TradeStalker's
R.B.I. Trader's Update
2 / 24 / 2009
...............................................
Dateline: 7:05 pm eastern time, 2/24/2009
The market opened higher on Tuesday but early strength was
sold. The ES dropped from 753.50 to 743.50 about 40 minutes
into the trading day, and buyers stepped to the plate. The
757.00-757.50 area was rejected around 11am, and the ES
backed off to 746.25 around noon and the move was reversed.
The ES finally pushed through the 757.00-757.50 area, and
with that work done the market went into trend-up mode. With
just over 30 minutes left in stock trading, the ES reached
774.75 and backed off. A pop to a lower high set up a 1-2-3
top and the ES dropped 7.50 points and closed under fair
value.
If you made new investments in the proxies early on Tuesday,
you are off to a good start. For as oversold as the market
was, and the fact that the ES bottomed at major support area
on Monday, this move could/should last for a few days. The
Vix gave a couple of buy signals, but it's kind of had a
damper on it a bit due to the Vix dropping over 13% on
Tuesday. Most of the other indicators leaped out of deep
oversold territory. So, the technicals are looking ok at the
moment. Price now need to stay in an uptrend.
On Wednesday morning, look for the "sell early, buy the
first decent pullback" to play out. if there is early
strength look for a reversal in the first 20 minutes or so.
If that plays out, the initial support will need to hold,
and should offer a buying opportunity. If there is weakness
instead, and it reverses back up from the 764.75-764.25 area
on the ES, then the uptrends are still intact and the bulls
should be in charge. However, if that area is broken, then
we could see a bigger drop towards the 756.50-756.00 area at
worst. If a drop that far isn't reversed, then there is more
trouble ahead for the market, and bounces that fizzle would
then become shorting opportunities.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
774.00-774.75
778.75-779.50
783.50-784.25
789.50-790.00
794.75-795.25
800.50-801.25
805.50-806.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
764.75-764.25
756.50-756.00
751.00
748.50-748.00
740.00-739.00
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1176.75-1177.50
1183.50-1184.50
1187.50-1188.00
1193.50-1194.00
1203.50-1204.00
1210.50-1211.50
1217.50-1218.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1126.50-1125.50
1120.25-1118.75
1094.00
March 2009 Dow futures resistance
symbols: emini = ymh9
7362-7366
7417-7423
7502-7506
7538-7542
7595-7599
7638-7643
7694-7699
March 2009 Dow futures support
symbols: emini = ymh9
7266-7262
7208-7203
7164
7155-7151
7086-7081
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REMINDER:
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.
This publication's primary focus is trading the index
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)
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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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