TradeStalker's
R.B.I. Trader's Update
5 / 13 / 2009
(Published Since 1996)
...............................................
Dateline: 6:20 pm eastern time, 5/13/2009
The market gapped down on Wednesday and after about 30
minutes of trading there was a pop to the upside. The ES
reached 895.50 and it filled the gap on the daily chart and
then the move fizzled and reversed. The market went trend-
down to the 880.00 level on the ES by 1 pm and then the
market chopped back and forth for the last 3 hours of
trading.
After looking toppy last week after reaching 927 on the ES,
the market dropped 3 straight days and is now getting short
term oversold. It looks like if the initial support is held
on Thursday, a decent rebound could begin. However, if the
Wednesday lows are broken, and not quickly reversed, then we
could see a drop towards the 873.00-872.50 zone on the ES.
If that isn't held, then the 868.25-867.50 zone would be a
major area to hold. If the market cannot defend that area
then a big down day could be in the cards.
Since the market looks like it has topped out, look for a
decent rally to be sold once the upside momentum fizzles. If
the market opens lower and reverses back up, then look for a
trading opportunity on the long side. If that plays out,
don't get married to the long side. A rally back towards the
899.25-899.75 area on the ES that stalls/reverses should set
up a good shorting opportunity.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
886.25-886.75
890.50-891.00
895.00-895.50
899.25-899.75
902.50-903.25
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
880.75-880.00
873.00-872.50
868.25-867.50
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1347.50-1348.25
1352.75-1354.50
1359.75-1360.25
1365.75-1366.50
1372.75-1374.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1339.00-1338.25
1330.50-1329.75
1324.75-1322.75
June 2009 Dow futures resistance
symbols: emini = ymm9
8300-8304
8337-8341
8376-8381
8403-8407
8433-8437
June 2009 Dow futures support
symbols: emini = ymm9
8342-8337
8288-8283
8241-8237
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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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The foregoing has been prepared solely for informational
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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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extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
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