TradeStalker's
R.B.I. Trader's Update
2 / 25 / 2010
(Published Since 1996)
...............................................
Dateline: 6:32 pm eastern time, 2/25/2010
It was quite a day on Thursday. The ES opened down 16 points
and after dropping to 1084.50 in the first 20 minutes the ES
turned back up. Shortly after noon the 3rd intraday update
stated:
"The ES grinded down to 1085.75 and made a little
double bottom there before turning back up. The
lows should be in place as long as the 1088.00-
1087.50 area on the ES is held."
The 1088.00-1087.50 area held and then around 1:45 pm the
market shot higher with the ES rallying to the 1098.50-
1099.00 resistance zone. A pullback held at 1095.00 and then
the market went into a trend up move to the 1103.00 level by
the close.
The market is in a big trading range at the moment and by
the look of things this volatility should continue. The
internal gauges are all in neutral territory, with plenty of
room to move either way.
The bounces, no matter how impressive, have not been able to
hold lately. However, when the market gets hit hard, the
buyers come back in droves. That is a trading range
environment, and unless the 1085.25-1084.50 area is broken
on the downside or the 1110.50-1111.00 area is exceeded on
the upside we can expect this range to continue.
The ES ended the day at 1103.00, and the 16 point drop on
Thursday's open came from the 1103.50 settlement on
Wednesday. So, the initial resistance areas need to be
exceeded and not reversed early Friday to avoid another
drop. If there is an early dip, it will need to reverse from
the 1095 area to avoid another trip down to test the
1090.75-1090.00 zone. A pullback should go no further than
that 1090.75-1090.00 zone if it is going to come roaring
back as it has been doing. That is where the rally kicked
into gear on Thursday afternoon. If that area is broken, and
not quickly reversed, then the week will end on a down note.
On Friday we get the GDP before the open, then we also get
the Chicago PMI 15 minutes into the day and then the
Michigan Consumer sentiment 25 minutes into trading. Then at
10 am we get the Existing Home Sales data. So, after the
first 30 minutes the market will have the rest of the day to
trade on its own. For now, no harm is done unless the
initial support is not defended and the 1095 area on the ES
is not quickly reversed on Friday.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1103.50-1104.25
1108.00-1108.50
1110.50-1111.00
1114.50-1115.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1098.00-1097.25
1095.00
1090.75-1090.00
1087.50
1085.25-1084.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1816.00-1817.00
1822.25-1823.25
1829.25-1830.00
1833.25-1834.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1806.25-1805.25
1800.50
1789.00-1788.00
1784.50
1781.00-1780.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10321-10326
10390-10395
10419-10421
10435-10439
March 2010 Dow futures support
symbols: emini = ymh0
10277-10273
10257
10215-10212
10198
10177-10173
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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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