TradeStalker's
R.B.I. Trader's Update
3 / 8 / 2010
(Published Since 1996)
...............................................
Dateline: 6:31 pm eastern time, 3/8/2010
The market opened higher on Monday and the ES ran up to
1040.50 before a dip. After that dip, a bounce to 1140.00
failed and it set up a 123 top. A pullback to 1136.00
followed. That was just over the initial support at 1135.50-
1135.00 and a bounce back to 1140.00 was next. The moves
couldn't stick with the market so overbought, and a drop to
test the lows occurred just before the futures settled.
The market is still overbought. The Vix reversed, and that
gives another sell signal. The ES traded in a very small
4.50 point range, and the combination should mark a short
term top, or a least more downside before we get a rally
that can sustain itself.
So, look for early weakness to be reversed for a scalp long,
but the better opportunities will be on the short side when
bounces on fizzle on Tuesday. If the ES can get over the
1139.50-1140.00 area, and not quickly reverse, then it's
possible for a squeeze higher. However, that was rejected 3
times on Monday and it appears that will be a tough barrier
to break through.
March 2010 SP futures resistance
symbols: emini = esh0 / big contract =sph0
1139.50-1140.00
1141.50-1142.00
1146.50-1147.00
March 2010 SP futures support
symbols: emini = esh0 / big contract =sph0
1135.50-1135.00
1133.00-1132.50
1126.00
1123.50-1123.00
March 2010 Nasdaq futures resistance
symbols: emini = nqh0 / big contract = ndh0
1890.00-1890.75
1894.75-1895.50
1902.00-1903.00
March 2010 Nasdaq futures support
symbols: emini = nqh0 / big contract = ndh0
1886.50-1886.00
1883.00-1882.00
1874.50-1873.50
1868.50-1867.50
March 2010 Dow futures resistance
symbols: emini = ymh0
10561-10565
10581-10584
10616-10620
March 2010 Dow futures support
symbols: emini = ymh0
10532-10528
10514-10511
10440-10436
10423-10419
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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 ($ES_F). 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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research and data believed reliable, but there is no
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