TradeStalker's
R.B.I. Trader's Update
4 / 21 / 2009
(Published Since 1996)
...............................................
Dateline: 6:56 pm eastern time, 4/21/2009
The market gapped down on Tuesday and the weakness was
immediately bought and a good bounce followed. That move
fizzled and reversed after filling the gaps, and then the
market pulled back. A higher low reversed at the 824.50
level on the ES, and it rallied to 842.00 before pulling
back. The dip held at 825.75 on the ES and then in the last
2 hours there was an up-down-up-down-up move to make highs
in the last 5 minutes of trading.
Per usual of late, the market came rallying back after a big
down day. It appears that the Wednesday action could be
critical for the short term here. The Vix turned down pretty
hard after Tuesday's big up move on it. That is a short term
positive. Also, the gap that was at 825.25 on the daily
chart was filled, and the ES rallied away from there by
quite a bit. The daily internal gauges are mixed, so there
isn't much there. This could set up some two-sided trading.
After back to back trend days, the market is likely going to
be sold when strength fizzles, but then bought when there is
a decent pullback.
On Wednesday, if there is early strength, it will likely set
up a very good shorting opportunity. If that plays out, then
as long as the 841.00-840.50 area on the ES is held, a turn
back up should set up a buying opportunity. If that area is
broken, then the Tuesday highs should offer good resistance
on a bounce, as a rebound high could be in place.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
849.75-850.50
852.00-852.75
856.75-857.25
861.50-862.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
841.00-840.50
836.25-835.75 *key*
825.25-824.50 *major*
819.00-818.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1333.25-1334.00
1338.25-1339.50
1343.25-1344.50 *key*
1348.75-1350.25
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1322.00-1321.25
1313.25-1312.50
1303.50-1303.00
1293.50-1292.50
June 2009 Dow futures resistance
symbols: emini = ymm9
7941-7944
7959-7963
8034-8037
8083-8087
June 2009 Dow futures support
symbols: emini = ymm9
7878-7874
7839-7835
7746-7744
7707-7703
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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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