TradeStalker's
R.B.I. Trader's Update
8 / 25 / 2009
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 8/25/2009
Early strength was a short on Tuesday as the ES popped up to
1031.00 and then dropped 4.50 points to the new 1026.50
support. That set up a trade on the long, and the ES
sprinted to the 1038.00-1038.50 resistance. The move
fizzled, setting up a shorting opportunity, and the ES fell
from 1038.00 to the updated 1026.50 support again. A rally
from 1026.50 reversed from 1035.50, and then the ES fell to
1026.75 before bouncing. We were looking for a new low as
long as 1031 wasn't exceeded, and a bounce stalled at
1030.00 before falling to a new low at 1024.75. The ES
bounced back, but the move reversed from 1030.50 and the
market sold off into the close.
The market has been very resilient, however the way that the
market has acted so far this week, a top (for a few days
anyway) looks to be forming. The early strength hasn't been
able to hold, and the late selloffs are bearish. A trading
range, at best, is in the cards at the moment. The ES will
need to get over the initial resistance, and not quickly
reverse, to get out of potential trouble on Wednesday. If
double bottoms are not made by dipping and reversing from
the 1025.00-1024.50 area on the ES, then the 1021.25-1020.50
would need to be reversed to avoid falling back towards the
1014.75-1014.00 area. A drop to that area must turn around
quickly, otherwise a bigger correction could be underway.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
1030.00-1030.50
1035.00-1035.50
1038.00-1038.50
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
1025.00-1024.50
1021.25-1020.50
1017.50-1017.00
1014.75-1014.00
1007.75-1007.00 **strong
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1643.00-1644.00
1648.25-1649.00
1655.00-1655.50
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1635.00-1634.50
1627.75-1627.25
1624.00-1623.50
1620.50-1620.00
1610.50-1608.75 **strong
September 2009 Dow futures resistance
symbols: emini = ymu9
9562-9565
9599-9602
9615-9620
September 2009 Dow futures support
symbols: emini = ymu9
9514-9511
9477-9472
9446-9442
9408-9404
9350-9346 **strong
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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