TradeStalker's
R.B.I. Trader's Update
3 / 18 / 2009
(Published Since 1996)
...............................................
Dateline: 6:29 pm eastern time, 3/18/2009
The market opened lower on Wednesday, but after about an
hour of downside the ES turned up from 761.75 and put
together a pre Fed release rally. The updated support held,
but the ES had a bit of trouble at 777.50 before the release
and backed off 4.50 points to updated support at 773.00.
After the release, the ES shot up to 800.50 before fizzling
and pulling back. The drop held just over 780 on the ES and
then bounced back into the close.
The SP500 is up against pretty key resistance around the
Wednesday high. The Wednesday high on the SP500 cash was at
803..04, and that's not far from where the market broke down
to make the recent low at 666.79. The 804.30 level is the
bottom of the old 4-week trading range that was broken to
the downside on February 17th. Also the 50% retracement from
the January 6th high at 943.85 to March 6th low at 666.79 is
at 805.32. Finally, the 3 previous rallies were about 20%
moves, and 801 met that mark on Wednesday. So, there is
reason for the areas around the Wednesday highs to cause
problems, and potentially be a bigger picture reversal zone.
On Thursday look for early strength to set up a good
shorting opportunity, especially if there is another
reversal near the 803-805 area on the SP500 cash. If that
occurs, then the 780.50-780.00 area needs to hold on a
pullback. If that area doesn't hold, then the 773.25-772.75
zone would be key support. A reversal from that area would
set up a buying opportunity. If the ES drops that far, and
cannot get turned around, then the bigger picture trends
could be rolling over again.
**NOTE: The NCAA Tourney begins tomorrow, and things
can thin out. Don't expect afternoon updates on Thursday
and Friday afternoon as I take a short break. Boiler-up!
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
796.00-796.75
802.50-804.25
807.50-808.00
811.25-812.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
780.50-780.00
773.25-772.75
769.25-769.00
762.00-761.75
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1217.50-1218.50
1226.50-1227.50
1232.00-1232.75
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1196.00-1195.00
1191.75-1191.00
1187.50-1186.75
1180.00-1179.00
June 2009 Dow futures resistance
symbols: emini = ymm9
7532-7540
7598-7603
7634-7639
June 2009 Dow futures support
symbols: emini = ymm9
7407-7402
7337-7334
7283-7278
7262-7258
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
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.
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PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
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
Commodity Trading Advisors.
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