TradeStalker's
R.B.I. Trader's Update
3 / 16 / 2009
(Published Since 1996)
...............................................
Dateline: 6:33 pm eastern time, 3/16/2009
Early strength was sold on Monday, and the ES pulled back
from 764.00 to 757.25 before reversing. The rally took the
ES to the strong resistance at the 771.50-772.50 area by
1pm, and from 771.50 the ES fell back to the 20ema on the 5
minute chart for the 4th time and turned back up. The bounce
reached 771.50 again and reversed, and with a double top at
resistance in place, the market changed course. After
dropping to the 763.00-762.50 updated support, a bounce
stopped 1 tick under the updated 767.00 resistance and the
selling picked up steam. The ES fell to test the 750.50-
750.00 support zone and then reversed after stocks closed.
The indicators are still a bit overbought, and the reversal
from a strong resistance area is telling. That 771.50-772.00
zone will likely be a tough area to get through, still, and
must be exceeded for the bulls to get more out of this
rally. As it looks now, the ES is going to go into a trading
range, or else head back towards the 739.50-739.00 area on
this leg down. If that selloff turns out to be the case, and
that 739 level isn't held, then a trip back towards the
717.50-717.50 area may be in the cards.
On Tuesday, if there is follow through weakness, a reversal
in the first 20-40 minutes should set up a trade on the long
side. If that plays out, beware that the first decent bounce
will likely be sold as soon as the upside fizzles. The ES
must get over the 762.50-763.00 area and not reverse in
order to get to neutral territory. Unless that occurs, the
bounces that stall and roll over should set up the better
odds trades.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
757.50-758.00
762.50-763.00
766.50-767.00
771.50-772.50 *very strong*
779.00-779.50 *major*
802.50-804.25
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
750.25-749.50
747.25-746.75 **pivotal**
739.50-739.00 **key**
735.00-734.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1155.25-1156.00
1158.75-1159.50
1163.25-1164.00
1172.75-1174.50
1182.75-1184.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1142.25-1140.50
1137.50-1136.75
1129.00-1127.75
1123.50-1122.75
June 2009 Dow futures resistance
symbols: emini = ymm9
7281-7287
7316-7321
7352-7357
7389-7393
7460-7464
June 2009 Dow futures support
symbols: emini = ymm9
7204-7198
7166-7163
7106-7102
7065-7061
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REMINDER:
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http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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permission.
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(DIA), and (DOG
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