TradeStalker's
R.B.I. Trader's Update
3 / 4 / 2009
(Published Since 1996)
...............................................
Dateline: 6:14 pm eastern time, 3/4/2009
Free Trading Tutorial, trading videos:
Please visit our website: CLICK HERE
The market opened higher on Wednesday, but the early
strength was sold and the ES dropped from 710.50 to 699.00
in the first 50 minutes of trading. A reversal back up
through 700 on the ES brought in more buying and the ES
rallied to 714.50 by noon. A pullback broke the 706 support,
but the move was reversed and the rally was back in gear.
After a pause around the early high, the ES ran up to 723.75
with 30 minutes left in trading. That was just under the
724.00-724.50 updated resistance zone, and the bulls failed
in their mission to close well. Instead, the bear reminded
us it's still here as the market dropped hard into the
close. In the last 30 minutes the ES dropped 16 points while
the NQ dropped 21.25 points as they settled well under fair
value.
The bounces, no matter how good they look, are still suspect
as they just won't stick. As stated last night, the upside
is not going to be "easy" due to all of the damage that has
been done. There will be eager sellers all the way up, so if
you have profits on a long trade grab them when the upside
momentum fizzles. Or at least, be sure to trail stops.
The market action erased some of the very extreme oversold
readings on the internal gauges on Wednesday. The Vix
flashed one sell signal in the process, as the sentiment
made a reversal from overly bullish.
There is a lot on the economic docket on Thursday. Should
the market open higher, look for a shorting opportunity as
soon as the upside fizzles. If the market opens lower, then
a pop back towards the 712.50-713.00 that fizzles sets up a
shorting opportunity. As for the long side, a drop under 700
that reverses back up through that level should trigger
buying. If that occurs, it could be good for a rebound.
However, if the 700 level is broken and not quickly
reversed, then we could head back towards the 688.00-687.50
zone, and possibly down to the 682.50-681.50 zone. If the ES
happens to reach that 682.50-681.50 zone, and then turns up,
it should set up a great buying opportunity for a trade.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
712.50-713.00
717.25-717.50
723.50-724.00
732.50-733.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
707.50-707.00
700.00-699.50
694.75-694.00
688.00-687.50
682.50-681.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1110.00-1110.50
1115.50-1116.50
1124.50-1125.00
1134.50-1135.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1096.50-1095.50
1090.25-1089.50
1085.75-1085.00
1078.75-1078.00
1068.75-1068.00
March 2009 Dow futures resistance
symbols: emini = ymh9
6877-6882
6919-6924
6967-6972
7048-7053
March 2009 Dow futures support
symbols: emini = ymh9
6827-6823
6765-6760
6698-6693
6648-6643
6612-6607
---------------------------
REMINDER:
Real Time subscribers can view these updates on
the web at this site:
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)
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment