TradeStalker's
R.B.I. Trader's Update
4 / 19 / 2009
(Published Since 1996)
...............................................
Dateline: 5:10 pm eastern time, 4/19/2009
The market had another good week, as the drops were reversed
and buying came in to drive prices higher.On Friday the ES
opened higher and then sold off, but per normal of late, the
market turned back up about 20 minutes into trading. The
market managed to rally in the afternoon, getting up to 872
on the ES and 875.63 on the SP500 cash before pulling back
into the close.
A quick note about this week. We have a Trading Camp this
week, therefore there will be fewer intraday updates Monday
thru Thursday due to the trading camp. However, will do my
best to keep you updated in the Instant Message room at the
least.
The market ended the week on a strong note, but did back
away from the old double top at the 875.01-877.86 zone.
Lately the weakness has occurred in the morning, and then
the market gets footing and rallies. When that action stops,
the market will get a bit shaken up.
The market has been moving higher and the trends and
momentum favor the bulls. However, there should be a decent
pullback coming soon. The daily indicators, after 3 straight
days of rally, have stretched into very overbought
territory. In addition, the market reacted to that
resistance up at the 1/28-2/09 highs on SP500 Cash. Everyone
who bought just before the drop to 667 is almost back to
break-even, so there should be some difficulty up here. If
not, and the Friday highs are broken and not quickly
reversed, then the ES could head towards the 880 area and
the Dow to the 8200 area to see how the market reacts to
those round numbers. However, if there is a selloff, then
the Friday low areas would need to hold to avoid trouble. If
there is a close under the 856 level on the ES, it could be
the beginning of a topping process.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
871.75-872.75
877.75
880.50-882.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
865.00-864.75
861.00
857.25-856.50
849.25-849.00 **key**
843.50-843.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1359.75-1360.75
1367.50
1373.50-1374.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1350.50-1349.50
1342.00
1337.50-1336.50
1328.00-1327.50 **key**
1320.50-1319.75
June 2009 Dow futures resistance
symbols: emini = ymm9
8134-8138
8192
8237-8242
June 2009 Dow futures support
symbols: emini = ymm9
8057
8038-8035
7957-7954 **key**
7909-7905
---------------------------
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)
www.TradeStalker.com
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.
*************************************************
No comments:
Post a Comment