TradeStalker's
R.B.I. Trader's Update
3 / 24 / 2009
(Published Since 1996)
...............................................
Dateline: 6:19 pm eastern time, 3/24/2009
The ES opened lower on Tuesday and bounced from 805.25 to
815.00 in the first 40 minutes of trading. A pullback went
back to 805.25 and turned up, but the move fizzled after
reaching 814.00 and the ES pulled back 6 points to 808.00.
Buying came in and ran the ES up to 820.00, where it quickly
reversed. One more pop failed at 819.00 on the ES with just
over 90 minutes left in trading. The 813 support finally was
broken and it sent the ES down to 801.25 just before
settlement.
The extremely overbought market couldn't hold its gains on
Tuesday, and the market averages made double tops before
closing poorly. The market should have more to go on the
downside before things turn around again. On Wednesday, the
market needs to clear and hold the 811.75-812.25 area on the
ES and the 1243.50-1244.00 area on the NQ in order to get to
neutral territory. A drop towards the 797.50-797.00 that is
quickly reversed could set up a trade on the long side.
However, shorting strength that fizzles (a "fizzle" is shown
as either rejection of an area, or loss of momentum after a
move has run awhile, where price begins to slide sideways)
should offer the better opportunities under the 811.75-
812.25 area on the ES and the 1243.50-1244.00 area on the
NQ.
So, look for early strength to be sold, and then the first
decent pullback that then reverses sets up a trade on the
long side. If the ES cannot hold and reverse from the
797.50-797.00 area on the ES, then a selloff could gather a
bit of steam.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
807.50-808.00
811.75-812.25
815.50
819.00-820.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
802.00-801.50
797.50-797.00
793.00-792.50
782.00-780.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1237.00-1237.75
1243.50-1244.00
1249.50
1253.50-1255.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1232.00-1231.50
1226.75-1225.75
1218.00-1216.75
1204.00-1203.00
June 2009 Dow futures resistance
symbols: emini = ymm9
7642-7645
7682-7684
7712
7743-7747
June 2009 Dow futures support
symbols: emini = ymm9
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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