TradeStalker's
R.B.I. Trader's Update
3 / 3 / 2010
(Published Since 1996)
...............................................
Dateline: 7:55 pm eastern time, 3/3/2010
The early strength was sold on Wednesday, and then the first
pullback held just over Tuesday's close and turned back up.
After reaching 1125, a 1-2-3 top formed and that was it for
the rally. Then when 1123 broke, the ES went to the 1120.50
updated support and bounced. However, the pressure was still
on under 1123.00, and after twice rejecting 1122.75, the ES
rolled over and fell to 1115.50. We were staying with shorts
down to 1115, but per instant message we locked in profits
on day trades around 1116 and stepped aside.
On Thursday we get Initial Claims before the open and then
Pending Home Sales at 10 am. The market was unable to hold
its gains on Wednesday, and by the look of things they won't
be able to on Thursday either. The 1115.50-1115.25 area will
need to be defended on a pullback for the market to stay in
a trading range. If that area is not quickly reversed, along
with the NQ at its 1846.50-1845.75 support, then the market
will be breaking down. On the upside, the 1120.00-1120.50
area on the ES would need to be exceeded, and then held on a
pullback, to get out of potential trouble on Thursday.
However, if that area is not held, then the market will
continue to offer better opportunities on the short side.
So, for now the bounces should set up good shorting
opportunities as soon as the upside stalls out, or rejects a
resistance zone. On the downside, if the ES sells off to
test the 1115.50-1115.25 area and turns back up, it should
be worth a scalp trade on the long side. Just be careful not
to load up on any position just yet. If the ES slides down
to the 1112.00-1111.25 area and stalls or reverses, that
could give a decent trade on the long side as shorts cover
at a formerly strong resistance area.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1119.75-1120.50
1124.50-1125.00
1127.50-1128.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1115.50-1115.25
1112.00-1111.25
1107.00-1106.50
1104.25-1103.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1853.50-1854.25
1861.75-1862.25
1867.50-1870.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1846.50-1845.75
1842.50-1841.75
1836.50-1835.50
1827.00-1825.25
March 2010 Dow futures resistance
symbols: emini = ymh0
10408-10412
10455-10458
10482-10486
March 2010 Dow futures support
symbols: emini = ymh0
10369-10364
10338-10334
10289-10284
10258-10253
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