TradeStalker's
R.B.I. Trader's Update
3 / 16 / 2010
(Published Since 1996)
...............................................
Dateline: 6:02 pm eastern time, 3/16/2010
The market gapped up on Tuesday and that early strength was
sold as the ES dropped from 1149.00 to 1145.50 before
turning back up. The bounce was a grind up to a 1153.00
high, and then the market pulled back into the Fed release.
After the release a quick run up was reversed from just
under the 1154.25-1154.75 zone, and a quick drop to the
1149.00-1148.50 support zone was reversed. The rally back
was a choppy trend up move into the final minutes of
trading.
The SP500 cash broke and held 1150 on Tuesday, and now as
long as the 1149.00-1148.50 zone on the ES holds on a
pullback, no damage is done. From up here, the easiest trade
would be to sell into early strength on Wednesday as soon as
any upside stalls/reverses. The move was a bit parabolic on
Tuesday, and a pullback should occur before the market can
move higher. If the market is going to avoid trouble, then a
drop should be reversed from 1151.50-1151.00 or higher on
the ES. If that zone is not defended, then the 1149.00-
1148.50 could be sliced through. If that occurs, then the
break-out will have been a fake-out and a decent sized
correction could begin.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1155.50-1156.00
1158.50-1159.00
1162.00-1163.00
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1151.50-1151.00
1149.00-1148.50 **key short term
1145.50-1145.00
1141.00-1140.50
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1931.50-1932.50
1935.25-1936.00
1939.75-1940.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1925.00-1924.00
1921.00-1920.25 **key short term
1917.00-1916.00
1909.75-1908.50
June 2010 Dow futures resistance
symbols: emini = ymm0
10630-10635
10657-10661
10682-10687
June 2010 Dow futures support
symbols: emini = ymm0
10612-10608
10581-10578 **key short term
10559-10554
10545-10542
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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permission.
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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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