TradeStalker's
R.B.I. Trader's Update
5 / 17 / 2009
(Published Since 1996)
...............................................
Dateline: 5:06 pm eastern time, 5/17/2009
On Friday we wanted to short a pop into the 893.50-894.00
area on the ES, and the market gave us a pop to 893.75 in
the opening minutes that fizzled and the ES dropped to
886.50 in less than 7 minutes. Another bounce to 895.50 was
reversed, and the market went to test the Thursday low. A
bounce from 880.25 didn't stick and the ES fell to the
877.50-877.00 zone before reversing. The market held that
level and bounced back into the close.
**NOTE: Due to physical reasons, I need to be away
for
several days. There will not be any intraday updates
this week. There won't be another nightly update until
possibly Wednesday night. My apologies. Hopefully
things will be back to normal quickly.**
The market ended Friday with a wedge type of pattern that
could give a test or break of the Friday lows. The Nasdaq
weakened again compared to the blue chips and that
divergence at the highs was a clue that selling was coming.
This week the market will probably have some trouble holding
gains again. If this drop can go down towards the 868.25-
867.50 area on the ES, and hold and reverse from that area,
it could start a good rally. However, if that area is
broken, then we will probably see the ES back in the 850's
on this leg down. IF 831 is broken this week and the ES
turns up through 831 then it's a buy with a fairly tight
stop.
On Monday look to short early strength, then if a drop can
hold/reverse from Friday's lows the market could get a
double bottom bounce going. If not, then it's more trouble.
A break and hold over the 884.00-884.75 zone on the ES is
needed to arrest some downside momentum.
**NOTE: Due to physical reasons, I need to be away
for
several days. There will not be any intraday updates
this week. There won't be another nightly update until
possibly Wednesday night. My apologies. Hopefully
things will be back to normal quickly.**
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
884.00-884.75
889.25-889.75
895.50-896.00 **key**
902.50-903.25
906.50-907.50 **pivotal*
914.50-915.00 **strong**
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
880.00-879.50
877.25-876.75 *key*
873.00-872.50
868.25-867.50 *major*
852.50-852.00 *major zone*
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1359.50-1360.00
1366.50-1367.50
1372.50-1373.00
1379.75-1380.50
1386.25-1387.00
1395.50-1396.00
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1351.00-1350.00
1343.75-1343.00 *key*
1339.00-1338.25
1330.50-1329.75 *major*
June 2009 Dow futures resistance
symbols: emini = ymm9
8270-8273
8340-8344
8374-8379
8443-8448
8484-8488
8542-8549
June 2009 Dow futures support
symbols: emini = ymm9
8238-8234
8211-8206 *key*
8188-8183
8141-8137 *major*
---------------------------
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Real Time subscribers can view these updates on
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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.
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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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