TradeStalker's
R.B.I. Trader's Update
2 / 5 / 2009
(Published Since 1996)
...............................................
Dateline: 6:29 pm eastern time, 2/5/2009
The market gapped down on Thursday, and after a small pop
the ES dropped to 816.75 before getting some footing. With
the downside stalling out, the market reversed course and
ran up to 837.75 on the ES by 11am. A little triangle was
broken on the upside and the ES rallied up to test the
Wednesday high reaching 847.75 just after noon. After a dip,
the ES bounced to a lower high at 846.50 and reversed,
setting up a 123 top formation. The ES broke but only
dropped 7.75 points to 838.75 before the bulls stepped back
to the plate. The market turned back up and the ES reached
849.00 and the move fizzled. That area was rejected for the
second time in 2 days, and the market backed off again. The
Dow cash held at 8005 while the ES held 836.75 and the
market bounced back before sagging into the close.
We get the Employment data before the open on Friday. The
initial resistance areas could be short term tops, and need
to be exceeded and held if the market is to make any more
headway. The market will need to hold the initial support
areas to hold to avoid trouble. If they don't hold, then the
double top at 849.00-849.50 will be a short term top of some
sort and the market could undergo a pretty hard selloff.
However, if the market can stay over the initial support,
then the bulls will have a chance to try to take out the 850
level on the ES. If that happens, the market should either
poor it on with new buying, or quickly reverse. If the 850
level is broken, and the upside picks up steam, a rally back
towards the 866.00-866.50 area on this leg up is possible.
Look for the early emotional move to be reversed in the
first
20-40 minutes of trading on Friday. If the market pops up
and reverses under the initial resistance zones, it should
set up a good shorting opportunity. On the other side of the
coin, if the market opens lower but can reverses from
around the initial support areas, then a decent trade on the
long side could set up. Until that range is resolved, both
sides will be in play.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
849.00-849.50
853.75-854.00
859.75-861.25
866.00-866.50
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
836.75-836.25
832.75-832.00
826.00-825.25
817.50-816.75
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1258.50-1259.25
1264.00-1265.00
1270.50-1272.00
1277.50-1278.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1230.25-1229.50
1225.50-1224.75
1208.75-1207.75
1199.25-1198.25
March 2009 Dow futures resistance
symbols: emini = ymh9
8067-8072 - and 8100 area on Dow cash
8112-8118
8165-8169
8221-8228
March 2009 Dow futures support
symbols: emini = ymh9
7965-7961
7922-7917
7889-7883
7804-7799
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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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