TradeStalker's
R.B.I. Trader's Update
8 / 4 / 2009
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 8/4/2009
The lower open held and reversed from just over the 993.00-
992.50 support on the ES Tuesday morning and then bounced to
999.25 before the move fizzled and reversed. A pullback to
994..50 was bought and the ES rallied almost 10 points to
1004.00 by early afternoon. The ES fell to 997.00 and
bounced, but the move fizzled and reversed from 1001.75. A
pullback to 997.00 held and the market finished strong by
rallying to 1005.00 on the ES at the close.
The market is very overbought, but continues to hold on the
pullbacks. The market closed at resistance on the ES while
the Nasdaq is up against its high made on 7-30. If the
market pushes through those areas and does not quickly
reverse on Wednesday, then it looks like the choppy melt-up
might be headed for the 1014 level on the SP500 cash. On the
down side, as long as the pullbacks continue to reverse
after a drop of 5-7 points on the ES, the bulls are still in
charge.
The market should be a short to start Wednesday, if the ES
pops up to the 1008.50-1009.00 zone on the ES and then
stalls/ reverses. However, if that occurs early, beware that
the first decent pullback should set up a buying opportunity
when the downside slows then reverses. The last hour lows
should not be seen if the market is going to remain strong
on Wednesday.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1005.00-1005.50
1008.50-1009.00
1011.50-1012.50 ***strong
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
997.50-997.00 ***key
993.50-992.50 ***major on Wedneday
988.75-987.75
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1632.00-1633.00
1637.50-1638.50
1642.25-1644.50 ***strong
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1616.75-1616.25 ***key
1612.50-1611.25 ***major on Wedneday
1608.75-1607.75
September 2009 Dow futures resistance
symbols: emini = ymu9
9287-9292
9317-9322
9355-9359 ***strong
September 2009 Dow futures support
symbols: emini = ymu9
9230-9226 ***key
9207-9203 ***major on Wedneday
9174-9170
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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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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