TradeStalker's
R.B.I. Trader's Update
3 / 17 / 2009
(Published Since 1996)
...............................................
Dateline: 5:58 pm eastern time, 3/17/2009
A flat open was sold on Tuesday and the ES dropped to the
747.25-746.75 zone. A token break of that zone lasted a
mille-second, and from 746.00 the ES reversed and rallied to
the 757.50-758.00 zone. That was a heads-up for a reversal,
and the ES dropped from 758.25 to 751.50 in a slow grind
lower. A reversal from that level started a rally to new
highs for the day. The ES reached 766.75 and the move
finally fizzled and reversed. The ES dropped to 758.50, old
resistance, and made a reversal pattern back to the upside.
That lead to a run to 769.75 before reversing course. Buyers
came back in with 30 minutes left, and from a 764.25
pullback low the ES ran up and took out the Monday high on
the way to a 777.00 high at the close.
We get the CPI before the open on Wednesday, and then the
Fed decision on interest rate policy at 2pm eastern time.
The market acted very well on Tuesday, and the path of least
resistance is to the upside at the moment. As long as a
pullback can hold the 758.75-758.00 area on the ES, it's
just that, a pullback in a good uptrend or trading range. If
that area is broken, and not quickly reversed, then the
market is back in trouble on a bigger timeframe.
On Wednesday, look for early strength to be sold as soon as
the upside stalls/reverses. If that plays out, then the
first decent pullback should set up a buying opportunity.
Thereafter, if there is a trending move into the Fed
release, then odds favor a reversal. In any case, after the
release there tends to be a quick back and forth movement,
then a trend should develop. If that occurs, the trend
should last into the last 30 minutes or so.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
777.00
779.00-779.50 *major*
785.50-786.00
792.00-792.50
797.50-798.50
802.50-804.25
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
770.50-769.75
764.50-764.25
758.75-758.00
747.00-746.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1191.50
1194.75-1195.50
1204.50-1205.50
1211.25-1212.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1184.75-1184.75
1176.50-1175.75
1163.50-1162.75
1149.00-1147.50
June 2009 Dow futures resistance
symbols: emini = ymm9
7415
7436-7441
7488-7494
7562-7567
June 2009 Dow futures support
symbols: emini = ymm9
7369-7361
7316-7312
7271-7267
7176-7173
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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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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
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