TradeStalker's
R.B.I. Trader's Update
3 / 18 / 2010
(Published Since 1996)
...............................................
Dateline: 7:09 pm eastern time, 3/18/2010
The ES bounced to 1163.25 and that was rejected 30 minutes
into the day. We had resistance at the 1162.00-1163.00 zone
and it set up a good short. The ES fell to 1158.75 before a
bounce. That failed at 1162.25 resistance, and then the ES
fell pretty fast to 1156.25. That was just 2 ticks over the
1155.75-1155.00 support zone, and then the ES ended up
making a 1-2-3 bottom that led to a bounce back up to
1161.50. That area was sold again, and a drop to 1158.25
followed. With an hour left in stock trading the market
turned up and the ES rallied back to 1162.00 at the close.
Both the ES and NQ bounced back to the areas from where the
Wednesday afternoon breakdown kicked into gear. With the
upside thinning out, and now the futures potentially making
a lower high at a resistance zone, it could set up a bigger
picture 1-2-3 type of top. The angle of this up move, along
with poor underlying technicals, is a setup that could lead
to a sizable move lower.
We don't have any economic data coming out on Friday. So, if
there is early strength it would be a gift for an entry on
the short side. If the first drop doesn't hold over the
initial support areas, then a test/break of the 1158.50-
1158.00 area on the ES would need to hold, otherwise the
downside could gather some steam.
NOTE: On Friday there will be no intraday updates after
12:15 pm eastern time.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1162.50-1163.25 **key
1165.25-1165.50
1168.00-1168.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1158.50-1158.00
1156.25-1155.75
1151.50-1151.00
1149.00-1148.50 **major
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1942.75-1943.50 **key
1946.75-1947.50
1950.50-1951.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1936.50-1935.75
1932.25-1931.50
1925.00-1924.50
1921.00-1920.25 **major
June 2010 Dow futures resistance
symbols: emini = ymm0
10719-10724 **key
10743-10747
10768-10772
June 2010 Dow futures support
symbols: emini = ymm0
10694-10690
10666-10662
10612-10608
10581-10578 **major
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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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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