TradeStalker's
R.B.I. Trader's Update
8 / 18 / 2009
...............................................
Dateline: 6:01 pm eastern time, 8/18/2009
The market opened higher on Tuesday, then after a pullback
to Monday's closing range on the ES, it reversed back to the
upside from a 979.00 low and then bounced back 10 points to
989.25 by noon. An early afternoon pullback was reversed
from 985.75 and then the choppy trend up move continued. The
ES popped up to 990.00 and then backed off Just as fast.
Another quick bounce back to 989.75 was reversed and then
after dropping 3.50 points the ES rallied back to settle
just under the high for the day.
The market was short term oversold after the Monday drop.
The recovery from the Monday selloff almost made it back to
the break-down zones, which are at the bottom of the old
trading range on the futures contracts. The market will
remain vulnerable unless the ES gets over the 992.25-992.75
and it not quickly reversed. Also, the initial support areas
need to hold on Wednesday. If those areas are not defended,
or quickly reversed if broken, then the oversold bounce
could be over and the intraday trends will roll over.
If there is early strength on Wednesday, it should set up a
good shorting opportunity. If that plays out, then be on
alert for a reversal from the initial support areas. If not
held, then the market will likely head back to test the
Monday lows and maybe breaking them before turning
back up..
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
992.25-992.75
994.75-995.50
998.00-998.50
1003.50-1004.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
985.50-984.50
981.50-981.00
975.50-974.50
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1589.50-1590.50
1594.50-1596.00
1601.75-1602.75
1610.50-1612.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1581.00-1580.25
1572.50-1571.25
1562.25-1561.25
September 2009 Dow futures resistance
symbols: emini = ymu9
9211-9215
9239-9243
9268-9271
9321-9326
September 2009 Dow futures support
symbols: emini = ymu9
9180-9176
9154-9149
9091-9085
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Good Trading,
Mike Reed
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