TradeStalker's
R.B.I. Trader's Update
3 / 3/ 2009
(Published Since 1996)
...............................................
Dateline: 6:14 pm eastern time, 3/03/2009
The market opened higher on Tuesday, but the ES was
immediately sold and fell from 712.00 to 691.25 by late
morning. A bounce to 703 on the ES failed, and the market
went back to test the lows. A reversal from 692.50 started a
run-up to 709.50 just before 3pm eastern time, and then
selling came in. The ES fell through 703 and gathered some
steam, as the market fell to new lows in the final minutes
of trading. The ES finally reached the 688 handle that I've
been mentioning, reaching 688.75 just before settlement.
The market continues to act horrible, and the damage is
getting to a spot where it will take some time to repair.
Right now, it will take a close over 712 to begin a
bottoming process. The indicators are deeply oversold, and
the Vix did give one buy signal on Tuesday's close, so maybe
we can get a decent bounce intraday. However, it is
beginning to look like a drop of another 20 points on the ES
is very possible.
On Wednesday, continue to focus on the short side. If there
is early weakness, look for a reversal to set up a trade on
the long side. If that plays out, beware that the first
decent bounce will be sold as soon as the upside fizzles. We
will get the Fed Beige Book at 2pm eastern time, so the end
of day could see even more volatility than normal.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
699.50-700.00
709.00-709.50
712.50-713.00
719.25-720.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
688.00-687.50
682.50-681.50
673.50-672.50
662.50-661.50
air-pocket if broken
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1088.50-1089.25
1096.00-1096.50
1102.25-1102.75
1108.50-1109.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1062.50-1062.00
1052.50-1051.50
1046.50-1045.50
[watch ES if broken]
March 2009 Dow futures resistance
symbols: emini = ymh9
6760-6765
6840-6845
6868-6873
6914-6917
March 2009 Dow futures support
symbols: emini = ymh9
6665-6662
6612-6607
6545-6540
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---------------------------
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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Disclaimer
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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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