TradeStalker's
R.B.I. Trader's Update
2 / 10 / 2009
(Published Since 1996)
...............................................
Dateline: 8:18 pm eastern time, 2/10/2009
A lower open was bought on Tuesday, but that strength was
sold about 30 minutes into the trading day and the market
rolled over. From a high at 866.00 on the ES, the ES broke
the key support as is was trend down from there. The bounces
halted by the 20 period ema on the 5 minute chart until
dipping into the teens with 18 minutes left in stock
trading. The ES reversed quickly from 819.75 and bounced
about 10 points, and then churned into the close.
Well, the market was ripe for a selloff and it obliged by
falling hard on Tuesday. With the damage that was done, it's
hard to believe that the market will just shrug this off and
put together a good rally. A trade may develop on the long
side due to the big closing Trin on Tuesday. However, if we
do get a rebound, beware of a reversal once the upside
fizzles. All trends are currently pointing down and
unless/until there is a break and hold over the 832.00-
832.50 area, the bears still are in charge.
On Wednesday look for a shorting opportunity on an early pop
that fizzles under the 832.00-832.50 area. If that area is
not reversed, then we could see a decent run occur....
potentially back towards the 840.25-840.75 area. However, if
the market fails to clear and hold that 832.00-832.50 area,
then the downside should continue. If this move lower
continues and reaches the 800.50-799.50 area on the ES, a
quick reversal must occur. If that happens, then a low could
be in place. However, if that area is broken, then we could
be heading back towards the 7450 area on the Dow cash. That
appears to be major support. It is another 438 points below
the Tuesday close and if there is a retest, it must hold to
avoid a collapse.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
829.50
832.00-832.50 *key early*
840.25-840.75
852.50-853.25
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
819.50 *must hold*
817.50-816.75
812.50-812.00
807.50-807.00
800.50-799.50 *major*
794.00-792.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1235.25
1237.75-1238.50
1247.25-1248.50
1256.50-1257.75
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1221.50
1218.25-1217.25
1212.25-1210.75
1199.25-1198.25
March 2009 Dow futures resistance
symbols: emini = ymh9
7913
7972-7978
8052-8056
8116-8123
March 2009 Dow futures support
symbols: emini = ymh9
7810
7804-7799
7762-7757
7712-7706
7449 Dow cash *major*
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Real Time subscribers can view these updates on
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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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