TradeStalker's
R.B.I. Trader's Update
8 / 11 / 2009
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 8/11/2009
The market opened lower on Tuesday, below the 1001.75-
1001.25 zone on the ES, and continued to go lower in trend-
down fashion to 990.00 by 11 am. A bounce off that level
failed just under the updated resistance at 994.50-995.00,
then fell back to test the lows. The market firmed up at
990.25 on the ES and the upside got going as the ES rallied
to 996.75. The 997-998 reversal area was missed by a tick,
but the double top at 996.75 started a drop to just above
the lows by the close.
We get the Fed decision on interest rate policy at 2:15 pm
on Wednesday. The market is acting range bound, but the
upside appears limited right now. After making a little
double bottom at the 990.00-990.25 area, the rally to the
996.75 double top was aggressively sold. The initial
resistance areas, across the board, need to be cleared and
not quickly reversed on Wednesday to avoid trouble. On the
bottom side, if the ES breaks the 990 level, then it will
need to quickly reverse back up from the 988.50-987.50 zone.
That would set up a quick trade on the long side, but not
one to overstay as the bounces haven't been sticking and is
also acting toppy.
On Wednesday look for early strength to be sold, and then
the first pullback might turn into a buying opportunity if
there is a reversal from just under the 990 level on the ES.
After the Fed release, there should be a quick back-and-
forth move that lasts 10 minutes or so, then the market
should find a trend that lasts into the very late trading.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
996.25-996.75 **key, especially early
1001.25-1001.75
1008.00-1008.50 ** major, short if reversed
1011.75-1012.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
990.25-990.00
988.50-987.50 ** must hold
983.50-981.75
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1600.50-1601.00 **key, especially early
1604.00-1604.75
1616.75-1617.75 ** major, short if reversed
1623.00-1623.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1593.75-1592.75
1589.75-1588.75 ** must hold
1581.50-1580.25
September 2009 Dow futures resistance
symbols: emini = ymu9
9246-9251 **key, especially early
9276-9280
9333-9337 ** major, short if reversed
9369-9372
September 2009 Dow futures support
symbols: emini = ymu9
9186-9182
9171-9164 ** must hold
9125-9121
---------------------------
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.
*************************************************
No comments:
Post a Comment