TradeStalker's
R.B.I. Trader's Update
2 / 24 / 2010
(Published Since 1996)
...............................................
Dateline: 6:46 pm eastern time, 2/24/2010
We were looking for early strength to be sold and then the
first decent pullback to set up a buying opportunity on
Wednesday. The ES popped up to 1102.00 in the first 15
minutes of trading, then reversed and dropped 8.25 points to
1093.75 just before 10:30am. The move reversed from there
and shot almost straight up 11+ points to 1105.00 before a
pullback. A pop up to 1105.50 was reversed, leaving a
potential double top, and just after 2pm while the ES was at
1104 an instant message was sent stating:
(Feb 24-14:02) mike: i'[m] getting small short up here.
(Feb 24-14:03) mike: nq has a wedge type pattern (Feb
24-14:05) mike: if 1101 breaks, a push to 97.50-96.50
would be possible
After that the updated support at 1098.50 held and the
updated resistance at 1102.00-1102.50 was sold, but then the
ES broke and held 1102 on the way to 1104.25 by the close.
On Thursday we have Initial Claims before the open. The ES
had an inside day, as the market made good swings in both
directions. The end of day move up made another wedge type
of pattern, so a break of the initial support areas would
need to be quickly reversed to avoid another test of the
1099.00-1098.50 zone on the ES. If the market slips under
that area on Thursday, and does not quickly find buyers to
reverse that downtrend, then we could see the move pick up
some steam. If the ES drops back towards the Wednesday low
area at 1094.50-1093.75 it would need to reverse right away,
otherwise there is something not right and the market could
unwind towards the 1089.00-1088.50 area on the ES. IF the
market gets hit that hard, it must reverse from that zone,
otherwise the 1079.50 could be seen, which was the high for
the week ending 2/12 and low for the week ending 2/19.
Still, unless a break of the 1099.00-1098.50 area occurs,
the trends are up and the pullbacks should hold. A move back
towards the 1108.00-1108.50 area, and possibly a move
towards the 1110.50-1112.00 zone could be tested before a
selloff occurs. Both sides should be in play again on
Thursday, with the pops to new highs being sold when the
move stalls out, and also the pullbacks to be bought as long
as the 1099.00-1098.50 area on the ES and 1806.50-1805.75
area on the NQ are defended.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1105.00-1105.75
1108.00-1108.50
1111.00-1112.00 **strong
1114.50-1115.00
1117.50-1118.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1102.00
1099.00-1098.50
1094.50-1093.75
1092.50
1089.00-1088.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1818.00-1819.00
1822.25-1823.25
1828.50-1830.00 **strong
1833.25-1834.00
1837.75-1838.50
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1810.00
1806.50-1805.75
1800.50-1799.50
1792.50
1786.00-1785.00
March 2010 Dow futures resistance
symbols: emini = ymh0
10376-10379
10390-10395
10402-10406 **strong
10435-10439
10462-10467
March 2010 Dow futures support
symbols: emini = ymh0
10343
10321-10317
10286-10281
10251
10238-10235
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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
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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