TradeStalker's
R.B.I. Trader's Update
3 / 30 / 2009
(Published Since 1996)
...............................................
Dateline: 6:27 pm eastern time, 3/30/2009
The market gapped down on Monday (21.75 points on the ES)
and kept going until bouncing from 780.25 on the ES. The
bounce fizzled at updated resistance and the ES worked its
way down to 775.50 with an hour left in the trading day. A
run-up to 783.75 didn't stick and the ES dropped 5 points to
778.75 before rallying into the close.
The end of month and end of quarter will probably give some
volatility on Tuesday. As noted in Sunday night's update,
the loss of upside momentum and break of the 810.00-809.50
combined to turn the market down. The internal gauges are
slightly oversold, but one more poor day away from getting
to a deep oversold condition. Despite falling 55 points in 2
days, one more push down that reverses would set up a very
good-odds trade on the long side. If the ES does make one
more push lower on Tuesday and can reverse from near the
771.00-769.50 zone on the ES, then another good move to the
upside could set up.
On Tuesday, look for early strength to stall out and/or
reverse to set up a shorting opportunity. If that plays out,
the first good pullback should set up a buying opportunity.
That would especially be the case if there is either a
double bottom made near 776.00-775.50, or that gives and the
ES works down to around the 771.00-769.50 area and reverses.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
786.50-787.00
794.50-795.00
803.50-804.25
809.50-810.25 **strong, daily chart gap**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
779.25-778.75
776.00-775.25
771.00-769.50
762.00-761.50 **critical**
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1226.50-1227.00
1232.50-1234.50
1240.50-1241.50
1248.00-1248.85 **strong, daily chart gap**
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1211.50-1210.75
1204.25-1203.50
1199.50-1198.75 **major**
June 2009 Dow futures resistance
symbols: emini = ymm9
7498-7505
7558-7564
7642-7647
7677-7684 **strong, daily chart gap**
June 2009 Dow futures support
symbols: emini = ymm9
7416-7411
7384-7379
7337-7332 **major**
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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.
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