TradeStalker's
R.B.I. Trader's Update
3 / 29 / 2010
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 3/29/2010
The market opened higher on Monday and after reaching
1169.75 just over 20 minutes into the day, the market pulled
back. The ES held at 1165.75 and reversed back up after an
hour of trading and the ES rallied to the 1170.75-1171.50
key resistance zone. The ES reached 1171.00 and quickly
backed off 4.25 points to 1166.75. From there, the market
did very little but did manage to chop its way back towards
the highs before the close.
On Tuesday we get the Case-Shiller housing index before the
open and then the Consumer Confidence number 30 minutes into
the trading day. The SP futures had just a 5.75 point range
on Monday. The market sure acted top heavy as the bounces
couldn't stick, but the 10880 area on the Dow Cass along
with the 1166.75-1166.25 zone on the ES held 3 times on
Monday. To turn things down, the market would need to break
those areas and then see them turn into resistance on a
bounce.
As it stands right now, as long as those areas are not
broken, the market has a chance to rally towards the
1176.00-1176.50 zone and potentially make a double top up
there. However, if the initial resistance is not broken and
held, or the initial support is broken, then this bounce
could be the end of a 1-2-3 type of top on the daily chart
and a good sized drop is just beginning.
June 2010 SP futures resistance
symbols: emini = esm0 / big contract =spm0
1170.75-1171.50 **key
1176.00-1176.50
1181.50-1182.50
June 2010 SP futures support
symbols: emini = esm0 / big contract =spm0
1166.75-1166.25
1163.75-1163.00 **key
1159.50-1157.75
1156.50-1155.75
1148.50-1147.75
June 2010 Nasdaq futures resistance
symbols: emini = nqm0 / big contract = ndm0
1965.50-1966.50 **key
1972.75-1974.25
June 2010 Nasdaq futures support
symbols: emini = nqm0 / big contract = ndm0
1954.50-1954.00
1950.25-1948.75 **key
1944.25-1942.50
1939.25-1938.50
June 2010 Dow futures resistance
symbols: emini = ymm0
10858-10862 **key
10889-10894
June 2010 Dow futures support
symbols: emini = ymm0
10822-10818
10801-10798 **key
10771-10766
10753-10747
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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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