TradeStalker's
R.B.I. Trader's Update
2 / 9 / 2010
(Published Since 1996)
...............................................
Dateline: 6:26 pm eastern time, 2/9/2010
The ES opened up 10+ points and reversed from the 1068.00-
1068.50 resistance then dropped 4.50 points. The second pop
was quickly reversed, and the break of 1063 started a drop
to 1058.00. A double bottom was made, and the reversal was a
buy when the 1063 level was broken and held. After the quick
drop, updated resistance at 1071.25-1072.50 area was tested
and reversed and gave us a 6.25 point drop into the last 5
minutes of stock trading.
The market had a good morning, however once again it was
unable to avoid a good sized pullback. The market pretty
much worked off its oversold status, but the sentiment is
still a bit too bearish which could help prop the market up.
In any case, the market will be okay as long as the initial
support areas hold, or are quickly reversed. If they are
broken early, then a bounce will likely set up a shorting
opportunity when it fizzles out. The initial support areas
still need to be exceeded, and then held on a pullback, to
get a decent uptrend intact.
On Wednesday, if the market opens lower, that should set up
a pretty good trade on the long side. If that plays out,
beware that the first decent bounce should set up a good
shorting opportunity, especially if a bounce fails to clear
the initial resistance. If that 1071.50-1072.50 area is
easily cut through, then a move to test/ exceed the Tuesday
highs is likely before any sort of reversal occurs.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1071.50-1072.50
1077.00-1078.00
1082.00-1082.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1065.00-1064.50
1058.50-1058.00
1053.00-1052.50
1048.00-1047.50
1040.75-1039.50 MAJOR
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1758.00-1759.00
1767.00-1768.00
1774.00-1774.75
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1749.00-1748.00
1739.25-1738.50
1731.00-1730.50
1723.50-1722.50
1712.00-1710.75 MAJOR
March 2010 Dow futures resistance
symbols: emini = ymh0
10068-10072
10103-10108
10149-10154
March 2010 Dow futures support
symbols: emini = ymh0
9998-9994
9941-9937
9868-9865
9848-9846
9798-9791 MAJOR
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Good Trading,
Mike Reed
TradeStalker.com
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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