TradeStalker's
R.B.I. Trader's Update
5 / 12 / 2009
(Published Since 1996)
...............................................
Dateline: 6:56 pm eastern time, 5/12/2009
The ES popped up on the open on Tuesday and reversed from
just under the 914.50-915.00 key area, and that started a
trend down move to 894.00 on the ES. There was support at
the 894.00-893.50 zone, but the market proved itself by
breaking through the 901.25 level. That brought in more
buying and the ES ran up to 912.25 before pulling back to
903.25 before the close.
The market looks like it is stuck in a trading range right
now. Bids will likely dry up after a decent run-up, but give
a decent sized pullback and the move turns into a buying
opportunity. So for now look for shorting opportunities when
a rally fizzles/reverses, but then look for a buying
opportunity if the ES gets into the 890's and can turn
around.
On Wednesday we get Retail Sales before the open. It looks
like the initial support needs to hold to keep the trends
from rolling back over. Another two-sided day is possible,
so look for a buying opportunity if there is a deep pullback
that can reverse. On the top side, the 914.50-915.00 area on
the ES has been rejected several times since falling from
the 927.75/927.00 double tops. That 914.50-915.00 area would
need to be exceeded, and not quickly reversed, in order to
get the momentum back in favor of the bulls again. If there
is a rally to a lower high than 927 (around 920 ideal) that
then reverses on a daily chart, then a bigger picture top
could be in place. If instead the ES drops back to around
the 898.25-897.50 area and holds, then that could set up a
good buying opportunity unless something occurs to scare the
market.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
912.50
914.50-915.00
918.50-919.00
921.50-922.00
927.50-928.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
903.25-902.50
898.25-897.50
894.00-893.50
889.50-889.00
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1392.50
1395.50-1396.00
1400.75-1401.50
1407.00-1407.75
1421.00-1421.75
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1373.25-1372.50
1368.00-1367.25
1362.50-1361.50
1352.50-1351.50
June 2009 Dow futures resistance
symbols: emini = ymm9
8481
8491-8495
8528-8532
8552-8556
8589-8594
June 2009 Dow futures support
symbols: emini = ymm9
8413-8409
8362-8358
8330-8327
8292-8288
Good Trading,
Mike Reed
TradeStalker.com
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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The foregoing has been prepared solely for informational
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research and data believed reliable, but there is no
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We are not advocating trading futures. The prices and
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