TradeStalker's
R.B.I. Trader's Update
1 / 14 / 2010
(Published Since 1996)
...............................................
Dateline: 6:43 pm eastern time, 1/14/2010
The lower open reversed from above initial support and
bounced to right in the middle of the 1145.25-1146.25
resistance zone. That set up a short for a 5+ point drop to
1140.00. Then the market started a rally and a couple of
scalps from 1143.50-1144.00 updated resistance set up. The
pullbacks held the updated support, but bounces weren't
holding either so we turned to buying over the 1143.50 level
at shorting 1145 area. We scratched the 1145 short, then a
pop into the 1146.50-1148.00 area reversed and dropped 3
points before the close.
If the 1147-1148 area is not rejected, then a chance for one
more push higher is possible before this move loses its
luster. Since the bottom in March 2009 there has been just
one decent correction. That started after the SP500 cash
rallied 289 points from March low to a high in June 2009.
The SP500 cash then dropped 67 points on a closing basis in
July 2009. From that low, an equal move would put the SP500
cash at 1158.77 intraday. That would be around the 1154.50-
1155.50 area on the ES, and there are a couple other numbers
in that area that should make it tough to get through if the
highs are broken and the market doesn't quickly reverse.
Earnings after the close has the market trading a little bit
higher after the close. The ES has a double top at the
11147-1148 area to overcome. On the down side, the 1144.00-
1143.50 area was resistance early on Thursday, but the break
and hold over that area is what keeps the uptrend alive. If
that area is broken, then odds of a decent top being in
place begin to go up.
Early strength should set up a good shorting opportunity if
there is a reversal from just under 1150 on the SP500 cash
and futures. However, as long as that 1144.00-1143.50 area
is defended on a pullback, the market will be okay bigger
picture. There should still be very good shorting
opportunities when the bounces stall out, and those should
set up the "easier" and better odds trades up at these
levels.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1147.00-1148.00
1151.75-1152.25
1154.50-1155.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1144.00-1143.50
1142.00
1138.50-1138.00
1133.00-1132.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1894.50-1895.50
1900.75-1901.50
1905.50-1906.25
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1884.00-1883.50
1880.50
1876.25-1875.50
1868.00-1867.00
March 2010 Dow futures resistance
symbols: emini = ymh0
10674-10679
10701-10705
10743-10748
March 2010 Dow futures support
symbols: emini = ymh0
10652-10649
10642
10610-10606
10587-10584
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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The foregoing has been prepared solely for informational
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