TradeStalker's
R.B.I. Trader's Update
3 / 5 / 2009
(Published Since 1996)
...............................................
Dateline: 6:49 pm eastern time, 3/5/2009
The ES gapped down on Thursday and right in the 694.75-
694.00 support zone. The ES held and turned up from 694..50
and a feeble bounce followed. The move fizzled as it reached
a 703.50 bounce high, then the market rolled over and tested
the lows. The 694.25 low made a little double bottom, but
the bounce had no gusto and the market rolled over again. In
trend down fashion, the ES fell to the 682.50-681.50 support
zone and then reversed to the upside. The bounce had trouble
at the 692 updated resistance and fell back to 681 again
with just over an hour left in trading. A pop to 688.75 was
rejected, as it coincided with the 60ema on the 5 minute
chart, and the ES plunged to a new low at 676.25 with about
20 minutes left in stock trading. A reversal occurred and
for the first time in awhile the ES rallied into the close.
We get the jobs data on Friday and with the market getting
hammered again, the market needs some good news. There
should be a good number of shorts trapped under 680 and
wanting to see that area tested to get even. Also, with the
market in a deeply oversold status again, the market might
finally give us a decent bounce. How far and for how long is
up in the air, but it's doubtful that a rally is going to
stick.
If there is early weakness and the market can reverse from a
test of the Thursday lows, then a trade on the long side
could set up. If there is some early strength, it will be a
gift on the short side as soon as the upside fizzles. We
could see two-sided action however. As long as the 676.75-
676.25 area on the ES is not broken, the market is repairing
itself. However, if a re-test of that area isn't reversed,
then we could spill towards the 662.50-661.50 zone. If a
reversal doesn't occur from that much more on the downside,
then the ultimate low may not be seen until reaching the 602
area on the SP500 cash.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
688.00-688.75
693.50-694.00
702.50-703.50
712.50-713.00
717.25-717.50
723.50-724.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
681.00-680.50
676.75-676.25
673.50-672.50
662.50-661.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1085.50-1086.00
1091.75-1092.25
1100.50-1102.00
1110.00-1110.50
1115.50-1116.50
1124.50-1125.00
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1078.75-1077.50
1072.00-1071.25
1067.50-1066.50
1052.50-1051.50
March 2009 Dow futures resistance
symbols: emini = ymh9
6650-6655
6689-6693
6785-6789
6877-6882
6919-6924
6967-6972
March 2009 Dow futures support
symbols: emini = ymh9
6586-6584
6537-6534
6505-6501
6403-6398
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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 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
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