TradeStalker's
R.B.I. Trader's Update
8 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 8/3/2009
A gap up open was sold on Monday as the ES popped up to
995.75 and reversed right away. The first decent pullback
was over 25 minutes later, as buyers stepped to the plate
when the ES reversed from 988.75. The ES ran up to make a
high at 999.25, and then a 7 point pullback followed. After
holding and turning up from 992.25, the market started a
very choppy trend up move into the afternoon. The ES popped
over the 1000.50 resistance, but reversed from 1001.00 and
pulled back. The 997.00 level held, then the ES popped to
1000.50 and reversed back down. That set up a short entry
and the ES dropped back to 996.00 with 15 minutes left in
stock trading. The market turned back up and rallied into
the close.
The market has a good underlying bid, turning back up after
a pullback loses momentum and reverses. The drops have been
between around 5-7 points on the ES, then the buying comes
back in to drive prices higher. On Tuesday we will likely
get more two-sided action, but unless/until there is a break
and hold under the initial support on Tuesday, no damage is
done. However, if the initial support areas are broken, then
the bounces will likely be sold as the trends could be
rolling over. On the upside, most will be watching the 1014
level on the SP500 cash, as it's the .382 retracement from
the 1576.09 high to 666.79 low. That should equate to the
1011.50-1012.50 area on the ES. That should be hard to get
through the first time, so beware if the ES rallies another
10-12 points on Tuesday as the market would be ripe for a
reversal or profit taking of some sort.
On Tuesday look for early strength to set up a shorting
opportunity, and then the first decent pullback should set
up a buying opportunity if it can snap back from a 5-7 point
pullback that holds the initial support. If that support is
not reversed, then we could have a sharper selloff than most
expect begin.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1001.75-1102.00
1005.00-1005.50
1009.00
1011.50-1012.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
996.50-996.00
993.00-992.25
988.75-987.75
980.00-979.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1628.50-1629.00
1633.00-1634.00
1638.50
1643.25-1644.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1619.00-1618.25
1612.50-1611.25
1608.75-1607.75
1597.25-1596.50
September 2009 Dow futures resistance
symbols: emini = ymu9
9255-9258
9284-9289
9322
9345-9349
September 2009 Dow futures support
symbols: emini = ymu9
9215-9212
9194-9190
9154-9150
9091-9085
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
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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