TradeStalker's
R.B.I. Trader's Update
5 / 25 / 2009
(Published Since 1996)
...............................................
Dateline: 11:12 am eastern time, 5/25/2009
The ES popped up on Friday's open and it was sold at the
890.00-891.00 initial resistance zone. The ES dropped from
890.75 to the 882.00 key support before turning back up. The
market bounced back, but lost momentum at the 895.25-896.00
resistance zone. That was a lid on the bounce, and after
reaching 895.50 with 45 minutes left in stock trading,
selling came in and took the market back into the loss
columns by the close. The ES reached 883.25 before a small
bounce into settlement.
The ES made an inside day on Friday. The market has been
range bound after falling from 927 on the ES. The 923 to 878
area is the general area and a convincing break out of the
range is needed to get a new trend in force. The internal
gauges still look poor. In addition, the McClellan
Oscillator had a tiny 2 point change on Friday. That tends
to precede a sizable move. Given the recent action, the odds
favor more to the downside. If there is a solid break of the
877.75-876.75 area on the ES, it could have another 15
points to go on the downside before getting a bounce.
On Tuesday look for early strength that fizzles around the
initial resistance to set up a shorting opportunity. If that
plays out and the market breaks the 882 level, then the
double bottom at the 5-15 and 5-21 lows on the Dow and SP500
should be tested or broken. There is still an unfilled gap
just under last week's lows down at 8212.41 on the Dow cash
and 877.52 on the SP500 cash. If the market breaks those, it
will need to reverse quickly in order to avoid a drop
towards the 873.00-872.50 at a minimum. However, if the
market doesn't follow through on the downside, and instead
holds over the 895.00-895.50 resistance area on the ES, then
the bulls could run the market back towards the 914-915 area
one more time.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
889.00-889.50
895.00-895.50
899.50-900.25
906.50-907.50
914.50-915.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
882.50-882.00
877.75-876.75
873.00-872.50
868.25-867.50
854.00-852.00 **major zone**
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1369.50-1370.50
1379.00-1380.00
1386.25-1387.50
1394.75-1396.50
1411.00-1411.75
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1353.00-1352.25
1347.75-1346.50
1339.00-1338.25
1330.50-1329.75
June 2009 Dow futures resistance
symbols: emini = ymm9
8305-8309
8349-8353
8393-8397
8451-8458
8511-8514
June 2009 Dow futures support
symbols: emini = ymm9
8245-8242
8206-8201
8183-8178
8141-8137
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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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