TradeStalker's
R.B.I. Trader's Update
8 / 19 / 2009
(Published Since 1996)
...............................................
Dateline: 6:21 pm eastern time, 8/19/2009
The ES opened down 11 points on Wednesday and reversed right
from the get-go. The break and hold back over the 981.00-
981.50 zone was good for a sprint to 988.75 before the move
fizzled. A triangle pattern formed, but the market was
"okay" if 985.50 held and that was the pullback low before
the market shot higher again. The rally was rejected just 1
tick over the 998.00-998.50 resistance zone, and then a
pullback to 991.50 followed. Buyers stepped to the plate in
the last 45 minutes and the market rallied into the close.
On Thursday we get initial jobless claims before the open,
and it could be a market mover. The drops, no matter how
hard, are finding buyers coming in and it is keeping the
market afloat. However, when the upside stalls out we get
good tradable pullbacks. For now, treat this as a trading
range. Look for a buying opportunity if the market gets hit
again, but still holds over the 975.50-974.50 area on the
ES. On the upside, should the ES rally back over the 1000
level, beware of a reversal when the move stalls out. It
looks like the 1006.50-1007.00 area on the ES should offer
strong resistance.
On Thursday look to "fade" the early emotion especially if
there is a pop up open that reverses in the first 30 minutes
or so. If that plays out, a drop back towards the 989.50-
989.00 area should be reversed if the market is still in
good shape.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
998.25-998.75
1003.50-1004.00
1006.50-1007.00 **key area
1012.00-1012.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
992.00-991.50
989.50-989.00 **should hold if strong market
985.50-985.00
981.50-981.00
975.50-974.50 ** short term major
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1600.75-1601.75
1609.50-1610.50
1615.75-1616.50 **key area
1622.50-1623.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1592.00-1591.50
1586.50-1586.00 **should hold if strong market
1579.00-1578.25
1572.50-1571.25
1562.25-1561.25 ** short term major
September 2009 Dow futures resistance
symbols: emini = ymu9
9297-9301
9347-9351
9374-9378 **key area
9428-9431
September 2009 Dow futures support
symbols: emini = ymu9
9242-9238
9213-9209 **should hold if strong market
9178-9173
9154-9149
9091-9085 ** short term major
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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