TradeStalker's
R.B.I. Trader's Update
2 / 3 / 2010
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 2/3/2010
The lower open on Wednesday was reversed and the ES rallied
to the 1099.50 resistance before fizzing out. That set up a
good shorting opportunity, and it was trend down to the
1091.50-1091.00 support area. A bounce up to 1096.25 failed,
and a drop to 1090.50 was then quickly reversed and the
market bounced back. The rally took the ES to 1097.25, where
it made a double top before pulling back. Then the market
went range-bound, with the ES gyrating between 1092 on the
bottom and 1097 on top, and finished the day on an up-note.
The market has been very volatile, with a lot of tradable
swings in both directions. On Wednesday we had 9 swings of
4+ points... they are listed below:
1093.50
1099.50 +6.00
1091.25 -8.25
1096.25 +5.00
1090.50 -5.75
1097.25 +6.75
1092.00 -5.25
1096.75 +4.75
1092.50 -4.25
1096.75 +4.25
On Tuesday we had more than that. Just having some patience
to wait for the upside or downside to stall/reverse set them
up both ways. For now expect the same as long as the
1091.00-1090.50 area is not broken and held. The futures
settled well above fair value, so upside follow-through is
factored in if the futures don't drop overnight. If there is
early strength on Thursday, it should reverse within the
first 40 minutes or else the market is very strong. If the
market obliges by reversing any early strength, look for
signs of a reversal on a pullback to take a trade on the
long side. A pullback should go further than the 1093.50
area if the upside is going to remain the path of least
resistance.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1097.00-1097.50
1099.50-1100.50
1103.50-1104.00
1106.75-1107.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1093.50
1091.00-1090.50
1088.50-1088.00
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1789.50-1790.50
1794.50-1795.50
1799.75-1800.50
1804.25-1805.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1783.75
1779.00-1778.25
1765.00-1764.25
March 2010 Dow futures resistance
symbols: emini = ymh0
10245-10248
10257-10262
10302-10309
10327-10331
March 2010 Dow futures support
symbols: emini = ymh0
10231
10187-10184
10154-10151
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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
permission.
This publication's primary focus is trading the index
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(DIA), and (DOG)
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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This is not an endorsement or recommendation of the SP500
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