TradeStalker's
R.B.I. Trader's Update
4 / 8 / 2009
(Published Since 1996)
...............................................
Dateline: 5:44 pm eastern time, 4/8/2009
The early game-plan worked out perfectly on Wednesday. The
early strength was reversed 20 minutes into the trading day,
and from an 821.75 high the ES dropped to the 811.00 level.
That was the test of Tuesday's low we were looking for, and
the market firmed and then turned back up. The rally fizzled
out after the ES poked over 825 and reversed. Buyers backed
away, and shorts jumped on, and the ES spilled back to
811.75 with just under an hour left in trading. Buyers
stepped to the plate and the market ended the day in a nice
uptrend as the ES rallied back to 823.00 just before
settlement.
The two-sided action that was expected set up some good
trading opportunities on Wednesday. The market has a pretty
solid bid when the downside stalls out and begins to turn
up. However, when the market gets back to what feels like
thin air, the selling starts and buyers back off until the
downside stalls. The market still has work to do to avoid a
bigger picture top, but it looks like a break of the 811-810
area on the ES is what it will take to break the market and
send the ES under 800.
On Thursday look to buy early weakness, and then if the
market obliges, the move should be prone to reverse as soon
as the upside fizzles. If a reversal occurs from around the
827.25 level, then it could be a high for the morning.
However, if there good follow-through on the upside and
that's not a problem, then we could see the 834.00-834.50
area before selling comes back in. If that turns out to be
the case, it could start the topping pattern that's possible
on the daily chart.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
824.50-825.25
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
818.00-817.50
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
1305.00-1306.00
1309.00
1313.75-1314.75
1324.50-1325.25
1329.75-1330.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1293.50-1292.50
1285.00-1284.50
1276.00
1266.50-1265.50
1254.75-1254.00
June 2009 Dow futures resistance
symbols: emini = ymm9
7835-7840
7872
7938-7982
7996-8001
8036-8040
June 2009 Dow futures support
symbols: emini = ymm9
7754-7751
7698-7692
7678
7647-7642
7608-7601
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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.
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.
We are not advocating trading futures. The prices and
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extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
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