TradeStalker's
R.B.I. Trader's Update
2 / 4 / 2009
(Published Since 1996)
...............................................
Dateline: 6:53 pm eastern time, 2/4/2009
The market opened higher on Wednesday and the ES made a
parabolic move to 849.50 in the first hour of trading. The
move fizzled just under the 850.00-850.50 zone and then
rolled over and fell to 826.00 with about 90 minutes left in
trading. The bounce couldn't clear 834 on the ES and 8000 on
the Dow cash, and a pullback to 828 on the ES and 7950 on
the Dow followed as the market churned into the close.
The market is acting poorly, still, and this time the
pullback may not be so easily bought. We get the Initial
Claims before the open on Thursday, and on Friday we get the
Employment data before the open. The indicators are in
neutral ground, and there is a number of good resistance
areas above. Right now the market is vulnerable unless the
833.50-834.00 area on the ES and 8000 level on the Dow cash
are both cleared, and held on a pullback.
Unless the market can get over and stay over those levels,
the pressure should be on the downside in to Friday/Monday.
This could mean a trip to the lower 800's again on the ES.
If the market gets a sharp drop into that Friday/Monday
timeframe and the indicators get oversold, we could then be
looking at a good trading low in place. For now, the path of
least resistance is to the downside, and shorting the
bounces as soon as they fizzle should offer the better
opportunities. If the ES gets down to the 812.75-812.00 area
and can not reverse, then it's possible we could see another
test or break of 800 on the ES before this downdraft is over
and the repair work begins.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
827.50-828.50 - if there is a gap down
833.50-834.00
840.75-841.50
849.50-850.25
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
824.00-823.50
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
1211.25-1212.50 - if a gap down
1221.00-1221.75
1230.75-1231.75
1240.50-1242.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
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
7894-7897 - if a gap down
7953-7958
8026-8033
8083-8088
March 2009 Dow futures support
symbols: emini = ymh9
7881-7877
7817-7813
7752-7748
7717-7712
7638-7632
7563-7557
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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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