TradeStalker's
R.B.I. Trader's Update
1 / 13 / 2010
(Published Since 1996)
...............................................
Dateline: 6:51 pm eastern time, 1/13/2010
The early strength fizzled, setting up a short and the ES
then dropped 7.50 points to the 1129.00-1128.50 key support.
A quick reversal set up a trade on the long side and the ES
bounced 3.75 points to updated resistance at 1133.00. A
short at that area was stopped out for a small loss, as the
ES ran up to 1141.00. The 1138 level was given as updated
support, and that held for a 4.25 point move up to 1142.50.
The pullback from 1142.50 was just 1.50 points, and then the
ES reached 1145.25 and then sold off. The break of 1143.50
turned the trend, giving a short that gave a drop to 1141.25
just before settlement.
The market put together a good rally from the 1129.00-
1128.50 support area on Wednesday. This could turn into a
trading range, with a double top at 1145.25-1146.25 possibly
in place. On the lower side, that 1129.00-1128.50 area
should be a key support zone now, and as long as that zone
is not broken, the daily chart will still be in decent
shape.
The internal gauges are beginning to show bigger picture
divergences. If the breadth on the NYSE is not strong on
Thursday (that would be a net +1200 advancing issues) then
we could begin to get a bigger picture bearish divergence
almost across the board. That is what is often seen before a
decent sized correction.
On Thursday we get the Retail Sales before the open. If
there is a pop back up towards the Wednesday highs and the
move stalls/ reverses, then it sets up a shorting
opportunity. On the downside, as long as a pullback can hold
the initial support areas, the market will still be in good
shape. However, if they are broken and not quickly reversed,
then a drop to the next support areas should hold unless the
market is in trouble.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1145.25
1146.50-1148.00
1151.75-1152.25
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1138.50-1138.00
1133.00-1132.50
1129.00-1128.50
1126.00-1125.00
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1889.50
1893.75-1895.50
1900.75-1901.50
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1876.25-1875.50
1868.00-1867.00
1855.25-1853.75
1850.00-1849.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10657
10667-10672
10694-10698
March 2010 Dow futures support
symbols: emini = ymh0
10610-10606
10587-10584
10561-10558
10521-10514
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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This publication's primary focus is trading the index
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