TradeStalker's
R.B.I. Trader's Update
7 / 26 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 7/26/2009
The market had another big week on the upside as the summer
"melt-up" continued. On Friday the first decent bounce
failed at 972.00 on the ES, and then it fell back to 962.50
before turning back up. That was from the 963.00-962.50
initial support on the ES, while the Dow made a double
bottom, and the market got going on the upside. After a
bounce back to 971.00 fizzled, the pullback held the 968.75
support, and the market was able to bounce again. The sprint
to 975.00 reversed, but the dip held and with 30 minutes
left the upside was back in gear as the market rallied to
new highs in the final minutes of trading.
The market still had a head of steam, and as long as the
initial support holds on a pullback (like on Friday), the
market is still in uptrends and in buy the dip mode.
However, the first trade will set up on the short side if
there is early strength on Monday, and the move reverses in
the first 20-40 minutes of trading. A pop up to the initial
resistance areas, or a move over and then back down through
the 980 level on the ES, should start a decent pullback. A
hold over the 980 level could goose the market higher, up to
the 984.00-984.50 area on the ES or higher, before selling
off.
The market sentiment is overly bullish, and a decent
pullback is due soon. If the market cannot get another
bounce to stick, then the initial support areas look to be
pivotal on a pullback. If the initial support areas are
broken (ES, NQ, and YM) on Monday, and the market cannot
quickly reverse, then the tide could be changing. If the
market does get hit with a selloff, a close must be over the
962.50 low from Friday.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
979.50-980.25
984.00-984.50
989.75-990.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
972.50-971.75
969.00-968.75
963.00-962.50
957.50-956.75
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1602.00-1603.75
1607.75-1608.50
1616.75-1618.25
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1591.00-1590.25
1586.75-1586.25
1574.75-1573.75
1564.00-1563.25
September 2009 Dow futures resistance
symbols: emini = ymu9
9065-9069
9097-9102
9143-9146
September 2009 Dow futures support
symbols: emini = ymu9
9018-9015
8995-8991
8964-8961
8928-8824
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
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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