TradeStalker's
R.B.I. Trader's Update
3 / 29 / 2009
(Published Since 1996)
...............................................
Dateline: 5:09 pm eastern time, 3/29/2009
The ES opened 10 points lower on Friday and after a bounce
it fell to 811.50 before turning up. That was at the 811.50-
811.00 support zone and the ES rallied to 821.50 by noon.
The ES formed a wedge pattern in the process and after
breaking back a pop back to 819.25 was reversed and the ES
dropped 10 points to 809.50 with 2 hours left. The market
turned very choppy, as a run to 820.00 on the ES reversed
and the market then backed off to test its lows. The lows
held and the futures firmed a bit into the close.
The majority of the internal gauges have now relieved their
extreme overbought status. In the meantime, the short term
sentiment is at a stand-off as the Vix has been stuck around
40 and the put/call ratios are showing more put buying. As
for momentum, it looks like the market is losing some of
that right now. The daily chart looks like it could be
starting to roll over. So, the action on Monday should be
telling for the bigger picture. It will take a close under
814 on the SP500 cash to begin breaking down on the daily
timeframe.
On Monday, the ES needs to stay over the initial support
areas to avoid turning back down. In fact, the bears appear
to be in charge now unless the ES gets back over 820 and
doesn't quickly reverse. So, look to sell early strength
if/when it fizzles and the market begins to roll over. If
that plays out, then be looking for a buying opportunity if
the market can hold over the initial support areas. If the
market breaks those lows and does not quickly reverse back
up, then there should be pressure on the downside.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
815.50-816.00
820.50-821.50
826.50-827.00
830.00-830.50
837.50-838.00 {SP500 cash} **major**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
810.00-809.50
803.50-803.00
797.50-796.75
788-787 **major**
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1256.75-1257.25
1261.00-1262.00
1172.25-1273.00
1277.50-1278.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1248.00-1247.25
1241.25-1240.50
1234.50-1233.75
June 2009 Dow futures resistance
symbols: emini = ymm9
7753-7756
7783-7788
7842-7846
7875-7881
June 2009 Dow futures support
symbols: emini = ymm9
7681-7677
7628-7624
7587-7582
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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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