TradeStalker's
R.B.I. Trader's Update
8 / 9 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 8/9/2009
The market ended the week with a rally into new recovery
high ground on Friday. The ES gapped up 9.75 points, but the
early strength was sold and the market fell quickly. However
after turning back up from 999.50, the market rallied
strongly into the afternoon. After the ES reached 1016.00
the market backed off. After a slow move sideways, the ES
broke the 1013 level and fell 10+ points to the updated
1006-1005 area by the close.
The market continues to reach new high ground, and then
finds time to take profits and sells off. On Friday the
averages made new highs, but the internal gauges made lower
highs. In addition, the Vix gave a couple of sell signals at
Friday's close. How much downside comes from this is hard to
tell, but a deeper pullback should be in the cards. Despite
the breakout of the little range that the market was in
until Friday, the market fell back to the breakout level on
the ES by the close on Friday. The Dow and Nasdaq still have
more to go to do the same.
On Monday the market should be a good short if there is
early strength that fizzles under the initial support areas.
If the market opens lower, then the resumption of the late
Friday selloff should reverse and bounce back if the
1002.75-1002.00 area is held. If the market cannot reverse
early weakness after the first 20-40 minutes of trading,
then a top of some sort might be in place and the bounces
would be shorting opportunities until getting to the 996.00-
995.50 area on the ES. If that area is not held, then a
decent top should be in place and the 988.75-987.75 major
support could be in the cards.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1011.75-1012.50
1015.50-1016.00
1020.00-1020.50
1023.75-1024.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
1005.50-1005.00
1002.75-1002.00
999.50-999.00
996.00-995.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1623.00-1623.50
1627.00-1627.75
1631.75-1632.50
1637.50-1638.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1617.00-1616.50
1611.00-1610.25
1607.00-1606.50
1600.50-1599.50
September 2009 Dow futures resistance
symbols: emini = ymu9
9369-9372
9400-9404
9443-9447
9471-9473
September 2009 Dow futures support
symbols: emini = ymu9
9317-9314
9292-9287
9264-9260
9234-9230
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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permission.
This publication's primary focus is trading the index
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(DIA), and (DOG)
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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
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extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
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