TradeStalker's
R.B.I. Trader's Update
2 / 8 / 2010
(Published Since 1996)
...............................................
Dateline: 6:12 pm eastern time, 2/8/2010
After dropping from the 1063.75-1064.25 resistance just
before stocks opened on Monday, the ES was sold on the open
and fell to the 1056.25-1055.50 support zone.
As stated last night: "if a pullback can hold the
initial support, the up-trends will remain intact and
the market should head back up."
That was reversed and after getting over the 1063.50-1064.00
area the move continued to a 1068.50 high. After a small
dip, a 123 top set up from 1068.00 and the ES dropped to the
new support at 1064.00-1063.50 zone. A bounce failed at
1067.00 and that was it for the upside. The market rolled
over and all of the bounces failed as the ES went trend-down
to 1053.00 at the 4pm close for stocks.
The early rally off of a good support area was sold on
Monday, and for the second half of the day it was all down
hill. After the Friday run-up, that was not impressive for a
follow-up. The market is back into oversold status, but for
now it looks like 2 sided action at best is in store for
Tuesday. The trends are all to the downside unless the
initial resistance zones are exceeded and held on a
pullback. Even then, the market has its work cut out for it
to put together a rally that can hold.
On Tuesday look for early weakness to reverse to set up a
quick trade on the long side. If that plays out, the initial
resistance should be watched for a reversal. If the 1059.50-
1060.25 area is not exceeded and held, then the bounces
still are not sticking and lower prices will be in the
cards. If the market gets hit with a hard selloff, then
watch the 1022-1021 area for a possible bottom for this leg
down.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1059.50-1060.25
1063.50-1064.00
1068.00-1068.50
1073.50-1074.00
1078.25-1079.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1053.00-1052.50
1048.00-1047.50
1040.75-1039.50 MAJOR
1032.00-1031.50
1022.00-1021.00 Panic major area
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1741.75-1743.00
1748.50-1749.50
1753.50-1754.50
1758.25-1759.00
1765.50-1766.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1731.00-1730.50
1723.50-1722.50
1712.00-1710.75 MAJOR
1700.75-1699.75
1690.50-1689.50 Panic major area
March 2010 Dow futures resistance
symbols: emini = ymh0
9922-9925
9949-9953
9989-9992
10038-10042
10099-10103
March 2010 Dow futures support
symbols: emini = ymh0
9968-9865
9848-9846
9798-9791 MAJOR
9714-9709
9623-9618 Panic major area
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
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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