TradeStalker's
R.B.I. Trader's Update
3 / 11 / 2010
(Published Since 1996)
...............................................
Dateline: 6:43 pm eastern time, 3/11/2010
The market opened lower on Thursday and then after the June
ES reached 1134.00 (we had support at 1134.50-1134.00) it
turned back up and rallied to 1141.50. That was rejected,
and a drop to 1136.75 followed. Another bounce to 1141.00
was reversed and the ES dropped to the 1138.00 updated
support. More buying came in at 2 pm and the ES rallied to
the 1146.00-1146.50 zone to close strong.
The ES broke out of a triangle/trading range and made a new
closing high for the year by 1 penny. The ES settled right
at a resistance area, so follow through holding will be key.
We get the retail sales before the open on Friday, and the
Michigan Sentiment report is released at 9:55 am. If the
number doesn't hurt the up-trends, we could get to the 1154
area on the SP500 cash before a turn back down. However, if
there is no follow through, and the initial support areas
are not held, then a decent sized drop should be underway.
Look for early strength to be sold on Friday, and then if
the initial support areas are held on a pullback, the rally
can continue. If the initial support areas are broken, and
there is not a quick reversal, then a sharp drop back down
to the 1134.50-1134.00 area from Thursday would need to
hold, and quickly turn back up. The SP500 cash has closed up
9 of the last 10 days, so if market drops that far and a
reversal back up doesn't happen fast, then the downside
could accelerate and finish the week on a bad note.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1146.00-1146.50
1149.50-1151.00
Equivalent to the 1154 area on SP500 Cash
1154.25-1154.75
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1142.50-1142.00
1138.50-1135.00
1134.50-1134.00
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1923.75-1924.50
1928.75-1929.50
1934.75-1935.25
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1916.25-1915.50
1910.50-1909.75
1907.00-1906.00
June 2010 Dow futures resistance
symbols: emini = ymm0
10550-10554
10584-10588
10550-10554
10584-10588
June 2010 Dow futures support
symbols: emini = ymm0
10523-10519
10491-10487
10447-10443
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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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Disclaimer
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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
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