TradeStalker's
R.B.I. Trader's Update
4 / 7 / 2009
(Published Since 1996)
...............................................
Dateline: 6:38 pm eastern time, 4/7/2009
The market gapped down below the Monday lows on Tuesday and
after 20 minutes there was a reversal back to the upside.
The bounce popped over the 821 resistance, but the 60ema on
the 5 minute chart turned into the lid and the move was
reversed from 822.25 on the ES. The 816 level was holding on
pullbacks, but it finally was broken and the market went
into trend down mode. The ES reached 810.75, just over the
810.25-809.50 support and bounced up to 819.50 with 15
minutes left in stock trading. The move didn't stick and the
ES dropped 8.25 points to 811.25 before firming into the
close.
The indicators are very mixed, mostly in neutral territory,
at the moment. As for prices, the market is getting its
uptrend off the lows somewhat damaged. The ES has a gap
below still to fill, however it held above the 810.25 level
on 3 drops on Tuesday and recovered all three times.
Given that, we will likely get two-sided action on
Wednesday. If there is a rally from down here that goes to a
lower high on the daily chart and then reverses, it would
set up a bigger drop than we have seen thus far. If the
market continues to head lower, then a reversal must occur
from the 804.50-803.75 zone on the ES or above, otherwise a
drop back into the 700 handle is in the cards on this leg
down.
On Wednesday look to short early strength if there is a
reversal in the first 30 minutes or so. If that plays out,
then the 810.50-809.50 will hold on a pullback if the market
is strong. If the market breaks under that area, it must
quickly reverse, otherwise the downside pressure could pick
up some pace. If it is reversed, then a decent snap-back
rally could be in the cards.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
819.00-819.50
823.50-824.00
827.25
834.00-834.50
842.50-843.00
847.75-848.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
810.75-809.50
807.00
804.50-803.75
798.00-797.25
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1286.75-1287.50
1296.50-1298.00
1305.00
1313.75-1314.75
1324.50-1325.25
1329.75-1330.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1272.75-1271.50
1266.75
1262.50-1261.50
1254.75-1254.00
June 2009 Dow futures resistance
symbols: emini = ymm9
7797-7803
7835-7840
7872
7938-7982
7996-8001
8036-8040
June 2009 Dow futures support
symbols: emini = ymm9
7711-7703
7678
7647-7642
7608-7601
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Real Time subscribers can view these updates on
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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)
---------------------------
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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