TradeStalker's
R.B.I. Trader's Update
3 / 1 / 2010
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 3/1/2010
The market opened higher on Monday and popped up to the
1110.50-1111.00 resistance zone, and from 1111.00 the ES
quickly dropped to 1107.25. A rally to the 1114.50-1115.00
resistance stalled out shortly after noon, and then the ES
dropped to new support at the 1111.50-1111.00 area. A bounce
took out the 1115 resistance and quickly reversed setting up
a pullback to 1112.00 with 45 minutes left in stock trading.
That was new support and the market firmed to close right in
the 1114.50-1115.00 resistance zone.
The market ended the day at the resistance area that kept
the market in a narrow range on Monday. If this move
reverses and starts a drop from up here, it could gather
some momentum if the 1112.00-1111.25 area on the ES is not
defended. Also, the NQ was able to hold and bounce from the
1842 area on Monday, and that area needs to also hold. If
those are broken, and not quickly reversed, then the trends
will turn back down. Unless that occurs, the selling is just
profit taking before another bounce.
If the market does reverse on Tuesday, and the Vix closes up
for the day, it could be the beginning of a selloff coming.
The Vix made back to back new 20 day lows and that's the
only real worrisome technical issue at this time. On
Wednesday afternoon we get the Beige Book release and that
could be a market mover.
On Tuesday look for early strength to be sold, and then if
the first decent pullback can hold the initial support areas
then the rally should continue. If the initial support is
broken, then bounces should fail as the market gives back a
good deal of its recent gains.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1115.00-1115.50
1117.75-1118.25
1121.50-1122.50
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1112.00-1111.25
1107.00-1106.50
1103.25-1102.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1845.75-1846.50
1850.75-1852.00
1856.75-1858.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1842.50-1841.75
1836.50-1834.75
1827.00-1825.25
March 2010 Dow futures resistance
symbols: emini = ymh0
10399-10403
10421-10426
10467-10472
March 2010 Dow futures support
symbols: emini = ymh0
10373-10369
10339-10335
10304-10299
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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)
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
guarantee that future results will be profitable.
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extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
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