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TradeStalker's
R.B.I. Trader's Update
2/6/2007
(Published Since 1996)
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Dateline: 6:33 pm Eastern time, 2/6/2007
The 1810.50 level on the Nasdaq futures was our key level coming into Tuesday. The early pop to 1809.50 was quickly reversed and the drop to 1784.75 (24.75 points) was steady.The SP futures dropped to 1447.50 while the Nasdaq futures held its last support at the 1785.25-1782.50 area and the market bounced back. After a bounce, the market pulled back to make a double bottom and then turned back up. There was alot of chop-chop action going into the last hour of trading,but after going back to test the highs, the market backed off into the close.
The market made a good comeback after the early spill on Tuesday. The lows were at pretty good support areas,especially the Nasdaq futures. However, now the market is close to where the selling started on Monday/ Tuesday. It looks like we might have trading range conditions on Wednesday.
Look for the "sell early strength, buy the first decent pullback" type of action in the early going on Wednesday.Thereafter, key off the resistance and support areas.
Good Trading,
Mike Reed
Sign up for our FREE TRIAL, and you'll get my nightly marketcomment as well as consistently accurate support andresistance levels for the emini SP, Nasdaq, and Russell.http://www.TradeStalker.com
Tuesday, February 06, 2007
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