TradeStalker's RBI Update 01/04/10

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TradeStalker's

R.B.I. Trader's Update

1 / 4 / 2010

(Published Since 1996)

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Dateline: 6:16 pm eastern time, 1/4/2010

The market opened much higher on Monday, and the move
continued in trend up fashion until poking over the 1128.50-
1129.00 resistance zone. The ES reached 1129.75 while the NQ
stayed under its 1889.00 early high all morning and
afternoon. A double top gave a small pullback to 1127.50
which turned into a double bottom just before the close.

The market had a very good start to the new year. However,
if things haven't changed much, the buyers will back away
until there is another decent pullback. The market may be
able to work its way higher, however at these levels the
better intraday setups are likely going to come on the short
side when new highs are sold into, then bought back after a
decent pullback.

We get Factory Orders and Pending Home Sales 30 minutes into
the day. If there is early strength on Tuesday, and the
upside fizzles and reverses from around the 1130 level on
the ES, it should offer a good shorting opportunity. If
there is a decent pullback, and the 1124.00-1123.25 area is
held or reversed, then a bounce back could be underway. If
that area is not held, then it appears that the 1120.50-
1119.50 area will be a pivotal area. That area should hold
if the first week of the year is going to be strong.

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

1129.75-1130.50
1135.75-1136.50
1141-1143


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

1127.50-1126.75
1124.00-1123.25
1120.50-1119.50
1115.00-1114.50
1110.25-1109.75


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

1888.50-1889.25
1894.00-1894.50


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

1883.50-1883.00
1880.00-1878.50
1875.00-1874.00
1868.50-1867.75
1860.00-1858.75


March 2010 Dow futures resistance
symbols: emini = ymh0

10554-10558
10611-10616


March 2010 Dow futures support
symbols: emini = ymh0

10517-10512
10504-10501
10440-10435
10388-10384
10360-10357

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Good Trading,
Mike Reed
TradeStalker.com

Good Trading,
Mike Reed

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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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