TradeStalker's
R.B.I. Trader's Update
8 / 16 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 8/16/2009
The market opened weak on Friday and then sold off pretty
hard in the first hour. The ES dropped 21.75 points from
Thursday's 1014.00 high down to 992.25 shortly before noon,
and then the action slowed to a crawl. The ES traded
sideways between the 993.50 level on bottom and 996.75-
997.50 zone on the top going into the last 30 minutes of
trading. In the last intraday update I stated:
"That 996.75-997.50 zone must be blown through,
and then hold on a dip, to get anything going on
the upside."
At 3:46 pm the ES broke thru and reached 1000.50. A dip to
998.00 occurred at 3:51 pm, then the ES rallied 9.00 points
to 1007.00 at 4:12 pm, a nice setup to end the week.
The market is still range bound, and on Thursday the ES was
2 points from the top and then on Friday the ES fell to just
2 points above the bottom of the range. For the time being,
and with the market being so resilient, the market will be a
buy near the bottom side and a short near the top side until
there is a breakout that sticks.
On Monday look for early strength to set up a shorting
opportunity. If that plays out, then the first decent
pullback should be bought, especially if the initial support
is held. If it is not held, then the market could fall back
inside the Friday afternoon range and see if that is just
backing up to get a good rally going. If there is early
strength that reaches the 1011.50 area on the ES and/or
1623.50 on the NQ, and the move reverses, that would set up
a good short.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1006.50-1007.00
1011.50
1015.50-1016.00
1020.00-1020.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
1001.50
998.00-997.50
994.00-993.50
990.00-989.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1617.75-1618.75
1623.50
1631.50-1633.50
1637.00-1637.75
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1608.75
1603.75-1603.00
1600.50-1599.75
1595.00-1594.50
September 2009 Dow futures resistance
symbols: emini = ymu9
9328-9331
9365
9398-9404
9444-9449
September 2009 Dow futures support
symbols: emini = ymu9
9281
9255-9250
9216-9212
9184-9180
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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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