TradeStalker's
R.B.I. Trader's Update
5 / 27 / 2009
(Published Since 1996)
...............................................
Dateline: 8:28 pm eastern time, 5/27/2009
We expected 2-sided action on Wednesday, and the first setup
was to short early strength that reversed. After popping up
to 912.75 on the ES 30 minutes into trading, the ES reversed
and then dropped 8 points to a 904.50 low. The market then
turned choppy and after the ES made a double top and
reversed, selling started and the market rolled over and
sold off steadily into the close.
The rallies are not holding, and the big reversal looks like
a precursor to more downside at the moment. The ones who
were so eager to get long near the highs are now under water
on positions and it shouldn't make for an easy rally. If the
initial support is broken on Thursday, the market will need
to reverse and get back over those areas to avoid another
sharp downdraft. On the upside, a move over the 901.75-
902.25 area on the ES and the 1413.75-1414.50 area on the NQ
is needed to arrest some of the downside momentum and set up
a two-sided trading day again.
In the early going on Thursday look for early weakness to be
reversed in the first 20-40 minutes to set up a tradable
bounce as soon as the market gets turned back up. If that
plays out and there is a decent rebound, the move should set
up a better shorting opportunity on a stall/reversal from
around the initial resistance areas.
June 2009 SP futures resistance
symbols: emini = esm9 / big contract =spm9
901.75-902.25
906.75-907.50
912.00-912.75
914.50-915.00
June 2009 SP futures support
symbols: emini = esm9 / big contract =spm9
891.00-890.25
888.50-888.00
882.50-882.00
877.75-876.75
June 2009 Nasdaq futures resistance
symbols: emini = nqm9 / big contract = ndm9
1413.75-1414.50
1419.75-1421.00
1428.00-1428.75
1432.50-1433.50
June 2009 Nasdaq futures support
symbols: emini = nqm9 / big contract = ndm9
1398.25-1397.75
1394.00-1393.25
1385.75-1384.50
1377.75-1376.50
June 2009 Dow futures resistance
symbols: emini = ymm9
8368-8372
8420-8423
8483-8487
8514-8518
June 2009 Dow futures support
symbols: emini = ymm9
8277-8273
8255-8251
8206-8201
8168-8164
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
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