TradeStalker's
R.B.I. Trader's Update
4 / 15 / 2009
(Published Since 1996)
...............................................
Dateline: 6:34 pm eastern time, 4/15/2009
The market opened lower but then reversed from the 832.00-
831.50 support zone. A choppy up-down-up move took the ES to
the 844.50-845.00 resistance zone, where the move was
reversed. The ES dropped 10 points to 834.25, and then made
a little double bottom there with just over an hour left in
trading. The upside gathered momentum, cutting through the
844.50-845.00 zone on the way to an 850.50 high at the
close.
The market acted very well by holding 834 and rallying back
nicely. There were 5 good swings on Wednesday and the move
left the internal gauges modestly overbought. This still
looks like a trading range that the market is in and the
Wednesday lows should be the bottom end for now. As long as
the 834 area on the ES is held on a drop, it's just a
pullback to the bottom of the range and should be bought. On
the top side, if the 850 level isn't reversed, then the top
side of this range should be no higher than 869.62 on the
SP500 cash, or about the 867-868 zone on the futures. First
though, that 860 level would need to be exceeded, and not
quickly rejected.
On Thursday look for early strength to fizzle to set up a
shorting opportunity. A move over, then back under, the 850
level should trigger selling. If that plays out, beware that
the first decent pullback should set up a buying
opportunity. The 839.75-839.25 area would be a good spot for
the upside to resume. If that is broken, then the Wednesday
lows must hold or else the market is coming apart a bit.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
852.50-853.25 *key*
855.50-856.00
861.25-862.00
867-868
877-878 SP500 Cash
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
843.00-842.50
839.75-839.25
834.75-834.25 *key*
830.50-830.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1321.75-1322.00 *key*
1326.50-1327.25
1334.75-1336.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1307.75-1307.00
1302.25-1300.75
1294.00-1293.50 *key*
1287.25-1286.50
June 2009 Dow futures resistance
symbols: emini = ymm9
7975-7983 *key*
8015-8020
8063-8068
June 2009 Dow futures support
symbols: emini = ymm9
7926-7922
7901-7898
7858-7854 *key*
7827-7823
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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
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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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in which you could trade. We occasionally mention the
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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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