TradeStalker's
R.B.I. Trader's Update
11 / 26 / 2008
(Published Since 1996)
...............................................
Dateline: 6:28 pm eastern time, 11/26/2008
A very quick update..... Most of my internal
gauges are at big extremes where the upside
should be difficult, at best. Many times this
setup will mark a trading top. In any case, the
market may have trouble continuing the rally.
Be careful with new longs up here. There is
resistance at the 897.50-898.50 zone on the
ES if the Wednesday high is exceeded, and
if that area is not a problem then the major
resistance is at the 905.50-906.50.
The key support, which should be pivotal short
term, is at the 860.50-859.50 area on the ES
and the 8500 level on the Dow cash. Those will
need to be quickly reversed if we get a selloff.
If the market gets back down there and can
reverse, then the market is still in a bullish bigger
picture mode. However, if those are broken and
the market doesn't quickly reverse back up, then
the 835-833 area on the ES and 8300 on the Dow
cash is major support.
Good Trading,
Mike Reed
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Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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