TradeStalker's
R.B.I. Trader's Update
3 / 23 / 2010
(Published Since 1996)
...............................................
Dateline: 7:36 pm eastern time, 3/23/2010
The market opened higher on Tuesday and the ES reversed
lower from 1164.00 and dropped to 1159.50 in the first 30
minutes. A quick reversal gave a bounce back to the 1165.00
resistance, and it was rejected. The ES dropped 6 points to
1159.00, right at the 1159.25-1158.50 support, and quickly
reversed again. A narrow range was broken on the upside in
the last hour and the market raced to make new highs across
the board by the close.
The market has good momentum and this move could last a bit
longer. If that occurs with advances minus declining issues
on the NYSE not stronger than 2:1 positive, the upside will
be suspect. With the market at these levels, the next decent
trade should come on the short side if there is early
strength that reverses in the first 20-40 minutes on
Wednesday. However, as long as the ES holds at the 1165.25-
1164.00 zone no damage is done.
So look for a shorting opportunity if there is early
strength that reverses on Wednesday. Then, if the first
decent pullback can hold the 1168.50-1168.00 zone on the ES,
a good uptrend will remain intact. If that area is broken,
then the 1165.25-1164.00 area is as far as a pullback should
go. If that area breaks, then things will be changing short
term. On the upside, if the melt-up continues towards the
1177.75-1178.50 and stalls out/ reverses, then that could
set up a decent pullback to trade.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1170.50-1171.00
1173.75-1174.25
1177.75-1178.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1168.50-1168.00
1165.25-1164.00
1164.00
1162.50-1161.75
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1962.00-1963.00
1969.00-1970.00
1974.75-1976.00
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1956.50-1956.00
1953.25-1952.50
1951.50
1948.00-1947.50
June 2010 Dow futures resistance
symbols: emini = ymm0
10830-10835
10848-10852
10887-10891
June 2010 Dow futures support
symbols: emini = ymm0
10818-10815
10786-10783
10758
10728-10725
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
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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