TradeStalker's
R.B.I. Trader's Update
2 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 6:18 pm eastern time, 2/3/2009
Early strength was sold on Tuesday, as the ES popped up and
reversed from 827.75 (right at the 827.75-828.50 initial
resistance) and dropped to 818.00 in the first 30 minutes of
trading. A bounce to 829.25 was quickly reversed and unable
to hold the key resistance, the ES pulled back to 821.50 by
early afternoon. The market turned choppy, then just after 2
pm the ES shot higher. The break and hold over 828.50 led to
a rally that didn't run into trouble until the ES reached
839.75. Profit taking came in and the ES dropped to 831.25
in the final minutes of futures trading.
It looks like the market has found a bottom for awhile, as
the market reversed from its oversold condition on Tuesday.
However, the upside looks like it might have difficulty
staying up here. The market may have put in a minor trading
top just under 840 on the ES, as the futures dropped into
the close and settled about 4 points under fair value on
Tuesday. The early going should be key for the day and tell
us whether we go back into a trading range or extend the
move higher or lower.
If there is an early rally that stalls and reverses from
just under the initial resistance, it could set up a 1-2-3
top and we could get another decent pullback. However, if
the market gets through the Tuesday high areas and there
isn't a quick reversal, then a move towards the 847.50-
848.25 area on the ES could be in the works.
If we get a pullback early on Wednesday, then prices will
need to stay over the initial support areas to avoid
trouble. If those are broken, then a drop back towards the
8000 level on the Dow cash could occur. That level would
need to hold, or quickly reverse if broken, to keep the
market afloat. If broken, then the 821 area on the ES and
the 7950 area on the Dow cash will be the key support areas
that would need to be reversed, otherwise we could nose-dive
into Friday.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
839.50-840.00
847.50-848.25
850.00-850.50
859.75-861.25
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
830.00-829.50
822.00-821.50
818.00-817.25
812.75-812.00
809.50-808.50
801.50-800.50
794.00-792.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1217.75-1218.25
1225.75-1227.25
1230.75-1231.75
1240.50-1242.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1205.75-1205.00
1192.25-1191.25
1187.75-1187.00
1177.75-1176.50
1172.50-1171.75
1166.50-1165.50
1154.00-1152.50
March 2009 Dow futures resistance
symbols: emini = ymh9
8063-8069
8141-8147
8161-8166
8247-8254
March 2009 Dow futures support
symbols: emini = ymh9
7977-7973
7895-7889
7853-7848
7817-7813
7798-7794
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.
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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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