TradeStalker's
R.B.I. Trader's Update
8 / 10 / 2009
(Published Since 1996)
...............................................
Dateline: 6:08 pm eastern time, 8/10/2009
A lower open was reversed on Monday, however the ES bounced
to 1007.75 and then the move stalled out. The first decent
bounce could not hold the gains and the market rolled over
and grinded its way down to the 999.50-999.00 support zone
on the ES. The market bounced, but the updated resistance at
the 1002.50-1003.00 area (1002.75 bounce high) was a lid and
the market fell back to make new lows. The ES turned up from
998.25 but the move stalled out after barely poking over the
1003 resistance. The market traded sideways until the last
20 minutes, as the ES pushed through the 1003.50 level and
rallied back to the morning high at 1007.75 just before
settlement.
Most of the internal gauges are back into neutral territory
at Monday's close. The futures settled well over fair value
on Monday, as the sentiment turned bullish in a hurry at the
end of the day. The market was having trouble holding its
gains late last week, but on Monday the action was the
opposite. Although the market reversed last week from
logical areas, and making it look like a top is in place,
the market might be on the way to test the highs from last
week, or make slightly lower highs, before a trading top is
in place. If this plays out and the ES rallies back to the
1011.75-1012.50 area and then reverses, then it could start
a bigger selloff. However, the market should be okay as long
as the 1003.75-1003.25 area on the ES holds on a pullback.
If that area is not held, then the intraday trends will roll
over again.
On Tuesday look for early strength to stall/reverse to set
up a shorting opportunity, especially if there is a reversal
from around the 1011.75-1012.50 area on the ES. If that
plays out, then the first decent pullback needs to hold the
1003.75-1003.25 area on the ES to stay in uptrends. If the
market opens lower, then it will set up a buying opportunity
as long as there is a reversal from the initial support
areas. If those break, then the ES needs to quickly reverse
if the 1001.75-1001.25 zone is seen. If the market isn't
strong enough to hold that area, then bounces will set up
shorting opportunities as the market attempts to break the
Monday lows before turning back up.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1008.00-1008.50
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
1003.75-1003.25
1001.75-1001.25
999.50
995.50-995.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1616.75-1617.75
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
1608.50-1607.75
1604.75-1604.00
1600.00
1594.75-1594.00
September 2009 Dow futures resistance
symbols: emini = ymu9
9333-9337
9369-9372
9400-9404
9443-9447
9471-9473
September 2009 Dow futures support
symbols: emini = ymu9
9295-9292
9280-9276
9260
9234-9230
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
This publication's primary focus is trading the index
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