TradeStalker's
R.B.I. Trader's Update
3 / 1 / 2009
(Published Since 1996)
...............................................
Dateline: 5:52 pm eastern time, 3/01/2009
The ES gapped down almost 17 points on Friday, but it held
just over the 732.00-731.50 support area and reversed. From
a 733.00 early low, the bulls put together a choppy rally
into the afternoon. The ES closed the gap on the daily
chart, and then quickly reversed from 750.75. The 740 level
was finally re-broken, and the market ended the day with
selling into the close.
The market closed at multi-year lows on Friday. After
breaking down from a 5 day trading range, the market really
has its work cut out for it to turn around. The ES closed
just above the last decent support that can be found Dow
here, just over the 732.00-731.50 area. The areas that carry
more weight are the Friday highs. After testing the gap at
750.75 the ES rolled over and closed at its low. It will
take a close back over 750 on the ES just to get the market
into neutral territory.
That said, shorting the bounces is still the better odds
trade unless there is a break, and hold, over the 750.00-
750.75 area on the ES and also the 1135.00-1135.75 area on
the NQ. The bounces are still shorting opportunities under
those areas. As for a trade on the long side, a lower open
that reverses in the first 20 minutes should set up a decent
bounce. If that plays out, don't fall in love with that
position as the first decent bounce will likely be sold.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
742.50-743.50
750.00-750.75
758.00-758.50
767.25-767.75
771.50-772.25
779.00-779.50
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
732.00-731.50
727.50-727.00
721.00-720.50
air-pocket, hard to find good support
692-688 zone
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1128.50-1129.00
1135.00-1135.75
1142.00-1143.00
1151.75-1153.00
1162.50-1163.50
1173.50-1175.00
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1112.50-1112.00
1107.25-1106.50
1098.50-1097.50
March 2009 Dow futures resistance
symbols: emini = ymh9
7132-7137
7185-7189
7226-7230
7303-7307
7333-7336
7387-7393
March 2009 Dow futures support
symbols: emini = ymh9
7046-7041
7002-6997
6948-6944
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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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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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