TradeStalker's
R.B.I. Trader's Update
3 / 10 / 2009
(Published Since 1996)
...............................................
Dateline: 6:16 pm eastern time, 3/10/2009
The ES opened up 14 points on Tuesday and kept going in a
steady buying frenzy until reaching 716.25 shortly before
2pm. A pullback held the updated support at the 707-706
area, and then ran up to the 717.25-717.50 zone with 30
minutes left in stock trading.. A 4.25 point dip to 713.00
was bought and the ES ran up to 721.75 after stocks closed.
That sprint was rejected and the ES reversed 6.25 fast and
settled a couple points under fair value.
That was a very nice oversold rally on Tuesday, but it might
have a short shelf-life. My RBI Oscillator is in sell
territory, and other short term gauges are out of oversold
territory. The sentiment is now extremely bullish, and that
normally isn't good. So, the market should have difficulty
holding gains at best on Wednesday. If this continues to
play out as expected, a decent pullback on Wednesday should
set up a rally that takes out Tuesday's highs, and then we
can get one last drop to test/break the lows. If we get
that, and reverse, that would set up a rally that will
stick.
After a trend up day, a back-and-forth type of day is
possible. However, the easiest trade of the day would be a
higher open near 720 on the ES. If that occurs, it is a gift
on the short side. If that plays out, then the first decent
pullback needs to hold the 707.00-706.50 area on the ES, or
the downside pressure could be on once again.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
721.00-721.75
724.00-724.50
728.50-729.00
732.50-734.00
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
707.00-706.50
702.00-702.00
699.50-698.75
692.00-691.50 ** must hold**
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1111.50-1112.50
1115.50-1116.50
1124.50-1125.00
1129.75-1130.50
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1096.00-1095.50
1087.50-1086.50
1082.50-1081.50
1074.00-1072.50
March 2009 Dow futures resistance
symbols: emini = ymh9
6924-6928
6952-6957
6992-6997
7037-7042
March 2009 Dow futures support
symbols: emini = ymh9
6806-6803
6738-6734
6712-6708
6638-6632
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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