TradeStalker's
R.B.I. Trader's Update
2 / 1 / 2009
(Published Since 1996)
...............................................
Dateline: 3:51 pm eastern time, 2/1/2009
The market opened higher on Friday, but the ES reversed from
the 60 ema on the 5 minute chart and it started a drop of 23
points from 848.75 down to 825.75 in a trend-down move. A
bounce into mid-day also reversed around that 60 ema, and
the ES fell to 817.50 before a bounce into the close.
The market rallied into mid week last week, breaking out of
a trading range on Wednesday. However, after giving a "heads
up" that the odds were in favor of the bears on Wednesday
night, the SP500 dropped 48 points on a closing basis. The
internal gauges have plunged from extreme overbought to
neutral in a hurry. The only thing not getting turned around
fast is the sentiment. The bulls are used to the selloffs
setting up buying opportunities lately, and with it not
happening yet, they may need a wake-up call in the form of a
drop under 800 again.
On Monday, the initial resistance needs to be cleared and
not quickly reversed, to put a dent in the downside
momentum. If that occurs, then a short term trading low
could be in place and a decent bounce could occur. If it
does, be ready for a shorting opportunity when the upside
momentum fizzles. Even if we get a bounce attempt, shorting
the pops should still offer the better opportunities on
Monday.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
828.00-828.50 *pivotal*
837.50-838.00 *key*
848.25
850.00-850.50
859.75-861.25
866.00-866.50
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
816.25-815.75 *key*
812.75-812.00
801.50-800.50 *major*
797.50
794.00-792.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1188.50-1189.50 *pivotal*
1198.50-1200.25
1214.25
1216.00-1216.75
1219.00-1220.50
1227.25-1228.00
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1173.00-1172.50
1166.50-1165.50
1154.00-1152.50
1142.25-1139.75
March 2009 Dow futures resistance
symbols: emini = ymh9
7992-7998 *pivotal*
8057-8062
8147
8161-8166
8247-8254
8308-8314
March 2009 Dow futures support
symbols: emini = ymh9
7902-7898
7866-7861
7772-7767
7738-7731
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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) 2009 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.
*************************************************
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