TradeStalker's
R.B.I. Trader's Update
3 / 26 / 2009
(Published Since 1996)
...............................................
Dateline: 5:47 pm eastern time, 3/26/2009
The game plan was to short early strength on Thursday and
then if the market obliged, turn around and get long when
the first decent pullback reversed. The game plan went
according to script. The ES popped up 10.50 points on the
open on Thursday but the strength was reversed from 823.25
resistance about 15 minutes into the trading day. From
there, the ES dropped 12.25 points to 811.00 and bounced a
bit. A pullback to 811.00 was then reversed and with a
little double bottom in place the ES grinded back up to
823.00 before a decent pullback occurred. The ES found
buyers around 817 on the pullback and turned up and rallied
to 829.00 before reversing. That was just over the 827.25-
828.00 resistance zone and after a pullback to new support
at 823.00, the ES bounced back to 828.75 and reversed. That
set up a 1-2-3 top and the ES fell back to 817.00 with an
hour to go in trading. Buying came back in and after some
chopping around, the ES ran up to 830.50 and then pulled
back into settlement.
The market is acting very well, but don't be surprised if
there is a decent shake out soon. When that comes, it will
likely set up a good buying opportunity. At the moment, the
market is in good shape unless there is a close under 814 on
the SP500 cash. Unless that occurs, it looks like the
pullbacks will be constructive in nature.
On Friday, look to get short if there is early strength that
fizzles/reverses in the first 20 minutes or so. Thereafter,
as long as the ES can hold and reverse from the 817.25-
816.50 area, the trends remain up and buying the pullbacks
should be the safer trade. If that area is broken and not
quickly reversed, then the market dynamics could be
changing.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
830.50-832.00
834.75
837.50-838.00
841.50-842.50
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
824.00-823.50
817.25-816.50
811.50-811.00
803.00-802.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1281.25-1282.00
1286.00
1292.50-1294.00
1297.50-1298.25
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1272.25-1271.50
1262.00-1261.00
1250.50-1249.75
1242.00-1241.50
June 2009 Dow futures resistance
symbols: emini = ymm9
7898-7908
7924
7961-7965
7999-8003
June 2009 Dow futures support
symbols: emini = ymm9
7829-7825
7762-7758
7698-7691
7631-7627
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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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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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