TradeStalker's
R.B.I. Trader's Update
1 / 27 / 2010
(Published Since 1996)
...............................................
Dateline: 6:21 pm eastern time, 1/27/2010
The ES popped up to 1090.50 on Wednesday and stalled out,
just under the 1091.00-1091.75 initial resistance, allowing
a good reward/risk entry on the short side. The ES dropped
9.50 points to the 1081.00 support area before reversing. A
double bottom at the 1082-1081 support lead to a bounce to
1088.50, then after a wedge break we had a nice short near
1086.00 and the ES dropped to 1082.25. The group was told to
beware buying there, that 1084.00-1084.50 was good resist
and the pop reversed at 1084.50 before a drop to 1081.75
before the Fed. After the release we got the down-up-down
move, then from 1082.00 again the trend move reached the
1091.00-1091.75 resistance and backed off. The pullback held
at 1085.25 then rallied to the 1096.75-1097.50 resistance by
the close.
The market put together a pretty good rally of of the spike
low after the Fed release. The 1078.50 low was just over the
1077.50-1076.50 zone, and if that is reached again, and
reverses, then a tradable low could be put in place. The
1092.50-1092.00 area on the ES needs to hold, or quickly
reverse if broken, otherwise the 1085.25-1084.50 can be
tested. That should be pivotal if it's reached. A reversal
back up from that area keep the market out of trouble. If
broken, then a test of Wednesday lows that reverses sets up
a good reward/ risk opportunity on the long side.
The NQ will need to avoid pulling the market down on
Thursday, as it appears to be weak while the ES looks like
it can go a bit higher. The ES peaked at the 1096.75-1097.50
resistance area, so follow through strength will need to
avoid reversing early, otherwise there is one more decent
pullback coming. If a dip can hold at or above the 1092.50-
1092.00 area then the up-trends will remain intact, but
don't expect a trend up day. If the ES reaches the 1104.00-
1104.50 area, and the move stalls or that area is rejected,
then it could be a bounce high before the downside resumes.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1096.75-1097.50
1099.00-1100.00
1104.00-1104.50
1107.50-1108.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1093.00-1092.50
1085.25-1084.50
1082.50-1081.75
1078.50-1077.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1815.00-1816.00
1821.50-1823.00
1830.75-1831.75
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1807.50-1807.00
1801.50-1800.25
1796.50-1795.50
1791.50-1790.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10203-10209
10234-10236
10268-10273
March 2010 Dow futures support
symbols: emini = ymh0
10178-10175
10109-10105
10088-10085
10057-10052
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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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
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is substantial. You can lose more than your original
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