TradeStalker's
R.B.I. Trader's Update
4 / 1 / 2009
(Published Since 1996)
...............................................
Dateline: 7:41 pm eastern time, 4/1/2009
NOTE: We will be away for Spring break on Thursday afternoon
and Friday. The next update will be sent Sunday night. There
might be an intraday update in the morning, but no promises.
The ES gapped down on the open on Wednesday and dipped down
to the 779.25-778.75 support zone before turning up. With a
779.00 low in place, the ES got over the early congestion by
breaking up through 783.25 and that triggered a reversal.
Buyers jumped on board and the market rallied all the way to
the 804.50-805.00 resistance zone. A pullback to 797.75 was
reversed and the ES chopped its way up to the 809.50-810.25
area and reversed. The ES then went down to 797.75 again and
then rallied back to make the high for the day at 810.25
with 7 minutes left in stock trading.
The daily internal gauges are in neutral territory and the
sentiment is in about the same neutral situation at the
moment. The market did extremely well on Wednesday. After
the last Tuesday nose-dive and the gap down open, both the
SP and Dow made "outside" days on Wednesday and finished
near the highs. The market lost some momentum late in the
day, but the rally back means there is a good bid under the
market and there should be some more on the upside before
the market encounters trouble. On an intraday basis, the
market is in good shape as long as the 798.00-797.50 area on
the ES is not broken and held. The pullbacks should set up
buying opportunities as long as that zone holds. If the
797.50 level is broken and not quickly reversed, then it
would put the market back in a weak position and selling
bounces should then play out best.
The futures all made late highs at resistance areas, so
we'll see if there is follow-through on the upside on
Thursday morning. Look for early weakness to be bought and
then the first good rally should be a short when the
momentum fizzles. A two-sided day is probably in the cards
UNLESS the 820 level on the ES is broken and not quickly
reversed. If the 820 level is broken and not quickly
reversed, it could mean a run towards the 830 level is
possible. However, a failure from up there will set up a
decent trade on the short side.
NOTE: We will be away for Spring break on Thursday afternoon
and Friday. The next update will be sent Sunday night. There
might be an intraday update in the morning, but no promises.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
809.50-810.25 **weak market if not exceeded**
815.75-816.25 **key early**
820.50-821.25 **strong**
829.50-830.50
837-839 {SP500 Cash} **major**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
805.25-804.75
798.00-797.50
793.25-792.50
789.00-788.50
783.25-782.50
779.25-778.75
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1254.00-1254.75
1261.50-1262.50 **key early**
1267.75-1268.50 **strong**
1278.25-1279.75
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1248.75-1247.75
1239.00-1237.75 **key**
1232.50-1232.00
1226.50-1225.50
1219.50-1218.75
1211.50-1210.75 **major**
June 2009 Dow futures resistance
symbols: emini = ymm9
7725-7734
7772-7778 **key early**
7842-7847 **strong**
7932-7938
June 2009 Dow futures support
symbols: emini = ymm9
7687-7682
7630-7626 **key**
7583-7579
7532-7528
7460-7456
7416-7411 **major**
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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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The foregoing has been prepared solely for informational
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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.
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This is not an endorsement or recommendation of the SP500
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