TradeStalker's
R.B.I. Trader's Update
3 / 8 / 2009
(Published Since 1996)
...............................................
Dateline: 5:49 pm eastern time, 3/8/2009
It was a rough week for the market as all of the averages
went to multi-year lows. On Friday the market popped up on
the Jobs data, but the early strength was sold and the
market traded in a trend down mode until the last hour of
trading. The ES reached 665.75 and then bounced. After the
pop failed, the ES made a little double bottom pattern and
then turned back up. In the last 45 minutes for futures
trading, the ES sprinted back up to 688.75 and settled well
over fair value.
We have seen these sharp rallies fizzle and reverse over and
over in this bear move lower. This time, however, the market
acted a bit differently. The downside didn't have the
momentum that most of the other drops have had. Also, in the
afternoon there was a switch away from a relatively weak NQ
versus the ES. The NQ acted like it was unable to be pushed
much lower and it flattened out and then got some wings on
Friday afternoon.
At the moment it looks like we could see a decent rally in
the shape of an up-down-up type of pattern. If that occurs,
then when that move runs out of steam on the upside, we
should get one more drop to test or slightly break the
Friday lows. The market is still somewhat oversold, and
Friday ended with the market in uptrends. If this pattern
plays out over the next few days, it should get the crowd
bullish again and set up that final shake-out.
Look for early strength to set up a shorting opportunity if
the move stalls and begins to roll over on Monday. If that
plays out, look for the first decent pullback to set up a
good buying opportunity. If there is a drop back to the
675.00-674.50 area, and the move stalls and quickly turns
back up, it is a good spot for an entry on the long side.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
688.00-688.75
693.50-694.50
699.75-700.00 **key**
702.50-703.50
712.50-713.00 **strong**
717.25-717.50
723.50-724.00 **short term major**
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
680.50-679.75
675.00-674.50 **key**
670.50-670.00 **strong support must hold**
666.50-665.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1077.00-1078.00
1083.50-1084.50
1091.75-1092.25 **key**
1100.50-1102.00
1110.00-1110.50 **strong**
1115.50-1116.50
1124.50-1125.00
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1064.50-1063.50
1058.50-1057.75 **key**
1052.50-1051.50 **strong support**
1044.00-1043.00
March 2009 Dow futures resistance
symbols: emini = ymh9
6679-6685
6689-6693
6744-6749 **key**
6785-6789
6877-6882 **strong**
6919-6924
6967-6972
March 2009 Dow futures support
symbols: emini = ymh9
6603-6599
6546-6542 **key**
6505-6501 **strong support**
6463-6460
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
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This publication's primary focus is trading the index
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(DIA), and (DOG)
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The foregoing has been prepared solely for informational
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This is not an endorsement or recommendation of the SP500
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