TradeStalker's
R.B.I. Trader's Update
4 / 13 / 2009
(Published Since 1996)
...............................................
Dateline: 6:54 pm eastern time, 4/13/2009
The market opened weak on Monday, and the ES dropped to
841.50 in the first 25 minutes and reversed. The rally off
of that low fizzled and reversed from 850.75 on the ES, and
unable to hold 850, the ES pulled back to make a little
double bottom at the 843.50-843.25 zone before noon. Buyers
stepped to the plate and the ES rallied to the 854.00-855.00
resistance zone while the NQ made it back to the 1335-
1335.75 area where selling came back in. The ES fell back to
850.25 and bounced back, but the move was reversed from the
854.00 level and the market pulled back again. With an hour
left in stock trading, the ES broke the 850 level and
quickly reversed and it caused a run-up to 861.25 in almost
parabolic fashion. The move fizzled and the ES gave back
over 8 points going into the close.
On Tuesday we get the PPI and Retail Sales before the open,
and Business Inventories number 30 minutes into the day
might be a mover at this juncture. The internal gauges are
now getting overbought, and the Vix gave another sell signal
on Monday by reversing. The ES rejected the 860 level the
first time, and could be a top. If not, there shouldn't be
too much more upside. This leg up would be the same distance
as the rally from March to May of 2008 by reaching 869.62 on
the SP500 cash. That level shouldn't be exceeded if the
market is going to get hit with a selloff soon. The upside
appears limited however and that late reversal on Monday
could be the start of a decent shakeout. The Monday high
was 865.31, pretty close when looking at a larger timeframe.
On Tuesday, look for any over-reaction either up or down to
be reversed in the first 20-30 minutes of trading. Shorting
a higher open would be a good odds trade with the market
this extended. After the early going, it looks like the
850.25-849.50 zone on the ES could be pivotal. Pullbacks
that hold that area should be bought, but if that area
breaks, then the downside should be the path of least
resistance short term.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
860.75-861.25
863.50-864.25
869.62 on SP500 Cash key - symmetry
875-877 {SP500 Cash} is **major**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
850.25-849.50
843.00-842.75
839.00
832.00-831.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1343.00-1343.50
1346.50-1347.50
1352.50-1354.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1329.00-1328.50
1322.75-1322.25
1318.00
1313.25-1312.50
1306.75-1305.75 **major Monday**
June 2009 Dow futures resistance
symbols: emini = ymm9
8059-8063
8083-8088
8142
June 2009 Dow futures support
symbols: emini = ymm9
7961-7958
7914-7911
7874
7811-7808
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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
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(DIA), and (DOG)
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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
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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
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