TradeStalker's
R.B.I. Trader's Update
2 / 10 / 2010
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 2/10/2010
The lower open was bought on Wednesday and the ES popped up
5.75 points to 1069.75 and quickly reversed. The early game-
plan worked nicely as the first bounce failed under initial
resistance and then the ES dropped to 1056.25 in trend down
fashion. The trend was reversed an hour into the day, and a
rally was pretty good, but it was stopped cold after a
direct hit of the 1071.50-1072.50 resistance zone. After a 6
point drop to 1065.25, we were re-entering a short on a
bounce towards 1069 and the ES rejected 1068.50 twice before
dropping 5 points to 1063.50. A bounce back to the 1066.00-
1066.50 followed, and it set up one last short as the ES
dropped from 1066.25 to 1063.00 just before settlement.
Once again the market was unable to hold its gains and
closed poorly. Also, the 1071.50-1072.50 resistance zone was
soundly rejected so that might be all there is for upside
potential at this time. The ES was feeling comfortable
around the 1066 area, having opened and settled at 1106.50
and 1066.25 on Tuesday. The Wednesday open was at 1065.75
and the ES was right there at the 4 pm close for stocks. The
fact that they dropped into settlement looks like a tip-off
for more weakness ahead.
On Thursday look for the same pattern of early weakness
being bought, and if that plays out then the first decent
bounce should set up a good shorting opportunity as long as
the move fails under the initial resistance zones. If that
1066.25 area is not rejected, then a test of that 1071.50-
1072.50 zone would be key to how strong, or weak, the market
is. On the downside, if the Wednesday low areas at 1056.50-
1056.00 on the ES and 1739.25-1738.50 on the NQ are tested,
and not quickly reversed, then this move lower could gather
some steam. It would open the door to re-visit the 1048.00-
1047.50 area on the ES before any kind of reversal attempt.
If the market gets down there, it must rebound sharply
otherwise we will be back to testing the major support that
this publication nailed last Friday at the 1044-1042 area on
the SP500 cash.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1066.25
1068.00-1068.50
1071.50-1072.50
1077.00-1078.0
1082.00-1082.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1063.00
1056.50-1056.00
1053.00-1052.50
1048.00-1047.50
1040.75-1039.50 MAJOR
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1748.50
1752.25-1753.00
1758.00-1759.00
1767.00-1768.00
1774.00-1774.75
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1743.50
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
10010
10026-10030
10053-10058
10103-10108
10149-10154
March 2010 Dow futures support
symbols: emini = ymh0
9983
9932-9927
9898-9895
9848-9846
9798-9791 MAJOR
CLICK HERE for FREE Trading Articles and Videos!
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
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment