TradeStalker's
R.B.I. Trader's Update
4 / 30 / 2009
(Published Since 1996)
...............................................
Dateline: 6:36 pm eastern time, 4/30/2009
The market opened higher on Thursday and after a quick
pullback the ES worked its way to 885.25 by late morning.
The upside lost momentum and buying dried up, and the market
rolled over. The selloff took the ES down to 867.00, and
then a bounce followed. After getting back to the 875.25
level, the move stalled out and the 60ema on the 5 minutes
chart turned into a lid. The fizzle and reverse after the
2nd push to 874.75 set up a little 1-2-3 pattern too and the
ES dropped to the 864.75 level with an hour left in trading.
The ES bounced back to 874.25 with 15 minutes left in stock
trading, but the move fizzled and the ES dropped back to the
864.75 low just before the close.
The End-of-Month settlement at fair value (which is useless
and should be done away with) had the ES settling at 870.00
and the NQ at 1393.50, which is quite a ways away from where
they last traded on Thursday. The market looks like it
topped on the last day of the month, or will if there
happens to be another run-up. The averages all rallied into
recovery high ground, but could hold the gains. This left
the break-out buyers on Thursday "holding the bag" so to
speak, and right before what should be a decent sized
selloff if the internal indicators are correct.
On Friday, the bounces should set up very good shorting
opportunities. It will take a break over the 874.50-875.25
area on the ES, the 1396.50-1397.50 area on the NQ, and the
8168-8175 area on the YM (that then holds, not quickly
reversed like on Thursday) for the market to avoid trouble.
If there is a move back over 870, and it then reverses back
down through that level, it would be a trigger for a
shorting opportunity. However, getting back up there would
be an unexpected gift by the looks of things at the moment.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
874.50-875.25
879.50-880.25
884.75-885.25
888.00-888.50
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
864.75-863.75
861.50
858.25-857.75
850.75-850.25
843.50-842.75
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1396.50-1397.50
1410.50-1411.25
1416.50-1417.50
1421.25-1422.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1387.75-1387.25
1382.25
1377.75-1377.00
1368.50-1367.25
1354.25-1353.25
June 2009 Dow futures resistance
symbols: emini = ymm9
8168-8175
8209-8213
8250-8256
8284-8289
June 2009 Dow futures support
symbols: emini = ymm9
8083-8078
8052
8018-8012
7956-7952
7885-7881
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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.
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.
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