Daily Trading Advisory SAMPLE REPORT #2

DAILY TRADING ADVISORY 1st-October- 2007

ECONOMIC CALENDAR

ISM Index: market expects 93.5
Auto sales
Truck sales

Weekly EMINI S&P pivots for week ending 05-october-2007

R3    1576.25  
R2    1560.75
R1    1549.50
PP    1534.25
S1    1522.75
S2    1507.50
S3    1496.00

On Friday, as expected, early strength was sold starting the sell off just from Thursday settlement. An early double top formed immediately after the release of the housing data and the Michigan Sentiment report, bring the S&P down 10 points and reached the previous day lows at 1535.75, where buyers stepped in, and in a slow and choppy rally almost got back to our weekly resistance at 1543.00. At this levels selling stepped back in bringing the indexes to new lows for the day at 1533.00 in the S&P and 2003.25 on the mini NASDAQ.

One hour before the markets closed, fund managers came in and in an elaborated and continuous buying settled once more the S&P above fair value. This marked has been very resilience and people do not seem afraid of buying every drop, but wait to see when this won’t happen.

Very good selling was seen near the highs and this could be a short term top. The falling at 1543.00 without making new highs and the multiday tight ranges at these levels are similar to those that marked the year’s highs back in July, and math the timing for the markets to get hit pretty hard. Also the Vix reversed from its lower level not seen since July 23 when the subprime uncertainty and credit crunch began.
If this sell off continue during the following sessions we can reach the 1510.00-1507.50 area before some kind of rebound is seen, if this can not hold a healthy retracement expect big support between 1480.00-1470.00 on the S&P and 1960.00-1940.00 on the NASDAQ futures.

Today the ISM index will be reported and, if the sell off is going to start, it should happen since the opening bell or at our first daily resistance levels, and if by case the markets opens lower as I expect not even reach Friday settlement; and then selling the bounces should offer the best trading opportunities, but don’t overstay on the short side until a clear break of 1530.00 is seen on the S&P, if this level holds we can be back at the highs of the range. Keep a close eye on an opening rally that stalls at our resistance levels because another fast 10 point drop could be on the cards.

On a higher opening we should find weak resistance above Friday settlements at 1441.00 -1442.50 on the S&P and 2116.00-2118.00 on the NASDAQ, if this don’t hold the buying, 1443.50-1445.00 and 2024.00- 2026.00 on the NASDAQ should be a solid wall. If these levels are broken and hold on a first pullback, the way is open for new highs in the NASDAQ and a test of the 14000 on the Dow Jones.

If the market sells since the beginning expect our first support at 1534-00-1532.50 on the SP and 2102.00-2103.50 to hold the first time for a 4-5 points mini rally on the SP, if this don’t hold the next support level comes at 1526.50-1528.00 on the SP and 2093.00-2091.00 on the NASDAQ, if this is broken we can call a short term top and reach 1520.00 on the SP and 2082.75 on the NASDAQ by the close of the session.

 

           TODAY SUPPORT, PIVOT AND RESISTANCE LEVELS
 
S&P
NASDAQ
Resistance 3
1551.50-1553.00
2136.00-2138.00
Resistance 2
1543.00-1545.00
2124.00-2126.00
Resistance 1
1541.00-1542.50
2116.00-2118.00
PIVOT
1539.50
2113.75
Support 1
1534.00-1532.50
2103.50-2001.00
Support 2
1528.00-1526.50
2093.00-2091.00
Support 3
1521.50-1520.00
2082.75-2081.50
 
 
 
 
 
 
 
 
 
 
 
 
  
S&P FIBBONACCI NUMBERS
NASDAQ FIBONNACCI NUMBERS
1558.00
2144.75
1553.23
2136.82
1545.50
2124.00
1540.73
2116.07
1539.25
2113.63
1533.00
2103.25
1525.28
2090.43
1520.50
2082.50
1512.78
2069.68
 
 
 
 
 
 
 

 

 

 

 

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