TradeStalker's RBI Update 01/10/10

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TradeStalker's

R.B.I. Trader's Update

1 / 10 / 2010

(Published Since 1996)

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Dateline: 5:26 pm eastern time, 1/10/2010

The lower open on the Job's numbers was reversed from
1132.00 (just 1 tick over our 1131.75-1131.25 support zone)
and it set up a trade on the long side. The ES rallied to
1138.50 (a direct hit at the 1138.50-1139.00 resistance
zone) and pulled back to the 1136.00 updated support and
based out. With less than 30 minutes left the ES took out
1138.50 and that gave the run up to our 1141-1143 key zone
just before the close.

The resilience the market has is amazing. However, with the
exception being last Monday's big up day, the closing gains
have been relatively small while the NYSE breadth at a
sustainable +600 to +700 net advancing issues each day. This
keeps the market from getting overbought by not going too
far too fast.

That said, the last hour rally on Friday does look like too
much too fast. Along with that, the ES nailed the 1141-1143
area at the close. If that 1143 level is exceeded and held,
then the next resistance would be near the 1158-1160 area on
the SP500 cash, and that could be in the cards before this
mini melt-up type of action is over. Early strength that
reverses in the first 40 minutes would set up a shorting
opportunity, however as long as a pullback can hold the
1137.75-1137.25 area on the ES, then the upside is still in
gear. If that area is not defended, then odds are better
that some sort of top was already made increase, and the
bounces then will be shorting opportunities under the 1142
area.

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

1142.00-1143.00
1146.50-1148.00
1151.75-1152.25


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

1139.25-1138.50
1137.75-1137.25
1135.50
1132.00-1131.25
1126.00-1125.00


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

1891.50-1892.50
1896.50-1897.50
1901.50-1902.50


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

1887.00-1886.00
1883.50-1883.00
1875.50
1867.50-1866.50
1858.50-1857.50


March 2010 Dow futures resistance
symbols: emini = ymh0

10572-10576
10618-10621
10664-10668


March 2010 Dow futures support
symbols: emini = ymh0

10545-10540
10531-10528
10518
10501-10496
10441-10438

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Good Trading,
Mike Reed
TradeStalker.comGood Trading,
Mike Reed

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research and data believed reliable, but there is no
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