TradeStalker's RBI Update 07/28/09

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TradeStalker's

R.B.I. Trader's Update

7 / 28 / 2009

(Published Since 1996)

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Dateline: 5:45 pm eastern time, 7/28/2009


The ES opened down almost 8 points and at the 971.50-970.75
support and rallied up to 979.25 before fizzling out. That
started a drop to the 969.50 level, which was just over
Monday's low, then bounced to 974.25. The move reversed
there, and the ES dropped one more time to a 966.00 low. the
market turned up and the 972.50 level turned pivotal. After
a failure there, the ES popped over and held that 970.50
area and ran up to 978.25 where the move reversed. The
selloff took the ES back to 971.25 and then the market
firmed into the close.

On Wednesday we get the Fed's Beige Book at 2pm eastern
time. The market will offer a good shorting opportunity if
there is early strength that stalls out. The 978.50-980.00
zone has been rejected 3 times, and is looking like the
upside might be limited with that area a lid. If that area
is exceeded, then beware of a reversal from the 984.00-
984.50 area. on the downside, the 970.75-970.25 area was
pivotal on Tuesday. That will need to be reversed quickly if
broken. If not, then another spill is in gear and we could
possibly slide to the 963.00-962.50 zone before the market
gets turned around.



September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9

977.00
980.00-980.50
984.00-984.50
989.75-990.50

September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9

970.75-970.25
967.50-967.00
963.00-962.50

September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9

1605.00
1608.00-1608.75
1611.75-1612.50
1618.75-1619.25


September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9

1594.25-1593.75
1589.00-1588.25
1574.75-1573.75

September 2009 Dow futures resistance
symbols: emini = ymu9

9060
9080-9082
9102-9107
9157-9162


September 2009 Dow futures support
symbols: emini = ymu9

9006-9002
8983-8979
8937-8933

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Good Trading,
Mike Reed

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