TradeStalker's
R.B.I. Trader's Update
1 / 19 / 2010
(Published Since 1996)
...............................................
Dateline: 6:12 pm eastern time, 1/19/2010
Last night's update stated:
"...a pullback should hold over the 1131.50-1131.00
area to keep the stair-step higher pattern on the
intraday chart."
The ES fell from the MLK Day high at 1137.00 and opened at
the 1131.50-1131.00 support on Tuesday. The ES turned up and
rallied 11.50 points to 1142.75, just 1 tick under the 1143
resistance, before pulling back. A dip was shallow, holding
over the updated support, and set up a move to 1145.00. The
1143.00 level was updated support and the ES made a double
bottom there and then bounced to 1147.00-1148.00 zone near
the close.
The ES and NQ tested the top of their ranges and backed away
on Tuesday. We get the PPI and Housing Starts numbers before
the open on Wednesday. Since Tuesday was a trend day with
very small pullbacks, the action should be more two-sided on
Wednesday. Look for shorting opportunities around the
Tuesday high areas, but for now there no damage done unless
the 1143 area is broken. That was pivotal on Tuesday, and a
break of that area would break the upside momentum and
possibly be the start of a trip back towards the 1140.00-
1139.50 area on the ES. That will need to be quickly
reversed, otherwise the market will be rolling over.
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
1143.50-1143.00
1140.00-1139.50
1135.00-1134.50
1131.50-1131.00
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1894.75-1896.00
1900.75-1901.50
1905.50-1906.25
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1885.50-1885.00
1880.50-1879.50
1874.25-1873.50
1868.00-1867.00
March 2010 Dow futures resistance
symbols: emini = ymh0
10684-10690
10721-10725
10748-10753
March 2010 Dow futures support
symbols: emini = ymh0
10654-10651
10629-10626
10584-10580
10563-10588
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
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