TradeStalker's
R.B.I. Trader's Update
3 / 23 / 2009
(Published Since 1996)
...............................................
Dateline: 6:55 pm eastern time, 3/23/2009
The ES open up 19.25 points on Monday, and after churning
for 25 minutes the upside was back in gear. The ES rallied
to 802.25 key resistance by 1:15 pm and the ES pulled back.
After dropping to 792.50, the ES based out and then finally
pushed through the 800.50-802.50 resistance zone. That
brought in more buying that fed upon itself until reaching
821.00, then the futures pulled back to settle will under
fair value.
The Dow gained 497 points and the SP500 gained more than 54
points on Monday, and in the process the market blew through
an old key area on the SP500 cash. Monday's internals and
price action was opposite of a big capitulation day. The
tiny closing Trin at .26 is the lowest since November 13,
2008. The SP500 dropped 159 points on a closing basis 5 days
later in that case. Other internal gauges are back to
extreme overbought on the short term.
The market looks to be in pretty good shape, however due for
a set-back after the huge move on Monday. If there is early
strength, and the ES goes over 820 and then crosses back
down through 820, that sets up a shorting opportunity. Just
beware that the first decent pullback should set up another
buying opportunity. On the downside, a simple pullback needs
to hold around the 803.50-803.00 area on the ES. If the
market falls that far, and can not get turned back around
and begin another comeback, then things are changing again
and the 793.00-792.50 critical support would need to be
reversed to avoid another breakdown.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
820.50-821.00
827.50-828.50
831.75-832.00
837.00-838.00 SP500 Cash
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
808.75-806.00
803.50-803.00
797.50-797.00
793.00-792.50
782.00-780.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1257.00-1258.50
1264.75-1265.75
1270.50-1272.25
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1244.50-1242.00
1238.00-1237.00
1229.75-1228.75
1224.00-1223.00
1204.00-1203.00
June 2009 Dow futures resistance
symbols: emini = ymm9
7744-7751
7801-7809
7846-7852
June 2009 Dow futures support
symbols: emini = ymm9
7634-7620
7589-7586
7536-7532
7492-7488
7372-7363
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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.
www.TradeStalker.com
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.
*************************************************
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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