TradeStalker's
R.B.I. Trader's Update
1 / 26 / 2010
(Published Since 1996)
...............................................
Dateline: 6:01 pm eastern time, 1/26/2010
The ES opened at the 1087.00-1086.25 support and then
bounced to the 1091.75 closing range from Monday. A drop
back to 1086.50 was reversed, and with a double bottom in
place at support it set up a trade on the long side and the
ES rallied 9.50 points to the 1095.50 reversal area. Then
from 1096.00 the ES dropped 4.75 points to 1091.25 and
turned back up. The 1095.50 level was exceeded, then held at
that level on a dip, which set up a trade on the long side.
The upside got going and the ES reached 1100.00. After a
dip, the ES made a double top/ 123 top from 1100.00 and we
jumped on the short side. A 4+ point drop to 1094.75
followed. Updated resistance at 1096.75-1097.75 was tested,
and from 1097.50 the ES rolled over at 3pm and dropped 12
points to 1085.50 in the last 10 minutes of futures trading
as another rally failed on Tuesday.
On Wednesday we get the Fed policy decision for interest
rates at 2:15pm. The volatility has been fantastic, and that
should continue. The ES now has 3 bottoms at the 1086.50-
1085.50 area. Normally a 4th try will break through. If that
occurs, then we will have a good chance of reaching the
1082.00-1081.00 major support area, which was reached on
Tuesday before stocks opened. If the market gets down there,
and can turn back up and rally strongly then a low can be
put in place for a decent move back up. If that area is not
held, then the market could be in the midst of more than a
correction.
On Wednesday look for an early bounce if the initial support
is not broken, but the early strength should be sold and
especially if the 1096.75-1097.50 area on the ES is
rejected. If the ES drops to the 1082-1081 area and can
reverse and then get back over the 1086 level, then a short
term low could be in place. If the market sells off, and can
not get back over the 1086 area, then lower prices should be
in the cards.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1091.00-1091.75
1096.75-1097.50
1099.00-1100.00
1104.00-1104.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1086.00-1085.50
1082.00-1081.00
1077.50-1076.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1805.75-1806.50
1815.00-1816.00
1823.50-1824.00
1830.75-1831.75
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1796.50-1796.00
1790.50-1789.50
1783.50-1782.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10164-10168
10209-10214
10234-10236
10268-10273
March 2010 Dow futures support
symbols: emini = ymh0
10129-10126
10094-10069
10038-10032
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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permission.
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Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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