 711.90-712.10
Resistance 1 1356.00-1357.50 1802.00-1804.00 708.50-709.80
PIVOT 1355.25 1804.50 711.30
Support 1 1348.00-1346.50 1792.00-1790.00 703.60-701.60
Support 2 1342.00-1340.00 1782.00-1781.00 698.50-697.20
Support 3 1332.00-1330.00 1770.00-1768.00 692.20-690.10


S&P NASDAQ RUSSELL
FIBONACCI FIBONACCI FIBONACCI
1410.74 1901.23 761.97
1405.01 1891.02 756.63
1395.75 1874.50 748.00
1386.49 1857.98 739.37
1380.76 1847.77 734.03
1371.50 1831.25 725.40
1362.24 1814.73 716.77
1359.38 1809.63 714.10
1356.51 1804.52 711.43
1347.25 1788.00 702.80
1337.99 1771.48 694.17
1332.26 1761.27 688.83
1323.00 1744.75 680.20
1313.74 1728.23 671.57
1308.01 1718.02 666.23





DAILY PROJECTIONS S&P NASDAQ RUSSELL
AS DAILY HIGH 1361.25 1812.75 715.60
AS DAILY LOW 1337.00 1769.00 693.00​

Futures and options trading have large potential rewards, but also LARGE POTENTIAL RISK. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this document. The past performance of any trading system or methodology is not necessarily indicative of futures results.
DAY TRADING INVOLVES HIGH RISK AND YOU CAN LOSE A LOT OF MONEY.
Every effort has been made to accurately represent all of our products and it's potential. As with any business there is a risk of loss of capital and there is no guarantee that you will earn any money. The financial markets are risky .Investing is risky. The foregoing has been prepared only and solely for informational purposes and is not a solicitation or an offer to buy or sell any security, option or futures contract. Opinion is based on historical research but there is not guarantee that futures results will be profitable. We are not advocating or recommending trading futures and our services, notes and entry and exit prices to the markets only reflects our opinion an a manner how markets can be traded. We mention many indexes like the S&P, NASDAQ, Russell, Dow Jones as T-Bonds only because they are the most known and liquid markets, and not because we recommend in any way to be traded.
You can lose more than your initial investment.
We are not Brokers, Registered Trading Advisors, Registered Investment Advisors or Commodity Trading Advisors. All the material contained here or in any communication is only for information purposes and part of our thoughts and personal conclusions.
Copyright © by theminitrade.com[/QUOTE][/QUOTE]