TradeStalker's
R.B.I. Trader's Update
5 / 3 / 2009
(Published Since 1996)
...............................................
Dateline: 5:14 pm eastern time, 5/3/2009
The market started last week with a selloff, but by Thursday
the averages made across the board recovery highs. On
Friday, the early game-plan was to get short on a pop over
and then break back down through the 870 level on the ES.
That set up about 30 minutes into the day, as the ES
reversed from 870.25 and then fell to 862.50 in about 15
minutes. The downside was reversed at that level, and then
the market traded back and forth. In the last hour buyers
stepped to the plate and the market rallied into the close.
The market certainly has been resilient. Every time the
market looks ready to fall apart, it gets itself turned back
around and puts together a decent rally. The daily
indicators are still not confirming the new high, and a few
short term gauges are now overbought. However, until there
is a change in trend on the downside, like a break and hold
under the 866.75-866.00 area on the ES, then the market will
be okay for another day. If that is broken and held on
Monday, then a topping process could be beginning as the
upside momentum seems to be stalling out.
On Monday look to get short into early strength that
fizzles/reverses. If that plays out, and the first decent
pullback can hold around the 871.50-871.00 area, then it
could set up another run to the upside. However, if that
area
isn't held, then the Friday afternoon lows need to hold or a
top could be in place.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
877.50-878.25
877.50-878.25
884.75-885.25
888.00-888.50
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
871.50-871.00
866.75-866.00
863.00-862.50
858.25-857.75
850.75-850.25
843.50-842.75
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1402.75-1403.50
1410.50-1411.25
1416.50-1417.50
1421.25-1422.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1391.25-1390.50
1386.25-1385.50
1382.00-1381.00
1377.75-1377.00
1368.50-1367.25
1354.25-1353.25
June 2009 Dow futures resistance
symbols: emini = ymm9
8188-8192
8209-8213
8250-8256
8284-8289
June 2009 Dow futures support
symbols: emini = ymm9
8126-8122
8082-8078
8052-8047
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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