TradeStalker's
R.B.I. Trader's Update
4 / 14 / 2009
(Published Since 1996)
...............................................
Dateline: 6:54 pm eastern time, 4/14/2009
The market opened down on Tuesday, but the reversal came on
time. The ES reached 840.50 and reversed in the first 20
minutes of trading, and then rallied to the Monday closing
range. The ES reached 853.25, and then the move stalled out
before rolling over. The ES worked its way back down to
836.25 shortly after noon, but a bounce reversed the 840
level and the ES tested its low. The test passed, and the ES
bounce to the updated 842.50 resistance level and then
backed off 4 points. Buyers stepped in and took the ES to
845.00 before the selling came back and the ES dropped to
837.00 and then bounced into settlement.
The daily indicators worked off some of the overbought
status on Tuesday. The drop didn't generate much fear,
however, as the Vix actually dropped on a pretty hard down
day or stocks. The market looked like it topped on Monday,
and
the averages closed under the Monday lows on Tuesday, so a
topping pattern is in place. The upside still looks limited,
with the market going into a trading range being best case
scenario for the short term.
It's earnings season and the futures are trading lower as
this is typed. On Wednesday, look for similar action that
occurred early Tuesday to play out. If the market opens
lower,
and can reverse in the first 20-30 minutes, it could bring a
decent bounce. If that plays out, beware that the first
decent bounce will set up a shorting opportunity, and
probably with better potential than the rally attempt.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
839.50-840.00
844.50-845.00
852.50-853.25 *strong*
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
836.50-836.25
832.00-831.50
825.25-825.00 *gap fill*
818.00-817.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1319.50-1320.00
1326.50-1327.25
1334.75-1336.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1306.75-1305.75
1301.25-1300.50
1296.75-1295.75
1287.50-1286.50
June 2009 Dow futures resistance
symbols: emini = ymm9
7891-7896
7920-7925
7975-7983
June 2009 Dow futures support
symbols: emini = ymm9
7841-7838
7808-7804
7738-7734
7698-7694
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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.
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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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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