TradeStalker's
R.B.I. Trader's Update
3 / 14 / 2010
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 3/14/2010
The market gapped up on Friday and the ES reversed from
1150.25 (1149.50-1151.00 zone was key resistance) and
dropped 8.25 points to 1142.00 (the 1142.50-1142.00 zone was
key support) about 40 minutes into the trading day. After
turning up from 1142.00, new resistance was given at the
1146.00-1146.50 area. In a narrow range we had a pullback
from 1146.50 to 1143.00, and after a bounce back to 1146.50
there was another pullback to 1142.50. With that area
turning into strong support, the ES turned back up with 30
minutes left and rallied back to 1147.00 by the close.
The market has been able to bounce back after every selloff
for 2 weeks now. On Friday, the SP500 cash and futures
gapped up into new high territory for the year and instantly
turned down. The resistance at the 1154 area on the SP500
cash was rejected. Still, the key support at the 1142.50-
1142.00 area refused to break in the morning, and also at
the end of the day. The trend doesn't break unless the ES
breaks that 1142.50-1142.00 area and then cannot get back
over 1145.00 on a bounce.
On Monday look for early strength to set up a shorting
opportunity as soon as the move stalls/ reverses. That
should occur within the first 40 minutes of trading at the
latest. If that plays out, the 1142.50-1142.00 area will
hold and set up a buying opportunity if the market is still
strong. If that is broken, and a bounce cannot get back over
1145, then the market could gather downside momentum.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1146.50-1147.00
1149.75-1150.50
Equivalent to the 1154 area on SP500 Cash
1154.25-1154.75
1158.50-1159.00 [if melt-up]
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1142.50-1142.00
1138.50-1135.00
1134.50-1134.00
1131.50-1130.75
1129.25-1128.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1924.50-1925.50
1927.50-1928.25
1934.75-1935.25
1942.50-1944.00 [if melt-up]
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1918.75-1918.00
1913.75-1912.75
1907.00-1906.00
1903.75-1903.00
1898.50-1897.50
June 2010 Dow futures resistance
symbols: emini = ymm0
10574-10578
10585-10589
10620-10625
10643-10648 [if melt-up]
June 2010 Dow futures support
symbols: emini = ymm0
10539-10533
10498-10494
10447-10443
10422-10418
10402-10397
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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
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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