TradeStalker's
R.B.I. Trader's Update
1 / 20 / 2010
(Published Since 1996)
...............................................
Dateline: 7:56 pm eastern time, 1/20/2010
The pivotal 1143 level on the ES was rejected in pre-open
trading, and the big down open gathered momentum as the ES
kept pushing lower until the ES reached 1125.25. We took
some nice profits on puts bought on Tuesday, and gave
updated resistance at 1129.50-1130.00. The ES bounced to
1129.75 and stalled, then dropped 4 points to 1125.75 to
make a double bottom. After getting over 1129.75 the ES, it
popped up to 1131.00 but only dipped to 1129.25 and then the
uptrend resumed as the market rallied back into the close.
There isn't much to say tonight that's new. The VIX jumped
up over 10% intraday on Wednesday, and then turned back up.
That should mean more volatility ahead, and that the market
isn't quite ready to roll over. The ES is in a 22 point
range, so look for a buying opportunity on a test of the
bottom side if / when there is a reversal. On the other side
of the coin, a move back towards the 1143 area on the ES
would set up a good shorting opportunity if a top is in
place up at the 1147 area. We get the Philly Fed and the
Leading Indicators release 30 minutes into the day on
Thursday and that should cause a reaction.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1136.75-1137.50
1140.25-1141.00
1143.00-1143.50
1147.00-1148.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1131.50-1131.00
1129.25
1125.75-1125.25
1123.00-1122.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1876.25-1877.00
1884.00-1885.00
1890.00-1890.75
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1859.00-1858.25
1854.50
1851.00-1849.75
1845.50-1844.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10575-10578
10627-10631
10653-10656
March 2010 Dow futures support
symbols: emini = ymh0
10536-10533
10509
10469-10465
10443-10439
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Good Trading,
Mike Reed
TradeStalker.com
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