TradeStalker's
R.B.I. Trader's Update
4 / 28 / 2009
(Published Since 1996)
...............................................
Dateline: 7:05 pm eastern time, 4/28/2009
The ES opened down about 12 points on Tuesday and then from
842.75 the ES turned back up and rallied into late morning.
A double top formed, but while the NQ was dropping steadily,
the ES chopped in a range, and then the market made a run to
higher highs. The ES reached 861.50, just above the Monday
breakdown level, and the move reversed. Unable to stay over
the 860 level, the ES dropped another 10 points to 850.25
just before the close.
The market is acting tired, and that's not good near the top
of the current trading range. Some of the internal momentum
gauges are rolling over in the meantime. On Tuesday there
was another gap down open that then turned into a decent
rally. That's twice this week, and it happened a few times
the previous week. The 2 reversals morning reversals were
reversed around noon and 11am this week. When buyers don't
aggressively buy the early weakness, then things could get a
bit skittish on the downside.
We get the Fed interest rate policy statement on Wednesday
around 2:15pm eastern time. If there is early weakness,
beware of yet another reversal to set up a quick trade on
the long side. If that plays out, look for a shorting
opportunity as soon as the move fizzles/reverses as the
first decent rally will likely be sold in to. The ES needs
to get over 861 and not quickly reverse to get a short
squeeze going. Unless the market can show that strength, the
bounces are better odds trading opportunities until the
market sells off or gets very oversold near a good support
area.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
861.00-861.50
865.00-865.50
868.00-868.75
871.50-872.50 ES-875-878 SPX, 200d sma/trip top
876.00-876.50
880.50-882.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
850.75-850.25
843.50-842.75
837.25-836.75
831.50-831.00 **key**
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1377.00-1377.50
1382.25-1384.00
1388.50-1389.00
1394.25-1396.00
1398.75-1399.75
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1358.50-1357.25
1354.25-1353.25
1343.00-1342.00
1328.00-1327.00 **key**
June 2009 Dow futures resistance
symbols: emini = ymm9
8039-8044
8070-8074
8082-8088
8119-8123
8137-8142
June 2009 Dow futures support
symbols: emini = ymm9
7956-7952
7885-7881
7819-7813
7755-7751 **key**
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---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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permission.
This publication's primary focus is trading the index
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(DIA), and (DOG)
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