TradeStalker's RBI Update 01/03/10

.................................................

TradeStalker's

R.B.I. Trader's Update

1 / 3 / 2010

(Published Since 1996)

...............................................

Dateline: 5:26 pm eastern time, 1/3/2010

The market was acting toppy early last week, as the pops
into the new high territory were repeatedly sold. Then on
Wednesday the ES dropped to the 1117.75-1117.00 key support,
and managed to bounce back to 1124.00 on Thursday's open.
That didn't stick either, as the early strength was once
again sold on Thursday. The ES dropped to the 1117.75-
1117.00 key support, and then churned just over that zone
going into the last 30 minutes of trading on Thursday. That
area finally broke, and a sharp drop to 1109.75 occurred at
the 4 pm close for stocks. The futures rallied back in the
last 15 minutes, but end-of-quarter "settlement at fair
value" had them settle the day near the day and weekly lows.

The market looks like it topped for a bit. The ES gave back
the 6+ days of upside in just 30 minutes on Thursday. The
daily indicators are a day or so from getting oversold, and
the VIX reversed and jumped up after getting under 20 for a
few days. So it looks like there should be more to go on the
downside before a decent low can be put in place.

On Monday look for early strength to be sold and then if the
ES can hold and reverse from around the 1108 area, a decent
bounce could occur. Just don't expect the bounces to stick
unless the 1121.50-1122.00 area is exceeded and not quickly
reversed.

March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0

1114.50-1115.00 **minor early
1117.50-1118.00
1121.50-1122.00 **key area
1125.75-1126.25
1128.50-1129.00 ** major


March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0

1110.25-1109.75
1108.00
1105.25-1104.50
1098.00-1097.25


March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0

1864.50-1865.00 **minor early
1868.50-1869.00
1872.50-1873.00 **key area
1881.00-1882.00
1886.00-1886.50 ** major


March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0

1858.50-1857.75
1855.00
1852.00-1851.75
1842.75-1841.75


March 2010 Dow futures resistance
symbols: emini = ymh0

10413-10415 **minor early
10426-10430
10462-10465 **key area
10497-10501
10525-10529 ** major


March 2010 Dow futures support
symbols: emini = ymh0

10364-10360
10333
10317-10314
10271-10267

CLICK HERE for FREE Trading Articles and Videos!

Good Trading,
Mike Reed
TradeStalker.com

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
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)

TradeStalker.com
PO Box 9783, Ft Wayne, IN, 46899

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.
*************************************************