TradeStalker's
R.B.I. Trader's Update
3 / 22 / 2010
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 3/22/2010
The ES opened down 8.00 points on Monday and then instantly
reversed and held over the 1149.00-1148.50 key area. That
triggered more buying and the ES rallied 12.50 points to
1160.25. Updated support at 1158.00-1157.50 held on a dip
and then the ES basically went trend up to 1162.50 - the
middle of the 1162.00-1163.00 resistance zone. New support
was given at 1160.00-1159.25, and that 1159.25 level was
touched and then we got another push up to 1163.25 before
the market backed off a bit. The dip held at 1161.00 and a
test of the 1163.25 high followed. That was just 1 tick over
resistance, and a with a double top there with 30 minutes
left in stock trading, it started a drop to 1160.50 at the
4pm close for stocks.
Monday's action was bullish, showing that the market should
still be able to hang in there on the pullbacks for awhile
longer. If this is going into a trading range, or breaking
out of a small one, then the Monday lows will need to hold,
and should hold, or else the market is in for a bigger
pullback.
The market is at a decision point it appears. The short term
internal gauges are still in neutral territory, but the
intermediate term breadth and volume oscillators are close
to turning down for the first time in months. The sentiment
is overly bullish and at spots where other tops have
occurred.
On Tuesday the initial support will need to hold to keep the
upside intact. If the 1161.00-1160.25 area is held, then the
ES will need to break out over the 1162.50-1163.25 zone and
not quickly reversed to avoid potential trouble on Tuesday.
If there is a pop up open over that area, and it then holds
over 1161.00-1160.25 on a pullback, a decent move higher
could occur. If the 1165 area is not rejected again, then we
could run up to the 1168.00-1168.50 zone. It is still
doubtful that a move into new high territory will stick for
very long, however.
On the other side of the coin, if the market can not follow
through on the Monday rally, and the 1161.00-1160.25 area is
broken and not quickly reversed, then pressure will be on
the market and a drop to the 1155.75-1155.00 area would be
likely. A bounce from that area would keep the market from a
decent sized drop. A test of that area that is not quickly
reversed means the market is in for more downside, with the
1148.50-1147.75 key area possibly getting tested again.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1162.50-1163.25
1165.25-1165.50
1168.00-1168.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1161.00-1160.25
1159.25-1158.50
1155.75-1155.00
1148.50-1147.75
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1953.50-1954.25
1957.50-1958.00
1962.50-1963.50
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1946.00-1945.25
1942.50-1942.00
1936.00-1934.50
1920.00-1919.00
June 2010 Dow futures resistance
symbols: emini = ymm0
10746-10750
10770-10774
10799-10804
June 2010 Dow futures support
symbols: emini = ymm0
10719-10716
10704-10701
10682-10675
10634-10631
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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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