TradeStalker's
R.B.I. Trader's Update
1 / 27 / 2009
(Published Since 1996)
...............................................
Dateline: 6:31 pm eastern time, 1/27/2009
The market opened higher on Tuesday and with the ES reaching
the 844.25-844.75 area and fizzling, it set up a trade on
the short side. The ES dropped from 844.50 to 831.25 about
an hour into the trading day and then turned back up. A
lunch-time bounce took the ES back up to 847.50 and after
making a 1-2-3 top, the ES fell back to 836.75. Another
reversal occurred and the market made another move to the
upside. The move fizzled at the 847.00 level and with a
little double top in place, the market pulled back into the
close.
The ES, NQ, and YM all had inside days on Tuesday. The
ranges were the smallest since January 8th, as the trading
range is forming a big wedge/triangle type of pattern. With
the Fed releasing its policy statement on Wednesday, that
might be a spark for a breakout or a fake-out.
The SP500 has finished up three days in a row now. The daily
indicators are mostly in neutral, but if the intraday
internals are strong on Wednesday, it will then get a lot of
things short term overbought. Also, if the Vix reverses to
the upside on Wednesday, it will give several sell signals.
The end of month normally has an upside bias, so the bounces
that fizzle should set up decent shorting opportunities, if
only for a quick trade. In any case on the down side, as
long as a pullback holds the initial support areas, nothing
"bad" happens.
As this is being typed the market is up after hours. If this
early strength holds, it should set up a shorting
opportunity as soon as the upside fizzles. If that plays
out, the pullback shouldn't go too much further than 842.50
on the ES and 1196 on the NQ. If the market opens above
those areas, but then reverses back down through them, then
a deeper pullback is underway before a turn around occurs.
If the initial support areas are broken and not quickly
reversed, then the pressure could be on the downside, and we
could drop towards the 824.00-822.50 or maybe even the
816.25-815.75 area on the ES if the market has a bad day.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
847.00-847.50 *key*
850.75-851.50 *key early*
858.00-858.50 *major*
864.50-865.25
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
836.50-836.0
831.75-830.75
824.00-822.50 *key*
816.25-815.75 *target on break*
812.50-812.00
807.50-807.00 *key*
800.50-799.50 *major*
797.50
794.00-792.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1200.00-1200.50
1202.50-1203.25 *key early*
1217.50-1218.25 *major*
1227.50-1228.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1182.25-1181.75
1175.00-1174.25
1166.50-1165.50 *key*
1155.25-1154.75 *target on break*
1151.25-1150.50
1146.00-1145.25 *key*
1140.25-1139.50 *major*
1136.25
March 2009 Dow futures resistance
symbols: emini = ymh9
8172-8176
8227-8234 *key early*
8297-8303 *major*
8349-8355
March 2009 Dow futures support
symbols: emini = ymh9
8075-8071
8028-8024
7975-7970 *key*
7924-7919 *target on break*
7892-7888
7848-7842 *key*
7798-7792 *major*
7761
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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permission.
This publication's primary focus is trading the index
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(DIA), and (DOG)
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The foregoing has been prepared solely for informational
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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.
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extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
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