TradeStalker's
R.B.I. Trader's Update
2 / 25 / 2009
(Published Since 1996)
...............................................
Dateline: 6:20 pm eastern time, 2/25/2009
The ES followed through from late Tuesday's 1-2-3 top as the
market opened soft and traded lower for the first 90 minutes
of trading on Wednesday. The ES reached 751.25 support and
bounced to 765.25 around noon. The sprint was reversed and
the ES dropped to 752.50 and then turned back up. There was
a sprint to 770.75 that fizzled, but buyers came back in
after the ES reversed from 757.25 and the market went on
another sprint higher to the 778.75-779.50 resistance zone.
That 779.50 level was the high as the ES dropped 19.25
points to 760.25 in the final minutes of trading.
The volatility is picking up, so it should offer good setups
both ways. At the moment, shorting bounces is going to offer
the better odds trade. The 778.75-779.50 resistance zone was
soundly rejected, and both the bulls and bears would like to
revisit that area to sell on Thursday. The market had been
in a trading range, but after popping through the top that
reversal was telling.
On Thursday, if there is early weakness beware of a reversal
in the first 30 minutes or so. If there is early strength
instead, that would set up a better trade by shorting the
move as soon as the upside fizzles/reverses. If the market
drops back towards the Wednesday lows, and cannot quickly
reverse, then the market will be back in trouble. However,
if there is a sharp drop that can reverse from down around
the 752.00-751.25 area, then the market will still be
"okay". If the ES goes back under the 748.00-747.50 zone
without reversing, then a retest of the 740-739 major
support could be in the cards.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
770.00-770.75
779.00-779.50
805.50-806.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
760.50-760.00
755.75-755.25
752.00-751.25
748.00-747.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1169.75-1170.50
1183.50-1184.25
1190.50-1191.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1152.50-1152.00
1148.75-1148.00
1142.50-1142.00
1137.00-1136.50
March 2009 Dow futures resistance
symbols: emini = ymh9
7320-7323
7387-7391
7451-7456
March 2009 Dow futures support
symbols: emini = ymh9
7221-7217
7181-7177
7144-7139
7108-7104
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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
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(DIA), and (DOG)
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