TradeStalker's
R.B.I. Trader's Update
3 / 4 / 2010
(Published Since 1996)
...............................................
Dateline: 8:26 pm eastern time, 3/4/2010
The early strength was sold about 30 minutes into trading on
Thursday, and from 1123.00 the ES dropped 7.50 points to the
1115.50-1115.25 key support. That first decent pullback held
and reversed off of that 1115.50-1115.25 zone and rallied to
1120.00 resistance. Then the ES went sideways in a 2.25
point range for more than an hour, which set up a couple of
scalp shorts from the 1120.00-1120.50 resistance. The 4th
drop took the ES to 1117.75 and quickly reversed. The bounce
failed 1 tick over the 1120.50 resistance, but the pullback
was just 1.75 points before heading back up in the last 45
minutes of trading.
We get the Employment data before the open on Friday, and it
should lead to a big volatile day. The market is currently
range-bound, and is close to the top of that range at
Thursday's close. It is at 1125 on top and 1115 on bottom,
and after churning in that range for three days, that 1115
bottom side needs to hold or else the downside could gather
some steam.
On Friday, if there is early strength, look for a reversal
to occur in the first 30 minutes of trading. if the market
opens lower, then the initial support needs to hold to avoid
rolling over. If the market gets hit with selling, then a
reversal from the 1115.50-1115.25 would need to occur,
otherwise the week ends on a bad note.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1124.50-1125.00
1127.50-1128.00
1132.00-1133.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1120.50-1120.00
1115.50-1115.25
1112.00-1111.25
1107.50-1106.50 **strong, key
1104.25-1103.50
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1861.75-1862.25
1867.50-1870.00
1876.50-1878.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1854.75-1854.00
1846.75-1846.00
1841.75-1840.75
1836.50-1834.75 **strong, key
1827.00-1825.25
March 2010 Dow futures resistance
symbols: emini = ymh0
10455-10458
10482-10486
10514-10519
March 2010 Dow futures support
symbols: emini = ymh0
10423-10419
10374-10369
10338-10334
10289-10284
10258-10253
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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
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PO Box 9783, Ft Wayne, IN, 46899
This publication's primary focus is trading the index
futures ($ES_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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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