TradeStalker's
R.B.I. Trader's Update
3 / 28 / 2010
(Published Since 1996)
...............................................
Dateline: 5:26 pm eastern time, 3/28/2010
The market rallied early on Friday but after just missing
good resistance on the ES and the NQ by half of a point, the
market backed off. A bounce attempt was sold and the ES
dropped 13+ points to 1156.50 by noon. The ES bounced back
to just over the updated resistance and promptly pulled
back. The ES didn't want to stay under 1160.00 however, and
the market basically churned into the close.
The market didn't act so well at the end of last week.
However, it looks like it might have a chance to bounce back
a bit more as long as the initial support areas are not
broken on Monday. The market is looking very top heavy and
the bounces have not been able to stick. However, the Vix
did give 1 buy signal on Friday and the 1160 area was
defended late in the day so a bit more upside should be in
the cards. If we see that action on Monday, beware that when
the move fizzles out it should set up a better odds shorting
opportunity.
So look for some early strength if the initial support is
held, and then if there is a rally up towards the 1167.00-
1167.75 and the move stalls / reverses or shows rejection of
that zone, then a pullback / selloff should occur. If the
initial support areas are not defended, then the 1156.50-
1155.75 zone would need to be quickly reversed, otherwise
there may be a test/ break of last week's low at the
1148.50-1147.75 zone. That would be around the 1150 level on
the SP500 cash, and that area needs to be held, otherwise
the market could be in more trouble than many believe.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1167.00-1167.75
1170.75-1171.50 **key
1176.00-1176.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1160.00-1159.50
1156.50-1155.75
1152.00-1151.50
1148.50-1147.75 **major
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1955.50-1956.00
1963.50-1964.00 **key
1972.75-1974.25
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1945.00-1944.25
1939.25-1938.50
1934.25-1933.50
1924.25-1922.25 **major
June 2010 Dow futures resistance
symbols: emini = ymm0
10830-10835
10858-10862 **key
10889-10894
June 2010 Dow futures support
symbols: emini = ymm0
10775-10771
10757-10753
10697-10694
10638-10633 **major
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2010 by TradeStalker.com, Ft Wayne, IN.
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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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