TradeStalker's
R.B.I. Trader's Update
3 / 24 / 2010
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 3/24/2010
A lower open on Wednesday held and turned up from the
1164.00 support level on the ES, and then bounced back to
1168.75 before fizzling out. That was initial trend support
and it turned into resistance as the ES dropped to 1161.25
pretty fast. The market then moved higher, forming a rising
wedge on the way to 1167.50. That was broken and caused a
drop back to test the lows. The ES turned up from a 1161.00
low and then the market turned very choppy but ended the day
in down-trends for a change.
The market spent the day spinning its wheels after tagging
the 1170 level on the ES on Tuesday. The bounces were unable
to stick, but still the market refused to cave in and the ES
even stayed over the Tuesday low.
It appears that more than just a little pullback could be
underway for another day or so. The ES had an "inside day"
on Wednesday and that *should* be resolved by some more
downside action, and then we'll see if the market has enough
gas in the tank for yet another run-up. For now it looks
like the market is vulnerable unless the 1166.50-1167.25
zone on the ES is exceeded, and not quickly reversed. The
market won't get back up there if it is weak.
On Thursday we get Initial Claims before the open. If there
is early strength, look for a reversal from initial
resistance to be sold. If that sets up, and the ES drops
through the initial support to the 1159.00-1158.50 area,
that needs to be quickly reversed. If it is, beware that a
bounce back towards the 1166.25-1167.25 zone will likely be
sold.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1166.50-1167.25
1170.50-1171.00
1173.75-1174.25
1177.75-1178.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1162.00-1161.00
1159.00-1158.50
1155.75-1155.00
1148.50-1147.75
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1952.75-1954.00
1956.00-1957.00
1962.00-1963.00
1969.00-1970.00
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1947.00-1946.00
1941.00-1940.50
1936.00-1934.50
1920.00-1919.00
June 2010 Dow futures resistance
symbols: emini = ymm0
10799-10802
10826-10830
10848-10852
10887-10891
June 2010 Dow futures support
symbols: emini = ymm0
10762-10757
10728-10725
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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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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