TradeStalker's
R.B.I. Trader's Update
9 / 10 / 2008
(Published Since 1996)
...............................................
Dateline: 7:02 pm eastern time, 9/10/2008
The market popped up on the open on Wednesday and the SP
futures dropped 7.25 points from 1234.25 to 1227.00 quickly.
Just as quick, the market then reversed back to the upside.
The move stalled out after reaching 1237.50 on the SP
futures and the market began to sell off. The selling lasted
until dropping to 1221.50 on the SP futures shortly before
noon, and then the market spiked higher. The first bounce
was turned back at the 1234.50 resistance, but the pullback
held and the market popped back to a higher high. Another
pullback held just above the 1229.00 support and turned back
up. After thrashing around, the market finally sprinted
higher shortly after 2 pm. The SP futures rallied to 1244.00
(just under the 1244.50-1245.00 resistance) while the Nasdaq
futures reached 1755.75 before pulling back. After the dip,
the SP and Nasdaq futures made double tops and reversed. Off
of the 1244.75 high on the SP futures, they dropped down to
1229.75 and then bounced into the close.
We roll over to the December futures contracts on Thursday
morning. The new symbols are ES Z8 for the E-mini SP futures
and NQ Z8 for the mini Nasdaq futures. Due to time
constraints I am no longer giving numbers for the Russell
futures.
We get the Initial Claims data before the open on Thursday.
The market failed to hold its gains on Thursday so that
resistance at Wednesday's highs is important short term. The
market acts like it is still in trouble and that the rally
was just a respite from the big downer on Tuesday. The short
side on bounces that fail under the 1245.00-1245.50 area on
the SP futures and also the 1761.25-1262.00 area on the
Nasdaq futures should offer the better set-ups on Thursday.
Look for resistance at the 1237.50-1238.00 area on the SP
futures and the 1752.00-1753.00 area on the Nasdaq futures.
If those are not a problem, then a run towards the 1245.00-
1245.50 area on the SP futures and the 1761.25-1262.00 area
on the Nasdaq futures will be a key test of the markets
strength, or lack thereof. If the market rallies through
those areas without any trouble, then a move towards the
1255.50-1256.00 area on the SP futures and the 1772.50-
1774.00 area on the Nasdaq futures could be in the cards.
The initial support is at the 1231.00-1230.50 area on the SP
futures and the 1740.00-1739.00 area on the Nasdaq futures.
That area on the SP futures was held pretty good on
Wednesday and a break of that would likely mean that a high
is in place and the market has lower to go. The next support
would be at the 1223.00-1222.50 area on the SP futures and
the 1729.00-1728.00 area on the Nasdaq futures. If the
market doesn't reverse from down there, then we could go
towards the 1218.00-1217.50 area on the SP futures and the
1720.50-1718.50 area on the Nasdaq futures and then
potentially reverse. If there is no reversal, then we will
likely see the 1212.50-1211.50 zone and possibly the 1200.75
level if things get ugly again.
December 2008 SP futures resistance
symbols: emini = esz8 / big contract =spz8
1237.50-1238.00
1245.00-1245.50
1255.50-1256.00
December 2008 SP futures support
symbols: emini = esz8 / big contract =spz8
1231.00-1230.50
1223.00-1222.50
1218.00-1217.50
1212.50-1211.50
1200.75
December 2008 Nasdaq futures resistance
symbols: emini = nqz8 / big contract = ndz8
1752.00-1753.00
1761.25-1262.00
1772.50-1774.00
December 2008 Nasdaq futures support
symbols: emini = nqz8 / big contract = ndz8
1740.00-1739.00
1729.00-1728.00
1720.50-1718.50
December 2008 Dow futures resistance
symbols: emini = ymz8
11309-11315
11373-11377
11450-11453
December 2008 Dow futures support
symbols: emini = ymz8
11247-11242
11213-11209
11164-11159
---------------------------
REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment