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TradeStalker's
R.B.I. Trader's Update
1/9/2007
(Published Since 1996)
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Dateline: 6:38 pm Eastern time, 1/9/2007
Early strength was sold at the 1424.50-1425.25 area on theSP futures and the 1810.75-1812.25 area on the Nasdaq futures on Tuesday. After popping to 1424.75 on the SP futures and 1811.00 on the Nasdaq futures, the market quickly reversed. The initial support zones at the 1420.25-1419.50 area on the SP futures and the 1801.00-1799.75 area on the Nasdaq futures were like magnets. The lows were at 1419.50 and 1801.00 and the first pullback to support was bought.
The market ran back up to make token higher highs, but that 1424.50-1425.25 zone was a lid and the market sold off again. The initial support was broken, sending the market down to new lows by early afternoon. The SP futures reached 1414.00 while the Nasdaq futures fell to 1792.00 and the market got some footing. A rally back to 1422.75 on the SP futures and a new high at 1817.00 on the Nasdaq futures followed. The market pulled back to just above the updated 1417.25 level on the SP futures and the 1805.00 level on the Nasdaq futures and then turned up for another run higher.The SP futures stopped at 1424.00 while the Nasdaq futures made it to 1818.75 before fading into the close.
We have a mixed market and it can make things tricky. Thatsaid, the market is a short as long as the initialresistance continues to cause problems. On the downside, aslong as buyers show up around the 1414.00-1413.00 area on aselloff, the range should continue. So, unless/until the SP futures can break out of that range, continue to look forsetups on both sides. The short side should offer the betteropportunities from current levels.
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Good Trading,
Mike Reed
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