TradeStalker's RBI Update 07/30/09

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TradeStalker's

R.B.I. Trader's Update

7 / 30 / 2009

(Published Since 1996)

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Dateline: 6:49 pm eastern time, 7/30/2009

The market gapped up on Thursday and the move fed on itself
as the ES rallied all the way to 994.00 before the move
stalled out. A well contained pullback held at 987.00, and
the market bounced back. A little double top on the ES was
made at 992.25 while the NQ failed at its 1622-1623 area,
and then selling started with about 35 minutes left in
trading. The market rolled over and both the ES and NQ made
their lows in the final minutes of trading.

The market closed higher across the board on Thursday, and
at new recent highs. However, the end of day action left the
market in poor shape going into the end of the month. The
daily indicators are showing bearish divergence for the most
part at these highs. There are now lots of afternoon buyers
stuck from higher prices, as the futures all settled below
their opens while at new high ground for the move up.

A decent pullback should occur from here, but it will depend
on whether or not the ES can hold on to the 980.00-979.50
area. If that is not quickly reversed, then the ES could
head to the Wednesday closing range or lower before a
rebound. In any case, the market will likely open weak on
Friday, and if it does a snap-back rally should occur. If
there is a bounce, it will set up a very good shorting
opportunity as soon as the upside stalls out.



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

987.00-987.50
992.00-992.25
994.00-995.00

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

980.00-979.50
975.00-974.50
971.00-970.50
965.75-965.25
963.00-962.50

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

1618.00-1618.50
1622.50-1623.50
1627.50-1628.00

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

1605.75-1605.00
1601.50-1600.75
1595.25-1594.50
1586.00-1585.00
1581.75-1581.00


September 2009 Dow futures resistance
symbols: emini = ymu9

9152-9156
9186-9190
9203-9205


September 2009 Dow futures support
symbols: emini = ymu9

9075-9072
9043-9040
9002-8998
8974-8969
8937-8933


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Good Trading,
Mike Reed

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research and data believed reliable, but there is no
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