TradeStalker's
R.B.I. Trader's Update
8 / 23 / 2009
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 8/23/2009
Last week started with the ES dropping 21.50 points off of
the 1005.75 previous Friday close. On Tuesday and Wednesday,
the ES was reversed from just under the 980 level and by
Thursday's close the ES made it a round trip back to close
at 1004.75. I was expecting a selloff from there, but on
Friday the ES gapped up 9 points on the open. That was a
breakout to a new recovery high, and the ES rallied to the
1027.00 before backing off a bit into the close.
The market continues to be very resilient, as buying
continues to come in on the pullbacks. Right now however,
the market should be a bit extended. The closing Trin on
Friday was a miniscule .30. If the numbers were turned
around, that is the same as a closing Trin at 3.40. Those
are short term extremes that tend to mark a turn in the
trend within the next 7 trading hours. In addition, the
short term gauges are at big extremes on the overbought
side. Finally, the Vix jumped way up on Monday and it gave a
couple buy signals, but at Friday's close we had the
opposite and one Vix sell signal.
So, it looks like the market should pull back some early in
the week, and then when we get to Wednesday the end of month
upside bias should take hold and give the market a lift. On
Monday look for early strength to set up a shorting
opportunity. However, as long as the ES doesn't break the
1021.00-1020.50 area, the trends will still point higher. If
that area breaks, there should be strong support around the
1014.75-1014.00 area that should hold unless the market is
losing its strength.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1026.50-1027.00
1030.50-1031.00
1036.00-1036.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
1024.75
1021.00-1020.50
1014.75-1014.00
1007.75-1007.00 **strong
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1639.00-1639.75
1645.50-1646.00
1652.00-1653.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1633.75
1627.75-1627.00
1620.50-1620.00
1610.50-1608.75 **strong
September 2009 Dow futures resistance
symbols: emini = ymu9
9504-9508
9541-9544
9591-9596
September 2009 Dow futures support
symbols: emini = ymu9
9478
9464-9460
9408-9404
9350-9346 **strong
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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.
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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.
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